Help a Struggling Non Profit
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 49% |
| Lender Rate: | 19% | Borrower: | Nonprofit19 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | FINANCE & INVESTMENTS |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-06-27 | EricsCC ROI: | -34% |
| Status History | |
|---|---|
| Jun 28, 2007 | Current |
| Sep 11, 2007 | Late |
| Sep 29, 2007 | 1 month late |
| Oct 30, 2007 | 2 months late |
| Nov 28, 2007 | 3 months late |
| Dec 28, 2007 | 4+ months late |
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Purpose of loan: I am seeking a loan to help the non profit organization that I run get through the cash flow problems it is currently experiencing. This organization provides a wide array of social services to over 80,000 people each year. Over the past three years, it has grown significantly, in a relatively short period of time. Today it has an operation budget of $800,000 and has begun to secure city funding contracts because of its successful youth programs. The current cash flow issue comes from the growing pains of being such a large organization now, and it has taken measures to get through it but needs something to use as a stop gap measure until the grants and government funding starts coming through. Specifically, the $17,500 loan will allow the agency to cover its payroll and rent of a 10,000 square foot facility for one month until we begin receiving funding payments. By funding this loan you will be helping this agency continue to serve thousands of people each year. Please visit www.cellspace.org to learn more about what the organization does. My financial situation: I am the Executive Director of an established non profit organization with over 11 years of experience. I have a steady income and because of my employment, I have extensive experiencing managing loans, grants, and large budgets. In addition to my regular income with the non profit, I also do consultant work in grantwriting and organizational development. While I have a relatively high DTI ratio, I have no delinquent accounts on my credit report and have always paid things on time consistently. Additionally, I have sufficient income after my monthly expenses to demonstrate successful repayment of a loan (see below). Monthly net income: $ 4,000 Monthly expenses: $ Housing: $ 700 Insurance: $ Car expenses: $ 400 Utilities: $ 50 Phone, cable, internet: $ 60 Food, entertainment: $ 500 Clothing, household expenses $ 300 Credit cards and other loans: $ 250 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 138189 | Helping a struggling non profit organization | C | $15,000 @ 20% | May 15, 2007 | Expired |
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