Fulfilling A Dream, Opening A Restaurant
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|Funded:||100%||Group:||Cashfunders For Individuals|
|Loan Status:||Paid||Origination Date:||2008-06-03||EricsCC ROI:||24%|
|Jun 05, 2008||Current|
|Jun 07, 2011||Payoff in progress|
|Jun 24, 2011||Paid|
Purpose of loan:
This loan will be used to fulfill my dream of opening a small upscale restaurant. This loan will be for additional working capital to open the restaurant. We are currrently in the construction phase and this will be used as a capital reserve should there be overages during the buildout.
It is located in an up and coming neighborhood being touted as the ?art district?. It is presently home to a multitude of art galleries, boutiques and both long-standing and recently opened food establishments, though as of yet there is not a restaurant that fits the niche the restaurant is looking to fill.
The restaurant will be a valuable asset in pioneering the growth of this viable neighborhood by offering a dining establishment that will entice food lovers from not only the neighboring communities but Chicago culinary enthusiasts as well. The clientele Briejo will draw to the neighborhood will be a boon not only to restaurant itself but also to the many galleries and boutiques on the street. Briejo Restaurant will feature an upscale American eclectic menu with nightly specials consisting of culturally inspired creations and offering a multitude of affordable options for those who crave comfort food.
I also have the support and help of my family through this process. My brothers and sister are also involved and will be helping in the day to day operations.
My financial situation:
I am a good candidate for this loan because I am employed full time and will continue to be even after the restaurant is open therefore able to meet my financial obligations and not tax the restaurant in the first year of business. I have hired an excellent, James Beard Award winning chef as well as a consultant who has opened and run 4 successful Chicago area restaurants. They are both committed to the restaurant for the next two years.
The revolving credit balance and bankcard utilization includes a home equity loan which was used to invest in equipment, architectual fees and the leasing of the restaurant space. The credit cards have also been used to finance the restaurant.
Monthly net income: $
Monthly expenses: $
Housing: $ 700
Insurance: $ 80
Car expenses: $ 50
Utilities: $ 50
Phone, cable, internet: $ 100
Food, entertainment: $ 300
Clothing, household expenses $ 150
Credit cards and other loans: $ 1000
Other expenses: $ 0
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