Business Loan for Expansion & Growth
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 33% |
| Lender Rate: | 16% | Borrower: | Crossborder |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Professors |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-06-27 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| Jul 04, 2007 | Payoff in progress |
| Jul 11, 2007 | Paid |
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Thank you all for reviewing my loan request (and special thanks to the Professor for accepting my application and for his advice on this relisting [first version: #20502]). Below is a description of the request and the uses for the funding -- feel free to contact me if you have any questions. Thank you. Funding Request: I am seeking a $10,000 loan to support the expansion of my existing business (Crossborder Group Inc.), based in San Diego, California. The funding would go to three activities (marketing, inventory, and working capital) mostly related to a new operation dedicated to importing and selling high quality home decor products from Mexico-based manufacturers (I've put photos of two of the products in this listing). This new division is a joint venture with a former employee that is now manufacturing and selling these products in Mexico and Costa Rica (he already has sales with companies like Comercial Mexicana, Soriana, Sanborns, and others, for those familiar with these retail chains in Mexico). Over the last five months, we?ve developed initial marketing materials, developed a basic business strategy for the new division, and already have contacted several sales rep groups in the US that may carry the products by Fall. Today (June 21st), we had our first meeting with buyers from the Michael?s retail chain (which, although positive for one of the product lines, shouldn?t affect short-term revenues); and have paid a deposit for a booth at the Atlanta gift show in July. We have done this through existing cash flow and personal savings. What we lack is a small amount of additional capital to ramp up for our Summer/Fall marketing campaign (including the Atlanta gift show), and to cover costs for initial inventory (1 pallet of product). In addition, approximately 15% of the loan would be used as to supplement our working capital over the next 4 months as the new business starts generating revenues. My goal would be to pay the Prosper loan off as quickly as possible (within 24 months) since we expect revenues to be strong enough by 2007. My Background & My Business: I formed Crossborder Business Associates LLC (a crossborder market research and consulting firm) in 2002 after having been an independent contractor in US/Mexico issues for over six years. In 2005, I was asked (and took the opportunity) to direct a border-related research project at UCSD Extension (called the Borderless Innovation Initiative), but decided to re-start my consulting practice in January 2006 (under the new name of Crossborder Group Inc.) with the goal of leveraging years of business contacts and experience related to Mexico into not just offering market research and consulting, but to also commercialize some of the opportunities we have found. Our first venture to expand the business beyond just consulting is Delcam USA Inc., a joint venture with a former employee that I described above (and believe has excellent potential to grow). While the restart of my business has been a challenge, I have kept revenues coming in and growing (slowly but surely). Although I have added some personal debt recently to restart my business, I work hard to pay my debts, meet my commitments, and keep my word (as I would with this loan). I'm proud that my credit listings (that I reviewed on Experian before applying here) were all marked "Pays As Agreed". Also, some clarification may be needed regarding the DTI listed on this loan -- please see my Profile for more details, but also I've included a jpeg of my original DTI prior to my first loan listing on Monday, June 19th (yes, two days ago) since I am confused as to how the DTI could have changed so much.... Please feel free to contact me if you have any questions, and thank you for considering funding my loan. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 20502 | Business Loan for Expansion & Growth | B | $12,000 @ 16% | Jun 19, 2006 | Withdrawn |
| 209625 | Back For 2nd Business Expansion Loan | A | $13,750 @ 10% | Oct 02, 2007 | Loan created |
| 329475 | Returning for 3rd Business Expansion Loan | B | $6,875 @ 13% | May 13, 2008 | Withdrawn |
| 334234 | Updated: Returning for 3rd Business Expansion Loan | B | $5,600 @ 12% | May 17, 2008 | Loan created |
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