Eric's Credit Community

Purpose of loan:
I am in the process of purchasing a Tropical Smoothie Franchise. I am applying for a Small Business Loan to fund the purchase. The loan is SBA backed. In order to be approved for the loan, I have to have 30% of the total project cost in cash. My total project cost is $220,000. I have to have approximately $70,000 in cash. I currently have $50,000. I own some unimproved land (it is paid in full) that I have attempted to get a secured loan on; it is very difficult to obtain loans on land. I have been working with the Regional Developer for Tropical Smoothie and three franchise owners to complete my business plan and determine a site location.

Franchise Background:
Rankings in Entrepreneur magazine 2003-2007
Franchise 500® rank:
#127 (2007); #200 (2006); #139 (2005); #192 (2004);
Fastest-Growing Franchises:
#78 (2007);
America's Top Global Franchises:
#112 (2007); #153 (2006); #109 (2005); #131 (2004);

Location:
The Tropical Smoothie Franchise will be located in NC (mutli-city area). The location I have chosen is a shopping/family village that has: clothing stores, restaurants & movie theater. The shopping center serves as the only entrance to the housing community it supports. The shopping village is setup as a village with all stores having individual store fronts instead of a mall setting. In the center of the shopping village, they host free concerts in the summer months.

My background
I work as an engineer with 10+ years of experience. I went back to school in 2004 and completed my MBA. It had always been a goal and I felt it would be valuable knowledge as a business owner. I have full health benefits from my job and I go to the gym 3-4 times a week to stay in shape and keep stress levels down. I mostly eat at home so that I get healthy meals. I do not live alone and the bills are shared; maximizing both our saving potential. My housemate holds both a MBA and Master?s in Education and will continue to provide an income to the household. I have a pretty good credit rating and I make sure I pay my bills on time every month. I have been working hard to close accounts. I just have my mortgage, vehicle and credit cards. My credit card balances aren't high and I am paying those down. I currently have a rental property that helps supplement my income: rental payment is $850 monthly. My housemate pays all the utilities, cellular bill and buys the groceries. The inquiries on my credit report came as a result of me refinancing my home to get the line of credit for the franchise. I am re-listing after taking the advice of the Prosper forum on my listing

Monthly net income: $ 4350
Housemate contribution: $900

Monthly expenses: $3740
Housing: $ 1341
Insurance: $ 200
Car expenses: $ 641
Utilities: $ 240
Cellular: $ 200
Phone, cable, and internet: $ 83
Food, entertainment: $ 300
other household expenses $ 100
Credit cards and other loans (rental mortg