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|Funded:||100%||Group:||Business Owners Cooperative|
|Loan Status:||Default||Origination Date:||2007-06-04||EricsCC ROI:||-45%|
|Jun 03, 2007||Current|
|Apr 19, 2008||Late|
|May 06, 2008||1 month late|
|Jun 10, 2008||2 months late|
|Jul 09, 2008||3 months late|
|Aug 05, 2008||4+ months late|
|Dec 29, 2008||Default|
Purpose of loan: To buy inventory imported from Korea and France; Approximately $5,500 for stainless steel scrubbers (14,400 boxes of two scrubbers each), we sell as our Magic Curls under our cleaning segment. This represents approximately $35,000 in company sales to our consultants. Our Korean supplier offers only this quantity as their minimum and is paid via wire transfer. This is our 5th purchase (Visit our webpage www.avnza.com.) The other $2,500 is for two other products imported from France: Facial Mask (green clay) and Gentle Purifying Mask (white clay) both representing approximately $6,400 in company sales to our consultants. This supplier is located in Paris, France and payment is required in Euros. This is our 5th purchase. The 3 products represent approx. 4 months of sales.
Avanza sells personal & skin care products as well as fragrances and concentrated cleaning products. (See profile). We started with 100 consultants and now we have over 600. In 2004 we had 31 products, now in our 2007 catalog we show more than 70.
My financial situation: I am a professional with over 20 years of experience in the direct sales industry. I have a proven track record of paying my bills and managing my finances since I came to this country in 1965. I started my company Avanza in Jan ?04 and we are on our 4th year of operations. I have a high credit balance due principally to cash flow requirements and the constant introduction of new products.
Monthly net income: $3,500 p/month
Monthly expenses: $3,000 p/month