Business Grand Opening and breathing room
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,100.00 | Status: | Loan created |
| Grade: | C | DTI: | 1,001% |
| Lender Rate: | 20% | Borrower: | rjr_ga |
| Finished | State: | GA | |
| Funded: | 100% | Group: | Small Business & Self Employed |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-31 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| May 31, 2007 | Current |
| Nov 23, 2007 | Late |
| Dec 02, 2007 | 1 month late |
| Dec 06, 2007 | Current |
| Dec 15, 2007 | Late |
| Dec 29, 2007 | Current |
| Jan 01, 2008 | 1 month late |
| Jan 04, 2008 | Current |
| Jan 16, 2008 | Late |
| Jan 26, 2008 | Current |
|
First of all thank you to all who placed bids on my last listing. I withdrew it to make some changes and add information. I believe I can use less money more wisely and repay it faster with a lower monthly payment. I plan to repay the loan in 18 months. The first six months will be minimum payment and the next twelve will be doubled. Purpose of loan: As of May 10, 2007; I have taken possession of my space with setup in progress. This loan will aid in the setup and grand opening events, which take place in 1 month. The funds will also be instrumental in advertising, insurance, additional inventory, and working capital. POS System: $2000 Advertising: $4000 Hardware inventory: $1000 Additional paint inventory: $1000 Insurance: $1200 Working capital: $500 Total Expenses: $9700.00 We are very excited about moving forward and would be a little less stressed out knowing we can fully cover our upcoming expenses. We have five months free rent on the lease in order to setup our customer base. Our setup is almost complete and our doors are expected to open for a soft open on May 23rd. Our grand opening advertisement goes in the mail on June 12th for the grand opening on June 29th. Thank you all for helping this venture. My financial situation: Projected Sales: $9000.00/mo. 6 sources of revenue (studio, kiosk, online, consignments, gift shop, wholesale) COGS: Averages to $250/mo. We hand produce our products Operating Expenses: Lease $1900.00 Utilities: $300.00 Internet and Phone: $200.00 Payroll: $2714.00 with one employee Misc: $100.00 This loan: Est. $500.00 Total: 5964.00 My family has been creating ceramics for over 22 years. Just mainly as a hobby. We have been doing business at local fairs and festival over the past 2 years. I am stepping up and taking a commercial approach. About 6 months ago I walked away from a 4 year vested career as a Probation Officer to start this venture. I have 14 years in the Army Reserve and understand what commitment means. Although my debt to income seems high, my wife works full time and her income is not included. All of our debt however is joint, with exception of the business. I have four children with ages ranging from 7, 5, 3, and 8 months old. I fulfill all my obligations even though my past my show some late payments. I am a strong candidate to repay this loan if not on the merits of the business itself but for my personal convictions, morals, and ethics. My delinquencies are due to only having one income in the family for past four months. I have devoted all my efforts toward the setup of our location in preparation for our opening. I will be collecting a paycheck from the business. My persoanl monthly budget: Tithe: $500/mo. Mortgage/rent: $983.00 However I receive $500 per month from renters. Insurance: $280.00 Car expenses: $800.00 Two vehicles Utilities: $300.00 Gas/Electric/WaterPhone, cable, internet: $300.00 Food, entertainment: $300.00 Gotta eat, family of 6 Clothing, household expenses $200.00 (Diapers!) Credit cards and other loan payments: $500.00 Business cards and personal loan. Other expenses: $200.00 Fuel and lunch money. ------------Total monthly expenses: $3863.00 Net Income:Self: Varies from $1000-$2000 per month pending business Army Reserves: $300.30 Spouse: $1836.00 Rental Income: $500.00 Total Net Income: $3636.30- $4636.30 Thank you all for your supp |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 120719 | Startup: Ceramic Studio and Gift Shop | E | $15,000 @ 20% | Apr 08, 2007 | Withdrawn |
| 124568 | Expanding out of a basement into studio store front | E | $18,500 @ 20% | Apr 16, 2007 | Expired |
| 127861 | Cermic Studio Expansion | E | $18,500 @ 22% | Apr 24, 2007 | Expired |
| 131333 | Business Upgrade: Basement to Store Front | C | $18,500 @ 19% | May 01, 2007 | Withdrawn |
| 131934 | Business Upgrade: Basement to Store Front | C | $18,500 @ 25% | May 02, 2007 | Withdrawn |
| 134216 | Business Grand Open | C | $20,000 @ 28% | May 08, 2007 | Withdrawn |
| 135625 | Final Listing: Preparation for Grand Opening | C | $15,500 @ 28% | May 10, 2007 | Withdrawn |
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