Paying Off Last Card, Moving Business Forward
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 11% | Borrower: | piledriveit |
| Finished | State: | WA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-08 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Jul 09, 2008 | Current |
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Purpose of Loan: This loan will be used to pay off the very last credit card at a better rate, and provide working capital for the first three months of my new business. My Financial Situation: I'm a good candidate for this loan because of a number of factors -- all of which I chalk up to my wife: 1. We were fortunate (or dedicated) enough to have saved for our first house in 2004, paying 20% down on a 30-year fixed mortgage in a new house in a new town in Washington, saving us $800 a month on what we were paying in rent in Southern California. 2. Within two years, we were able to pay off all of the expenses incurred moving and settling to a new home. 3. My average FICO as of 6/27/08 is 770, which I'm proud of, but will look even better when:
4. The outstanding billings due me for this month is approximately $20,000, which is sufficient to pad the transition, but I'd rather have the security to know that my credit card debt is paid at a better rate now. More Background: Although being freelance creative director was a business unto itself, I was merely contracting with one major Fortune 500 client for more than six years. Of course, that meant paying my own benefits and taxes, and even after outsourcing during busy times, I feel the work didn't always allow for conducting new business activities to actually grow professionally or personally. But an even great factor for starting a new venture was this: even though the work was steady and plentiful, the client didn't always pay on time. For example last year, after paying subcontractors on time to help with the overflow, I had to collect on six month's worth of invoices due from the client. After doing the math, what they were costing me in fees and credit ratings ate into my bottom line as a sole proprietor. That's why this summer, I'm regretfully (yet happily) phasing out the client, incorporating my LLC, reengaging my business contacts and retooling the services to include full-service email marketing, deployment and creative strategy -- something I've been wanting to offer small businesses for years now. Besides billing on a retainer as a consultancy to bigger clients, I'll also have the latitude to generate a steady monthly income renting server space and delivery fees from smaller businesses who want a DIY solution that templates the best practices for them. On one hand, it is daunting to think of the transition as a big risk. On the other hand, it's the same work I've been doing for years, and I get to package it as a hosted service and make it more accessible to a broader market. The biggest endorsement is, my wife and daughter are cheerleading my new course every day, and that's a best score you can get anywhere! Thanks for reading this in its entirety! Have a great day! |
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