Expanding 10 yr Green Clothing Business
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|Loan Status:||Paid||Origination Date:||2007-06-08||EricsCC ROI:||11%|
|Jun 09, 2007||Current|
|Jun 20, 2010||Payoff in progress|
|Jun 27, 2010||Paid|
**Under sound advice from Prosper patrons and my group leader, I have changed my loan to include a higher interest rate.
I've been in business since 1997 and have no business debt. We offer wholesale, and cut to order clothing, bridal, and corsets from eco-friendly materials. Our business is exclusively 'Green' and approved by Co Op America. "We" consists of myself, 2 part time assistants, numerous college interns, and contracted help. We manufacture with in the US and with fair trade manufactures in developing countries. We sell to specialty boutiques and customer direct through our website http://faernynsgrove.com. I personally have trained a fair trade women's cooperative in Nicaragua to produce our line, and am heading a project to gift them solar electricity. Last year our sales were $58K, with more than half of that net profit, even though business came to an astounding halt when I broke my leg terribly and had two subsequent surgeries and 6 months of recovery. I also consult start ups and small business in the fashion industry regarding eco textile and fair trade contracting.
Purpose of loan:
The monies I seek will go to aiding an expansion we are head long into. We have begun the process of medium scale production and are exhibiting at the WWD Magic wholesale tradeshow, (125,000 buyers) as well as San Francisco's Green Festival. I have a PR firm, website and graphic design is all in the process of getting a facelift, and this season's samples, spec sheets, and costing are complete. I need to finish out my contractual obligations with the exhibit spaces and PR, pay for printing and resamples, and initial production. The budgeted cash I have already dedicated to this goes as far as meeting everything business worthy, but does not include my salary. This loan is to help cushion business expenses.
My financial situation:
Aside from sales that come in on our website, We have a little under $15,000 in outstanding invoices (some revolving) with established clients due to us by July 30. Our estimated goal for August wholesale sales for Magic are $45K and based off of buyer interviews, market research, recent sale trends, and costing estimates. We plan to factor Magic sales with pre-approved buyers only if the buyers insist on carrying more than half of the balance.
I take home an average of $4k a month. Aside from my longevity in the business, I have never been late with a payment since declaring personal bankruptcy, which was discharged in Feb 2005 and was filed due to divorce to clean up my credit. All delinquencies were with regard to divorce. I have no negatives on my report post bankruptcy. Regarding my report w/ respect to bankruptcy: My business was closed formally in Florida and opened in Texas. It was declared at $1 at this time because I had taken a loss during the years that I was pregnant and had my son as a new baby.
I have very little personal debt and am looking forward to establishing a healthy relationship with Prosper.
This loan is primarily business, but will inevitably allow my salary to be paid. I am listing both expenses below in the interest of full disclosure.
Household Income (including child and room mate contribution): $5183
Health Insurance: $96
Child's Tuition: $225
Phone, Internet: $99
Car Insure: $45
gas: $100 (bio-diesel!)
Credit Cards: $100
Medical Bills (from accident): $150
Business expenses that will be cushioned:
Office Rent/Utilities: $400
PR/Marketing (through September 1): $950
Remainder of Exhibit contracts: $3700
Resampling and Production Initial Investment: $3400
|Borrower's Other Listings|
|140626||Expanding 10 yr Green Clothing Business||B||$7,500 @ 13%||May 21, 2007||Withdrawn|
|262927||Expanding 10 yr Green Clothing Business||C||$17,500 @ 17%||Jan 10, 2008||Withdrawn|
|267778||Expanding 10 yr Green Clothing Business||C||$12,500 @ 17%||Jan 18, 2008||Expired|