Financing for Webstore to Benefit Horse Charities
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,100.00 | Status: | Loan created |
| Grade: | C | DTI: | 15% |
| Lender Rate: | 17% | Borrower: | fthyrio |
| Finished | State: | CA | |
| Funded: | 100% | Group: | The Business of Horses |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-07-03 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jul 03, 2007 | Current |
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Purpose of loan: Open a webstore that donates to horse charities and employs the disadvantaged. My financial situation: In 1997, my wife became disabled and our income reduced by $60K/yr. Our savings nearly depleted, we sold our home and relocated to Oregon due to a job offer. In 2002, I was ?downsized? and what work I could find did not cover our bills, so we moved to live with my parents. I could obtain only part-time work, but we were able to pay our debts until my wife fell ill. Between debt and medical payments, next to nothing was left for living expenses; we felt "forced" into bankuptcy. Since then, we've been working wihin a tight budget while I continued to seek adequate employment. I recently achieved a permanent, full-time staff member with the University of California. We are ready to operate our own business, confident it will succeed, and can fulfill our loan obligations from our personal funds until the store is self-sufficient. Monthly net income: $ 4332 (includes SSDI) Expenses: $2125.00 Housing: $0 Insurance: 60 Car expenses: 300 Utilities: 350 Phone, cable internet: 235 Food, entertainment: 600 Clothing, household expenses: 150 Credit cards and other loans: 180 Other expenses: 250 It had always been my wife's dream to own a horse ranch, but she believed it unobtainable when she became disabled. Our daughter convinced her to attend a local show where they met a couple who bred Arabians. After visiting their farm, my wife became a volunteer, gaining hands-on experience in caring for horses. She came home tired, dirty and smelly, but felt good about herself and what she did; working with horses was more therapeutic than anything else she'd tried in the past. After 3 years, the couple gave her a horse as a birthday gift; she was ecstatic. Late last year, she required multiple surgeries, so we brought "Ohms" and his companion home. My wife insisted that she was responsible for supporting for "her boys" and looked for part-time home-based work. Discouraged with the offerings, and fueled by a series of coincidences, we discovered a virtually untapped market selling products developed by equine industry manufacturers that either "crossed-over" or were developed for human use. The idea for a webstore was born, and it grew to encompass horse-inspired arts, crafts, jewelry and novelties. Thus far, we've built woking relationships, laid the foundation for operating a business, and now seek funding for inventory, advertising and working capital to help establish the webstore. Although she still has rough periods, my wife credits horses with ?saving? her life. This store is her way of ?giving back? by creating a new revenue stream for horse charities, providing exposure to equine artisans, and eventually offering "real" jobs to house-bound people who want to work. It would also enable her to make a meaningful contribution based on what she's experienced, and restore her sense of purpose. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 149046 | BDoubleM | C | $12,500 @ 27% | Jun 08, 2007 | Withdrawn |
| 149426 | Financing for Webstore to Benefit Horse Charities | C | $9,999 @ 20% | Jun 11, 2007 | Withdrawn |
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