Cash Flow Bridge
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 20% |
| Lender Rate: | 21% | Borrower: | napkindoodle |
| Finished | State: | MA | |
| Funded: | 100% | Group: | Business Owners Cooperative |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-08-17 | EricsCC ROI: | 20% |
| Status History | |
|---|---|
| Aug 18, 2006 | Current |
| Sep 01, 2007 | Late |
| Sep 11, 2007 | Current |
| Mar 12, 2008 | Payoff in progress |
| Mar 17, 2008 | Paid |
|
My business is a sole proprietorship that provides residential design and drafting services to high-end clients and developers on Cape Cod and on Nantucket and Martha?s Vineyard Islands. The primary design is in renovations and additions to existing structure with an increase in new house design. The business has excellent relationships with numerous contractors and developers that continue to either refer work or are hiring us for development projects. Most of the business referrals however come from past clients who enjoyed not only the quality design but also the professional and reliable experience working with us. The purpose of my request is to acquire a business loan of $7,500 in order to: Provide working capital in efforts to increase invoices in the 2006/2007 year Sept/Sept by 80%. Provide positive cash flow while awaiting cash receipts. Current accounts receivables are $3500 through July and $2000 since Aug 1st. However, until my cash receipts are realized, I have bills to pay on-time and need the loan to bridge the gap in time. Recent policy changes to my business should provide better cash flow, but while those policies are taking effect, the loan will assure that all of my bills get paid when due. Typical monthly receivables are $6500-$8500. Typical accounts payable are $5500. Over the past six years as a sole proprietor, my business has seen a steady increase in profit. My client base is mostly referral. My business provides self-sufficient income and provides additional household income for my family. I have recently added an employee to increase revenue and invoicing as well. My overhead is low and therefore I have a competitive advantage over larger firms but with equal service provided. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 229268 | Growing my business | D | $15,000 @ 12% | Nov 09, 2007 | Withdrawn |
| 252931 | Marketing fund | B | $10,000 @ 15% | Dec 19, 2007 | Expired |
| 268414 | It looks like its going to be a good year! | C | $8,000 @ 15% | Jan 20, 2008 | Withdrawn |
| 287958 | Completed renovation - paying back Credit | C | $7,400 @ 10% | Mar 05, 2008 | Loan created |
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