Small business capital requirements
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 18% |
| Lender Rate: | 10% | Borrower: | functionalist36 |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-11-21 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
| Apr 18, 2008 | Payoff in progress |
| Apr 23, 2008 | Paid |
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Purpose of loan: I'm applying for this loan to grow a small business I have developed from a start up. As a licensed Chiropractor, I have been in operation on a part time basis for two years now and just recently the practice is expanding to a point where more space, better facilities and updated equipment are required for my patients. I need capital to enhance the types of services required to be successful in this business. Currently, the business pays for itself and more and I'm incredibly proud to have achieved what I have in this highly competitive environment, but to go to the next level in the appropriate profesional manner, I need working capital to realise my dream. Without the funding I need, there is a possibility the business will stagnate and that is something I just can't allow to happen. My financial situation: My financial situation is very sound. My credit record will show that I have never defaulted on a loan or repayment of any kind. I have a very solid full-time position at a well respected university and draw a paycheck from that every two weeks. My business is operated on a part time basis about 25 hours a week and brings in additional or supplemental income. As explained above, this is growing and so too is the income proportionally. Projected revenues from the practice for the next year assuming I'm able to move ahead with expansion projects is set to increase at least three-fold based on current growth trends. I started this entity from nothing day 1, almost two years ago, and have managed to build it into a very viable entity with very limited resources up to now. There is no reason that trend will not continue if the right steps are taken to enable sustainable development. Monthly net income: $ 5,700 Monthly expenses: $ Housing: $1780.00 Insurance: $124.00 Car expenses: $393.00 Utilities: $150.00 Phone, cable, internet: $180.00 Food, entertainment: $800.00 Clothing, household expenses $200.00 Credit cards and other loans: $250.00 Other expenses: $150.00 |
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