Expanding a Growing Import Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $24,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 11% |
| Lender Rate: | 10% | Borrower: | sawphds |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Bead Store Owners and Suppliers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-16 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jan 15, 2008 | Current |
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Purpose of loan: This loan will be used to purchase an existing import company, to expand our product line. My brother started a jewelry component import and distribution business over 15 years ago. He would go to the Czech Republic and purchase glass and crystal beads and buttons and distribute them to stores around the US. Via our travels around the US, we have built up a distribution network of over 850 stores, whose accounts range from thousands to tens of thousands of dollars in yearly purchases. After working for my brother for 19 months, he offered me the opportunity to become a partner in his next company. This company we are buying, imports semi-precious gemstones and pearls from China. By purchasing this company, we will have a contact in China inspecting and buying merchandise to ship to us in the US. We will then use are existing distribution system to add the stone and pearl product lines to our already successful glass and crystal lines. If I recieve this loan I will be able to purchase a larger amount of equity in a successful business venture. My financial situation: I am a good candidate for this loan for several reasons. Firstly, I am a responsible young man which is reflected in my credit score. In a time where people rack up debt going to college. I successfully completed college with no credit card debt or student loans. This enabled me to buy my first house in the spring of 2002. I fixed up and sold this house in June of 2006 and made a nice profit. Part of this profit will be used to purchase a portion of the shares in the new company as well. Another reason I am a good candidate for this loan is I have a created a modest, low cost lifestyle. I live in Chicago with roommates. My rent with utilities is only about $600 a month. I also have a reliable Infiniti QX4 from 1999, which is paid off and has a low insurance cost. My job also requires me to travel around the country for distribution. While traveling, I receive a daily stipend for food and lodging; therefore, I incurr even lower monthly expenses. I also do not have any pets, a wife, or children. Because of these reasons I have very low monthly expenditures, which allows me to save money with each paycheck. Finally, I feel that I would be an excellent candidate for this loan because I WILL pay it back. I am a 27 year old with an excellent credit score. I understand how credit works and how it will affect me the next 60 years of my life. Because of this, I will make the loan my first priority. Thank you for reading my story, I appreciate your help. |
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