Working Capital for established and growing business
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 49% |
| Lender Rate: | 24% | Borrower: | execmen |
| Finished | State: | MO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2008-08-29 | EricsCC ROI: | 83% |
| Status History | |
|---|---|
| Aug 30, 2008 | Current |
| Apr 16, 2010 | Late |
| May 01, 2010 | 1 month late |
| Jun 08, 2010 | 2 months late |
| Jul 02, 2010 | 3 months late |
| Aug 01, 2010 | Default |
|
Purpose of loan: This loan will be used for working capital for the business and to purchase some additional inventory for fall. The summer months are slower for clothing sales, but we want to have a full store as our prime selling season (fall thru Christmas) arrives. My financial situation: I am a good candidate for this loan because? The store currently has about $80,000 worth of inventory at wholesale prices. A number of our vendors require a new business to pay for inventory in advance. However as the company has aged we are now receiving terms from some of our vendors of net 30 or net 60. Now that the business is in its second year and sales are continuing to ramp up, I am confident that we will have a better Christmas this year than last. I have excellent credit from the standpoint of always paying and paying on time. However my overall credit score has suffered recently due to the total amount of debt that I and the store have outstanding. Check us out in a local magazine: http://www.417mag.com/417-Magazine/December-2007/Just-Clubby-Enough/ Monthly Gross income: $ 8,000 - $9,000 (This is an average over the last 12 months, however, it has been more like $5,000-$7000 during the summer months, but I expect our sales to average $12,000 - $15,000 from November thru January based on last year.) Monthly expenses: $ Rent: $ 1,800 Insurance: $ 100 Car expenses: $ Utilities: $ 350 Phone, cable, internet: $ 150 Food, entertainment: $ Advertising: $ 1,000 - $2,500 Credit cards and other loans: $ 2,000 Other expenses: $ 500 - $1,000 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 346017 | Consolidate Business Debt | C | $15,000 @ 12% | Jun 06, 2008 | Expired |
| 354282 | Consolidate Business Debt | C | $8,000 @ 14% | Jun 20, 2008 | Expired |
| 359171 | Consolidate Business Debt | C | $4,000 @ 22% | Jun 28, 2008 | Withdrawn |
| 359176 | Consolidate Business Debt | C | $4,000 @ 22% | Jun 28, 2008 | Withdrawn |
| 359178 | Consolidate Business Debt | C | $4,000 @ 22% | Jun 28, 2008 | Expired |
| 382763 | Consolidate Business Debt | C | $5,000 @ 35% | Aug 14, 2008 | Withdrawn |
| 382790 | Working Capital for established and growing business | C | $5,000 @ 35% | Aug 14, 2008 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|