Eric's Credit Community

Hi Folks! Thank you for looking at my loan. I would like to thank the previous lenders for bidding on this loan, your support is much appreciated. Looks like I needed a little more juice to convince some of you, so I've increased the interest rate. Thanks and have fun.

Purpose of loan:
The purpose of this loan will be used as a portion of the operating capital required to start the only full service karaoke box house in a city of 480,000 people that has a projected growth rate of 21%. This is the only major city in a 3 hour driving radius, thus a common draw for smaller surrounding cities as well. The size of the county is 899,514.

Cities with similar size and demographics currently have anywhere between 3-10 karaoke houses, perhaps more or less depending on market penetration. Currently, the only service/entertainment draws in this city are restaurants, movie theaters, clubs & billiards, leaving considerable creative growth for other entertainment venues. Within the last 4 years, the city has experienced considerable demographic changes (population growth, different mix of people moving in from various metropolitan areas). Needless to say, the market is ripe for new variations in this city.

Why Invest in Us:

1)      Strong Growth in the Karaoke Services Industry: Karaoke is the fastest-growing segment of the music industry with over $10 billion a year in sales.

2)      8 years professional project/program development; additional responsibility includes program growth & expansion

3)      8 years professional experience in fiscal management and expense control 

4)      13 years in computer and technical knowledge

We are strategically located across from a high school, centrally located between two colleges and two additional high schools. We expect a monthly gross of $31,563; Rent, utilities & insurance ($5,000); Payroll ($8,700) and Other Expense ($2,000). That leaves a net of $15,863.

Monthly net income: $ 6100

Monthly expenses: $
  Housing: $ 2200
  Insurance: $ 100
  Car expenses: $ 500
  Utilities: $ 200
  Phone, cable, internet: $ 100
  Food, entertainment: $
  Clothing, household expenses $ 100
  Credit cards and other loans: $ 450
  Studen Loans: $450