Growing a local food business
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | localfoodienyc |
| Finished | State: | NY | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-20 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Aug 20, 2008 | Current |
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Purpose of loan: This loan will be used to expand a small business that sells delicious local and organic food sourced from small sustainable farms. My business provides "ready to cook" and "ready to heat" prepared meals to busy urbanites who no longer cook for themselves. In the front of the store is a small grocery selling prepared meals and local groceries, while in the back there is a beautiful cafe and outdoor seating in a garden for people to stay and eat made-to-order meals. There is approximately $50,000 of credit card debt that needs to be payed back by March 2009, and a Prosper loan will help me pay off the debt as well as expand the business to include a beer license (local handcrafted ales), offer a wider variety of inventory (farmstead cheeses, organic bread, local produce), and do more marketing. My financial situation: My flaky business partner quit our new business after less than 3 months of being in operation. I find myself having to cover 100% of operational costs for the first year, instead of half, as originally planned. I need some working capital to continue to grow the business into a success. I am a good candidate for this loan because the concept of prepared meals continues to grow even in a flagging economy, as people spend less and less time cooking for themselves. Moreover, organic food continues to be the fastest growing sector of the food industry. And locally sourced food has become more and more popular as people's concern and commitment to environmental change continues. Financial projections show the business breaking even as of December 2008. I am committed to making the business a success, and will repay the loan as expediently as possible. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 380605 | Growing a local food business | A | $25,000 @ 35% | Aug 10, 2008 | Withdrawn |
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