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I am the owner of Mirror Image Dance Academy. Last year we expanded from a 6,000 sq ft facility with 4 dance studios to a new state of the art 17,000 sq ft facility with 9 dance studios. We financed this expansion mostly with personal debt and a business LOC. We took our credit cards to their limits, hence the lower credit score. We are current on all of them but they are at their limits. We increased enrollment from about 500 students in our old location to almost 1,000 now. Last year our gross reciepts were around 500,000 with only 4 months in our new building. YTD 06 is almost 350,000 already. Problem is we are still paying off a lot of buildout bills like neon sign, drop ceiling, new dance floors etc. along with payments on all the credit cards. We are now working with local company called Quickstart (<a href="http://www.quickstrt.com">www.quickstrt.com</a>) to secure a business loan to consolidate all this debt. After taking a thorough look at our books they are confident they can get us up to $250,000 for consolidation and to finish paying off all the buildout bills. They work on an hourly basis preparing business plans and projections and packages to submit to local banks and working with them to secure the financing. They require a $1,000 retainer. We would use the loan to pay that and also add a little inventory to our store. Please feel free to take a look at our website at www.mirrorimagedance.com.Thanks for your consideration. |
