Establish Business Credit
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2006-09-14 |
EricsCC ROI:
| 17% |
| Status History |
| Sep 13, 2006 |
Current |
|
Hello,My name is Lynnette and this is all new to me as my husband has always done my financing or providing cash when I needed it. As described in my title, I have been an antiques and collectibles dealer since the mid 1970's. I got involved in this business when I went to Taiwan with my husband back in the 70's. We loved Chinese art so much, we collected and then, we decided to try to sell it. We were successful back then but you have such a selective audience that we felt it time to expand so we started doing all kinds of antiques and collectibles. We even worked at the world famous Pasadena Rose Bowl Swap Meet where we had a space for 16 years. When my son grew up and moved away, we gave up working swap meets because the furniture got too heavy to move around. In 1998, I got on the internet, on ebay where I have done extremely well. My ebay site is kenlynn818 for anyone wanting to take a look. I am now expanding my business to buying into estates. This takes money and this is why I am requesting this loan. My business model is pretty good. We turn a 100 percent profit annually. We have grown steadily over the last 4 to 5 years. Of course, I do this on a non-professional basis with a resellers permit only. I am going to get my business license and turn this into a real business buy the end of this year. This loan will help me to do that. My annual sales are approximately $30,000 with expenses running between $12000 to $14000 per year. Also, the nice thing is that this money regenerates itself. When you are running at a 100 percent profit, the money spent on inventory gets put back to buy more inventory. I am well respected in the antique circles as we find some nice things and of course you have your down time where you don't find much inventory. This money will allow me to buy more personal property that goes up for sale and as I said, I am going to get my business license so I can do more in expanding my business. My credit situation is again, my husband takes care of the personal finances. I have one bad mark, it was a cell phone bill that got out of hand and I wasn?t working and neither was my husband so we couldn?t pay the bill. I am in negotiation with them to settle this account. Also, I have one public record as my husband and I were evicted from a rental when the landlord sold the house out from underneath us. We tried to fight it but lost in court. Payback of this loan will be made on time and on schedule. Reason is I have to establish a real honest credit record to show the SBA that I can have good credit so I can get my SBA loan after paying on this loan for a year. This loan is well within my repayment limits and will help me establish my credit for future use. |
| Borrower's Other Listings |
| 33420 |
Expanding Antique Dealer |
HR |
$5,000 @ 29% |
Aug 22, 2006 |
Expired |
|
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