Eric's Credit Community

I am seeking funding to provide some working capital to my growing pizza franchise and some funds to reimburse myself from initial opening expenses. Everything in the business is fresh and new. Our sales are growing, and we have approached $600,000 of annualized sales.

I want to invest in direct advertising, which will increase our sales/exposure. I employed this marketing medium during the first and second quarter after the grand opening with great results. I obtained about 50% increases in month over month sales volumes, which eventually became self-sustaining.

Funds For Owner Relocation:

I am working on moving from my existing home to a smaller location closer to the pizzeria. My existing home is too large and on a big piece of property, the upkeep is a real drain. The home that I will be moving to is smaller, less expensive and less distracting.

I will use $ 5,000 of the Prosper loan to move to a new residence.

I project that the relocation will free up $1500.00 each month in cash and reduce my monthly expenses by about $ 2000.00 total when factoring utilities. Also, the closer location will save me 2 hours in travel time per week and $ 120.00 per week in travel related expenses.

My background:

I quit my corporate job early this year to pursue my dream of becoming an entrepreneur in the pizza business. I have 20 + years of experience working on the franchisor side of the pizza business and in various executive capacities.

Comments On Personal Credit:

My credit is strong with all payments made constantly on time. I went through a tough financial period back in 2001 when one of my children became sick which created a great deal of medical bills at a time when I was in a job transition. This was a temporary set back which I have since recovered from.

My Prosper loan payments will be made from the pizzeria. (The business will reimburse me for the loan payments.) As a result, the DTI shown on this listing is distorted. (The ratio does not allow for the business funds paying the loan.)

My Financial Situation:

Monthly gross income: $ 3000.00 officer pay
Monthly expenses: $ Housing: $ 2500.00
Insurance: $ 125.00
Car expenses $ 0.00
Utilities: $ 400.00
Phone, cable, Internet: $ 140.00
Food, entertainment: $ 300.00
Clothing, household expenses $ 200.00
Credit cards and other loans: $ 400.00
other expenses: $ 200.00