Eric's Credit Community

Purpose of loan:
This loan will be used to fund the electrical, plumbing and finish work for a certified commercial kitchen. All equipment needed has already been purchased and paid for with personal savings. This will be a sole proprietorship with myself as the only employee.

I have already established a customer base with the restaurant where I am currently employed. I have been providing desserts and quiches for the past 4 years and have a reputation for creating delicious mouth-watering desserts. Sales average $500 per month and are expected to increase with the completion of the commercial kitchen due to time and space allowances. There are approximately 25 restaurants, coffee shops and caterers in my immediate area that are potential customers. Mailers will be sent out prior to opening with follow up phone calls to each establishment.

I will also become a member of a group of wedding vendors which share information on upcoming weddings. Wedding cakes are expected to bring in an additional $500 to $1000 per month.

I have been approached by various individuals looking for commercial kitchen space to lease part time. This has the potential to bring in an additional $300 to $400 per month.

My financial situation:
I am a good candidate for this loan because I have been employed at the above restaurant for 10 years and will continue to work full and/or part time while getting my own business established. The restaurant is celebrating its 20^th anniversary this year and is a favorite eating establishment of the town. The owner is very well known in the restaurant community and has hosted a ?Taste of..? for 5 years. He has allowed me to showcase my desserts each year under my own business so there is name recognition established. I anticipate bringing on more clients as the completion of the commercial kitchen will now allow me to follow up on contacts previously made at this event.

I have a $20.00 dq on my credit score that is a medical bill.  This has been taken care of.  We are also looking at ways to decrease our debt and obtain a better debt to income ratio. 

Should anything happen we do have approximately $30,000 in a 401K that can be liquidated.

Monthly net income: $ 4000

Monthly expenses: $
Housing: $ 1331
Insurance: $ 75
Car expenses: $270
Utilities: $ 250
Phone, cable, internet: $210
Food, entertainment: $ 200
Clothing, household expenses $75
Credit cards and other loans: $ 850
Other expenses: $50

Total: $3311