Continue the operation expense of my tax business.
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 95% |
| Lender Rate: | 20% | Borrower: | BOSSHOG2001 |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-19 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Oct 19, 2007 | Current |
|
Purpose of loan: My company is a complete income tax preparation firm. My firm differentiated itself by catering to individual and business tax needs throughout Georgia, in addition to accounting and payroll services. My mission is to provide quality knowledgeable service to my clients by helping them understand the tax laws governed by the IRS. For the past 16 years I have established my own firm and shown positive growth in this industry to the tune of a few friends and relatives to approx 460 tax clients, I?m also a license notary for the State of Georgia. I worked out of my home until the end of 2006. When I was at my home I had no additional over head. At the end of 2006 I realized that my cliental had grown and I need to add employees. I expanded into an office space. I spent 20,000.00 on start up coast which consist of equipment, building rental, office furniture, payroll etc. I?m seeking to borrow $15,000.00. The proceeds will be used to finance the company?s ongoing expenses, the enhancement of its systems and infrastructure, cash shortfall, utilities, payroll etc.during this tax off season. My goal is to repay this lone back in less than 3 years. I will become a lender in 2008. My financial situation: I am good candidate for paying back this loan due to the expansion of my tax business from my home to an office building. Since my company has moved my gross revenue increased to the following: 2005 37,820.00 (in home) 2006 50,243.00 (in home) 2007 Year to date 98,543.00 (in office building) My projected gross revenue by the end of the 2007 fiscal year will be 110,000.00. By the end of the 2008 fiscal year my projection of gross revenue 150,000.00. I have 3 inquires on my credit report due to seeking financial funding for ongoing expenses and expansion on my tax business. Monthly net income: $ 10,948.00 (base on a 12 month period) Monthly expenses: $ (base on a 12 month period) Rent: $ 1,000.00 Insurance: $ 47.33 Car expenses: $ 30.00 Utilities: $ 222.00 Phone, cable, internet: $ 563.00 Office Supplies Expenses $ 250.00 Credit cards and other loans: $ 2,011.54 Other expenses:Including prosper 700.44 Payroll: $3571.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 182412 | Continue the operation expense of my tax business. | C | $20,000 @ 25% | Aug 06, 2007 | Expired |
| 186406 | Continue the operation expense of my tax business. | C | $15,000 @ 25% | Aug 13, 2007 | Cancelled |
| 195020 | Continue the operation expense of my tax business. | C | $15,000 @ 25% | Aug 30, 2007 | Expired |
| 200894 | Continue the operation expense of my tax business. | C | $15,000 @ 23% | Sep 12, 2007 | Expired |
| 207069 | Continue the operation expense of my tax business. | C | $15,000 @ 26% | Sep 26, 2007 | Expired |
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