Improve short-term business cashflow
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 6% |
| Lender Rate: | 10% | Borrower: | rcsheets |
| Finished | State: | OH | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-06 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Nov 06, 2007 | Current |
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Purpose of loan: This loan is intended to improve short-term cashflow for my web hosting business. The business is not yet turning a profit, but is sitting right around the break-even point. With this loan, we'll be able to upgrade our equipment and offer more services, especially services with higher profit margins than the shared web hosting that is our current mainstay. My financial situation: Though the web hosting business is not profitable, my personal employment situation is stable and since the business is approximately breaking even, it's not necessary for me to personally support the business's costs using my primary income. Ignoring the business altogether, I would be able to repay this loan easily. Also, the business is not tied up in any long-term financial commitments (other than this loan, if it is funded), so even if we were to lose all our customers tomorrow, we could wind up our operations and settle all outstanding accounts for just a few hundred dollars. Having said all that, the business is doing fine, and will be doing even better if this loan goes through, so I don't expect I'll need to personally fund repayment of this loan at all. Monthly net income: $2500.00 Monthly expenses: $1845.00 Housing: $795.00 Insurance: $70.00 Car expenses: $80.00 Utilities: $75.00 Phone, cable, internet: $100.00 Food, entertainment: $300.00 Clothing, household expenses $125.00 Credit cards and other loans: $300.00 Other expenses: $0.00 |
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