Re-financing business debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 20% |
| Lender Rate: | 12% | Borrower: | murtikar |
| Finished | State: | NY | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-25 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Apr 25, 2008 | Current |
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My passion: For the last 17 years I have been pursuing sculpture and jewelry. I have been selling my own jewelry full time for the last 6 ½ years. In many ways things are going very well for me. I will be included in a museum show next year, many galleries have asked me to have shows, and I have been commissioned to make many special engagement rings. Many., many women start businesses like mine, but I am very proud of the fact that I am still doing it full-time after 6 ½ years. I don?t now what the drop-out rate is in my type of business is, but considering the hours I have put in, the nerves of steel I have had to develop, and the sheer determination it has taken to get myself to this point, it is not surprising to see many fall away after a couple of years. How I got into this position: I have been very careful to keep my overhead low and my lifestyle frugal over the last 6 ½ years, but I found that I needed a serious infusion of cash to get my business off the ground. In 2004 I participated in my first trade shows. I did manage to write orders, but for the first couple of years I had to put a great deal of money into show expenses, displays, mailings and, most of all, inventory. Precious metal is not a cheap material! I have seen, with this investment, my business grow from 17000 gross sales to 83000 gross sales, The main source of funding for me (as with so many others), was credit cards. With my good credit record, it was easy to get as much as I wanted. I still have good credit, but with the number of cards that I ended up with, I found myself being late here and there with payments. Well, it is a heart-stopping moment when you open the statement and see a 25% or even a 36% interest rate on your $8000 balance. Isn?t the punishment a bit harsh for a late payment? I still have a card with 0% interest and most of them are 9-12%, but it is the monster 36% rate that I need to get rid of. In addition, I would really like to give that interest to someone like you, not the bank that got me into that situation in the first place. My strategy going forward: I now have a reasonable amount of inventory, both finished jewelry and materials. The gold price has gone up considerably, so I am moving in a direction that incorporates gold in smaller amounts with silver. I have some gold pieces that are now very expensive, so I am ready to recycle the metal to fill new orders. I now also have a good base of past clients. With the new work, even some of them that haven?t ordered recently could be enticed to buy due to the fact that I have new offerings for them. I also am equipped with photo equipment, photoshop and a high-quality color printer, which I will use to help promote the new work. My website has recently been completely revamped. After filing my taxes, I made the determination to get my finances in better shape. I started my retirement account and now it is tie to tackle the big issue of my debt. The amount that I spent on interest was quite disheartening. If I could reduce that amount, it would add to the amount of money that I could use to repay the principle, setting me on a better path for making a good living from my business. Business Finances: Gross sales- 83,600 Cost of goods sold 22,200 Expenses: 33,300 (includes studio rent, trade shows, mailings) Profit: 28100 Personal Finances: Rent-550 Car-none Subway-22 (I walk to work) Health insurance-290 Food-180 Entertainment-100 Misc-350 Total 1492 Thank you for your consideration. Let?s grow prosperous together! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 312692 | Re-financing business debt | A | $8,000 @ 15% | Apr 17, 2008 | Withdrawn |
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