Support my sheepdog training business thru the winter months
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 28% |
| Lender Rate: | 17% | Borrower: | bordercollie |
| Finished | State: | CO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-04 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Jan 04, 2008 | Current |
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Purpose of loan: This loan will be used to? help me meet my expenses during the winter months. I give lessons to people to train them and their dogs to herd livestock. Most of my business comes from people living in town looking for something to do with their dogs. During the winter months, my business is more sporatic because of the unpredictable weather in Denver. I'm currently using credit cards to offset the losses and I really don't want to continue doing that. I'm also looking for a part-time job to help smooth out the lack of cash flow. I charge $35/hour for the private lessons and can have good weeks if everyone shows up. But life gets in the way - the dog is sick, the person is sick, their car breaks down, etc.This has been a hard year due to last winter's heavy snowfall and some of the unseen expenses. Because we only have 10 acres and we live in very dry Colorado, I can't support my sheep on pasture alone. Therefore we have to feed hay year round. We feed 5 bales/day and are currently buying 160 bales at a time (economy of scale) at $3/bale. This is very cheap hay, but the sheep seem to do okay on it. I've bred some of my ewes to lamb in April. I'll be able to sell the lambs next November or December. My husband's father had to be put in assisted living in July and then he died in November. Bill flew back to Kansas City several times so we had unexpected airline costs. I had a part-time job until the job was phased out in June. We had a cushion last year of a construction loan (we had a new house built) but we don't have that cushion this year. the new house has caused our homeowners insurance to go up $200/month. So far for December my business is down about 80% due to weather and the holidays. Denver usually has dry winters but this year is looking like last year where we had snow on the ground for almost 75 days. Usually we get snow and it melts and then I can have lessons again. This loan will hopefully get us thru the next three months. We aren't extravagent people - we don't go out to eat very often (maybe once a month), we don't go to the movies, we don't drink - basically we stay home and watch TV or work. My financial situation: I am a good candidate for this loan because? I work hard to make my business work. I have a lot of potential students in the Denver metro area. But somethings are beyond my control like the weather and the cost of feed to support the sheep that I need to use for my lessons. I am married and my husband has a good job as a meatcutter at Safeway. He's been trying to earn more money by working on one of his day's off at a small butchering plant. I also sell lambs to individual people for meat, rent out my farm and sheep to clubs for competitions and compete in border collie trials for small cash purses (that don't offset the expenses unfortunately). We have shown profits on our business in years past. I have a few more lambs to sell (the last ones I sold a couple of weeks ago brought $85/head) and some older sheep that should bring about $50/head (if lucky - all depends on the sheep market). I figure I need to bring in about $550/month to make expenses. Monthly net income: $ 2400 (only counting husband's because mine is so sporatic right now) Monthly expenses: $ Housing: $ 1606.43 Insurance: $ 500 Car expenses: $ 668 Utilities: $ 250 Phone, cable, internet: $ 180 Food, entertainment: $ 500 Clothing, household expenses $ 200 Credit cards and other loans: $ 550 Other expenses: $ 650 (sheep, dogs) |
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