Expanding my produce business
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 0% |
| Lender Rate: | 25% | Borrower: | organicgrower |
| Finished | State: | PA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-23 | EricsCC ROI: | 23% |
| Status History | |
|---|---|
| Jul 23, 2008 | Current |
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Purpose of loan: This loan will be used to move our produce and flower business into a year-round operation. We have been a family-owned business for eighteen years and as my parents prepare to retire, I would like to expand our growing season, especially for organic vegetables, later into the fall and winter by preparing our summer greenhouse for winter beds. I will need to bring in several loads of topsoil to prepare the beds for sufficient growing space. It also means applying new plastic to replace the worn outer layer of the greenhouse for better thermal protection, as well as adding floating row covers for crops such as lettuces and carrots so they will have extra warmth to keep them from freezing. I would like to add new water lines for irrigation as well. We work hard to provide quality produce for our customers and expanding the season is the next step for us to be able to give them the organic vegetables they want for a longer amount of time. My financial situation: Although my credit score is not that great, I do pay my bills on time. I only have one credit card which I haven't used for a long time. I took a break from the family business for a couple of years to get a different perspective and had a tough time financially which is why my credit took a hit, but I came back to the business with renewed vigor and new perspective which is invigorating and exciting. I have new markets and accounts already lined up for our expanded vegetable season and have begun a very successful Community Supported Agriculture (CSA) business for our farm with produce box deliveries expanding weekly which is my own portion of the business to support me financially, as well as other income from our farmer's markets. We are also expanding to include the Washington D.C. area. I am a very hard worker and would like to see this business succeed beyond even my expectations and financial goals. It am expecting to pay this loan back within one year or less. Monthly net income: $ 2,800 Monthly expenses: $ Housing: $ 400.00 Car expenses: $ 273.44 Utilities: $65.00 Phone, cable, internet: $ 42.00 Food, entertainment: $ 100.00 Clothing, household expenses $ 120.00 Credit cards and other loans: $ 220.00 Other expenses: $ 75.00 |
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