Industrial/Commercial Painting company
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 11% | Borrower: | industrialpainter |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-08 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Jul 09, 2008 | Current |
|
Purpose of loan: The banks won't help!!! My SBA counselor and I cannot believe that their "special" small business banks have denied my loan requests!!! I have great credit, a sound business plan, invested a lot of my own money in my business, and a competitive portfolio of services!!! I currently have invested $30,000 of my own money in the business, however, the nature of our business is that we typically receive payment 30 days after the completion of a project and. Our projects can take anywhere from 1 - 12 weeks to complete depending on the size of the job, and we usually work on a draw system. Because of the lag time in payment, I need to ensure that I have enough cash flow to fund equipment and raw materials. I need this money to purchase more equipment for my business. I own an Industrial/Commercial painting company, which means that we apply protective coatings to many different structures like waste water treatment plants, industrial plants and facilities, apartment complexes, office buildings, concrete structures, tennis courts, steel surfaces, etc. We also do asphalt sealing and roof maintenance coatings. My financial situation: I am a good candidate for this loan because I have a Bachelor's degree in Business from Loyola University of New Orleans and a Master's Degree from the University of North Florida, along with a partner with over 20 years experience in the Industrial/Commercial painting industry. I have excellent credit and pay my bills on time. I have submitted the documents required with the State of Florida for Minority Business Enterprise certification and am awaiting my certification number. I have completed a Business Plan and associated financial documents that have been reviewed by the SBA consultant and I received rave reviews from them. Both the SBA and I are very disappointed that none of their banks have approved me for a loan. And these are the so-called "small business" specialized banks! I guess the state of the lending industry is going to impact us all.... I have multiple outstanding bids and several verbal committments from customers regarding jobs, but these jobs will not start until 3 weeks from now and I need more cash to get the equipment I need while still making payroll. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 342862 | Starting an Industrial/Commercial Painting company | AA | $20,000 @ 17% | Jun 02, 2008 | Expired |
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