New Business in Urban Redevelopment Area
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 40% |
| Lender Rate: | 19% | Borrower: | jlg2008 |
| Finished | State: | IN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-25 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Jun 28, 2008 | Current |
|
Purpose of loan: This loan will be used as down payment money on a new business in an urban redevelopment area. I plan to open a car wash in an un-served market. There are 55,000 people within 3 miles of the location I've selected, but no basic services like a car wash for miles. Our city development department has been very supportive of the project and local community leaders are excited about a young woman starting a business in the area. I grew up in the area and have been active in helping revitalize the area after years of urban decay. For info on the market: http://www.cityoffortwayne.org/index.php/content/view/981/1129/ I have partners who operate car washes in another state, who will provide expertise and investment in my business. My financial situation: I have excellent credit and payment history, but I do not have cash available for a down payment. I will be using an SBA 504 loan that requires 15% down payment, the bank share has been approved and it will be presented to the local SBA board next month. The Prosper loan would not cover my entire down payment, but the remaining amount could be financed if I can contribute a portion. This is a major barrier for me in getting the business off the ground. I have a strong business plan, supportive partners and mentors, a great location, and high quality equipment. As a 32 year old single woman, I just don't have much capital of my own. I do own a home, have worked at the same job for 5 years, and have taken many positive financial steps. A loan will not only help me start this business, but will help me build a financial future for myself and allow me to invest in my community. I just really need someone to give me the chance and I can build a successful business and future. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 316528 | New Business in Urban Redevelopment Area | A | $25,000 @ 7% | Apr 23, 2008 | Withdrawn |
| 319276 | New Business in Urban Redevelopment Area | A | $15,000 @ 10% | Apr 27, 2008 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|