Boardsports Business Grows! Help us open our 2nd Shop!
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,900.00 | Status: | Loan created |
| Grade: | C | DTI: | 27% |
| Lender Rate: | 15% | Borrower: | cjcampbell |
| Finished | State: | MI | |
| Funded: | 100% | Group: | Small Business Pros |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-10-31 | EricsCC ROI: | -53% |
| Status History | |
|---|---|
| Nov 01, 2007 | Current |
| Jan 15, 2008 | Late |
| Feb 03, 2008 | 1 month late |
| Mar 01, 2008 | 2 months late |
| Apr 01, 2008 | 3 months late |
| May 01, 2008 | 4+ months late |
| Sep 18, 2008 | 3 months late |
| Sep 19, 2008 | 4+ months late |
| Sep 25, 2008 | 3 months late |
| Oct 01, 2008 | 4+ months late |
|
Business Overview My wife and I are owners of a boardsports shop in Michigan. We opened up in May of 2006, funding the operation entirely out-of-pocket. In 2007, after our first year proved to be successful, we expanded our inventory and moved to a new and better location next to the popular movie theater which increased foot traffic and business! Our shop is a full boardsports gear and apparel shop located in Michigan. In addition to skateboarding, surfing, kiteboarding and skimboarding gear, we provides a variety of surf-skate style souvenirs that appeal to the general tourist as well as kiteboarding lessons and camps! We have built our business on a "grass roots" campaign. We host non-profit skateboarding and kiteboarding events annually. We are very involved in the community. My wife and I spear-headed the campaign to rebuild our deteriorating skate park and recently hosted our annual non-profit skateboarding competition (see photo on listing) Objective After a successful 2007 summer tourist season, we've reinvested our profits from this year into remodeling, new rack systems and furniture for our current location. After seeing the growth in business since our first year, we know that a second location, in Chicago would launch our business to the next level! We have our business structure streamlined, experience and a solid business plan. We've done research on demographics, income and well as competition in Chicago and have chose a few areas to launch our second location. With the opening of a second location, we anticipate doubling our profit in 2008. Funding need for: The funds from the loan will be used to purchase the following: Wall Racks: $6300 Mirrors: $400 Tables: $600 Displays: $1000 Counter: $2000 Floor Racks: $1000 Mannequins: $600 P.O.S. Register: $3000 Total: $14,900 Monthly net income: $10,000 Monthly expenses: $ 3350 Housing: $ 835 Insurance: $ 100 Car expenses: $75 Utilities: $ 150 Phone, cable, internet: $ 200 Food, entertainment: $ 600 Clothing, household expenses $ 300 Credit cards and other loans: $ 390 Other business expenses: $ 700 Explanation of Past Delinquencies Years ago, my wife and I married young, bought a house, a car and basically took on too many payments at one time. After we had our son, those expenses seemed to put us in a little over our head. It took us a little while to consolidate our debt and payments. Like most young people, we didn't quite understand the value of credit. We feel that the only way you can grow is from learning from your mistakes. We definitely have learned from our mistakes and have diligently worked over the years to rebuild our credit and open a business and get terms with our vendors. We've come a long way and are very structured in our management of money now. Notice that we have zero recent delinquencies! Willingness to Pay Our shop has been a dream come true. My wife, my son and I are avid boarders and plan on keeping this business in the family for generations to come! Not paying is not an option! We've worked hard to get our business to the point it is and will work even harder to bring it to the next level! Also, we've recently added a full time book keeper to our staff who will continue to make sure all payments remain on time and prompt! Feel free to email me with any questions you have. I'd love to talk with you! CJ Skate/Surf Shop Owners |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 120269 | Boardsports Business Grows! | C | $15,000 @ 18% | Apr 07, 2007 | Withdrawn |
| 215720 | Boardsports Business Grows! Help us open our 2nd Shop! | C | $25,000 @ 24% | Oct 14, 2007 | Withdrawn |
| 215780 | Boardsports Business Grows! Help us open our 2nd Shop! | C | $24,000 @ 24% | Oct 14, 2007 | Withdrawn |
| 215901 | Boardsports Business Grows! Help us open our 2nd Shop! | C | $20,000 @ 24% | Oct 14, 2007 | Withdrawn |
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