Eric's Credit Community

Purpose of loan:
I am seeking a loan for a combination of reasons.

I need $1300 for the remainder of a community development investment account. As I save money in the account, I get a matching deposit multiplied by three, with a maximum of $4000 in matching funds. As soon as I can deposit that much, I will then be eligible to use the money for my retail store.

I am seeking $300 for the refundable deposit on the Lane Micro-Business Loan. As part of the community development account, I can also apply for an additional $25,000 in funding.

The last part is for additional inventory at my store. I need $2500 in new inventory to expand in preparation for a major new product release.

Why this is a good loan opportunity:
I will be able to pay back the prosper loan with the funds from the business development account. Then I will use the influx of cash to expand my business inventory to a more sustainable level. I currently have approximately $7000 in inventory. In August I sold $5400 with a 20% profit margin (Yes! I sold through almost everything I stocked!). At that rate, however, it will take months to move my inventory levels higher to a more sustainable level.

Monthly net income: about $1800 after taxes

Monthly expenses: $ 1043.50
Housing: $ 422.50
Insurance: $ 67.00
Car expenses: $ 10.00 (I own my car outright)
Utilities: $ 140.00
Phone, cable, internet: $ 69.00
Food, entertainment: $ 150.00 (Food is covered by Food Stamps)
Clothing, household expenses $ 100.00
Credit cards and other loans: $ 35.00 (I only have one credit card)
Other expenses: $ 50.00 misc.
Cost of raising two wonderful daughters: Priceless.