Purpose of loan: This loan will be used to purchase the upgrade needed to turn my equipment into "Smart equipment". I started as manager of this Curves location in 2002. I purchased the business in 2005 and have been increasing membership each year. The Curves Smart equipment upgrade is the newest in the industry and the "Smart" technology is unique to Curves. I have been talking about this new technology for only a few weeks in my club and the interest is overwhelming. This is just the thing I need to grow my business. When this location first opened back in 2002, within a few months our membership grew to over 600 members. Unfortunately, not long after, more and more Curves locations started popping u p everywhere. At that time we had an absentee owner who did not put anything into the business. She allowed the membership to go down under 100. I purchased the business because I knew what it could be and I knew I could turn it around. In just two and a half years I have tripled the membership, even with the other locations open, the bad economy after hurricane Wilma, and being in a shopping center with the hub store closed for two years. Curves is setting up installations for the Smart equipment in May in this area. I believe in Curves, there are plenty of studies to prove that it woks. Most importantly, we are helping women, many of whom would not be working out anywhere else.
My financial situation: I am a good candidate for this loan because I have six years of experience with this company. The studies that Curves has done show that over 90% of each clubs members enrolls in Curves Smart before it is installed in their club. I have calculated my numbers and even at only 60% the added income will more than pay for my loan. That does not include the new members who will join after installation. I am an honest, responsible person. My business is very important to me and my bills are paid on time.
My DTI is not accurate because Prosper does not allow business revenue or my husband?s income. My business is prosperous but I have elected not to pull from the company in order to grow the business. FYI: My husband has been with the same company for over twelve years. He is paying all of our personal bills and is certainly capable of covering this payment. However, Curves will be paying back this loan.
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