Longtime business growing. Need working capital.
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 29% |
| Lender Rate: | 17% | Borrower: | indianasmile |
| Finished | State: | IN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-01 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Sep 29, 2007 | Current |
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Purpose of loan: I have been a self-employed physical therapist since May 1988. Our business has experienced significant growth over the past six months requiring the hiring of additional therapists. This loan is needed to help fund our cash flow shortage due to the time lag between the future collection of our increased accounts receivable (from insurance payors) and the present cash outflow of increased payroll expense. My financial situation: We have been in business for almost 20 years and have a very solid reputation in our community. We have an excellent pay history; however, our credit rating reflects excessive credit card debt (business related from approx 10 years ago) and old tax liens (all paid over five years ago) that stemmed from some bad business decisions we made approximately ten years ago. Monthly net income: $ 8715 Combined annual net income for 2006 between my husband and I was $209,174 (my husband has also worked in the business since 1990). The business is our sole source of income. My "monthly net income" figure is one-half of our combined net income. Monthly expenses: $ Housing: $2801 Insurance: $ 100 Car expenses: $1000 Utilities: $400 Phone, cable, internet: $100 Food, entertainment: $800 Clothing, household expenses $ 300 Credit cards and other loans: $ 946 Other expenses: $ |
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