Help a New Orleans small business expand
| Listing Information | |||
|---|---|---|---|
| Amount: | $18,800.00 | Status: | Expired |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 19% | Borrower: | SavvyNOLA |
| Finished | State: | LA | |
| Funded: | 16% | Group: | Bontemps Roulez! |
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The Savvy Gourmet is a recreational cooking school, retail cookware store, and catering company located in New Orleans Louisiana. We originally opened in August of 2005, two weeks before hurricane Katrina devastated the area. Luckily, we did not sustain much physical damage, yet our whole customer base disappeared over night. In October 2005, we re-opened as a restaurant serving meals to relief workers and anyone else who happened to be hungry. We were able to stay afloat until the city began to repopulate, and now hold cooking classes almost every night, in addition to operating a full-service catering company. Since Receiving our First Prosper Loan We applied for and received a prosper loan to design and sell "Savvy Kitchen" packages based on the existing theme seen in our demonstration kitchen. Working with experienced designer and architect Ed Novak of Artifice Builders, we used loan proceeds to purchase design software, Mac computer hardware, and fund basic marketing collateral. Our endeavor was successful, and we recouped our initial investment within the first 12 months. We decided to pay our Prosper loan for the full amortization schedule to maintain the interest payments to lenders who had faith in our project. So Why do we want a new Loan? It is ironic that the change to our business model of starting a cafe ultimately prevented us from achieving more stable financial footing. As the city of New Orleans continued to return, more restaurants opened in our area, and our restaurant became cash flow negative. By the time we were able to fully analyze the ramifications of continuing restaurant operations, we had sustained significant losses. We are seeking a loan to invest in retail inventory for the fourth quarter. Last year we earned more than 50% of our retail revenue in the months of November and December. Unfortunately, proceeds from retail funded restaurant losses, and we have not been able to re-stock our shelves. An infusion of cash would allow us to bring vendor accounts current, and regain the retail terms necessary to keep the shelves stocked. We would like to turn the inventory at least once before the holiday season arrives, which would allow us to repay the current loan. Please consider bidding on our loan. We are a proven entity, and have improved two credit rating levels since taking out our first Prosper loan. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 27896 | Help a New Orleans small business expand | B | $15,000 @ 20% | Jul 31, 2006 | Withdrawn |
| 27958 | Help a New Orleans small business expand | B | $15,000 @ 10% | Jul 31, 2006 | Withdrawn |
| 27971 | Help a New Orleans small business expand | B | $15,000 @ 14% | Jul 31, 2006 | Loan created |
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