Eric's Credit Community

Funds Requested:<o:p></o:p>

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5200.00<o:p></o:p>

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Purpose- buying new inventory for home accent business <o:p></o:p>

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Our store is a great place to fine unique items for the home and great prices on new and used furniture. This is our second year of business;  third year begins in October we are on track for 160,000+ this year in sales. We have a profit margin of 40%. For the last 2 years we have relied solely on cash flow for running the store. Being profitable from day one made that possible. Revenues have been running 12000-14000 per month. This is our only source of income. My husband and I work the business 6 days a week with one part time employee.

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With our new marketing plan coming online later this month we are looking at growing the business another 6-8000.00 per month.  Perhaps more, but I want to be conservative and essentially perform this increase in revenues without increasing our overhead significantly. Projected increases are 200.00 for repayment of the loan and 800.00 for another part time employee.

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 Our business model is somewhat unique; our core business is pre-owned furniture which comprises 60 percent of our business, new furniture and home accent items which makes up the balance.  We are on that precipice where most business that survives the first 2 years begins to really take off!  We are requesting a loan of 5200.00 to secure new inventory for the fall shopping season.

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We own a home valued at 265,000 with a 135,000 mortgage, 3 vehicles that are paid off 93 Cargo Van, 2000 & 2002 cars and about 25000.00 dollars in store inventory. So we have ample assets to repay the loan as back up resources.  The ding on my credit reports seems from payments sent on time but received late by the credit card company, they would not remove the lates, since this incident everything is paid on line and on time.

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To check out some of the furniture we sell go to <a href="http://www.homelegance.com/">www.homelegance.com</a>  

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This loan is to accelerate the business and to create a borrowing history for our enterprise. We have already spent 10,000 on inventory; another 5200 would give us an even greater selection for the holiday season! Our plan is to leave the loan in place for a minimal of 12 months, however that could change in light of the very attractive interest rate we have put in place to sweeten the deal, thank god the interest is deductible!

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Thanks for your consideration.<o:p></o:p>

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