Eric's Credit Community

Below is a relisting with additional information included.

Greg & Lisa [LAST NAME DELETED]
Lisa?s Bridal Accessories, Inc.
Business Website:www.LoveAndVows.com
Annual Revenue:  $300,000
Contact: [EMAIL DELETED]

About our business: We specialize in selling all the small accessory items you need for a wedding (guest books, attendant gifts, etc.).  We have a storefront and a website. We opened in October of 2001.Our annual revenue was $70k our first year. We started turning a profit in 2003. Greg works full-time in the store managing it and the website. Lisa wife works full-time outside our business as a price analyst in order to provide affordable health insurance for the two of us. She also puts many hours in at our store.

Our income as reported on last years? tax return was over $95k. Our credit is *A* as we pay all our bills on time and have never filed for bankruptcy or any other type of creditor protection.

About our DTI:We have a line-of-credit for $75k for the business. Currently, our balance on that account is $35k.  Most lenders will not loan funds to a small business unless you personally guarantee the repayment.  Because of this, the $35k the business owes shows on our credit reports and is reflected in our DTI.  Our current payment on this line is about $900/month.  This is paid by the business, not us personally.  This loan will also be paid by the business, which has more than adequate cash flow. As you can see, we have the ability to draw on our business line-of-credit, but would rather see people get the money instead of a bank.  

The funds will be used for two primary purposes:

Purpose #1 ? We are starting to purchase more inventory at one time rather than making many smaller purchases throughout the year.  After doing this for five years, we know what sells.  Our suppliers offer free shipping on large orders.  This will save us at least $7k on ?freight in? costs in 2007.

Purpose #2 ? We are having a national, professional company build us a new website. Currently, 70% of our sales are from our website and it is one built by amateurs (us).  To go to the next level of sales, we need a jazzy new website.  We have committed to have a company design and host the new website while we will maintain it (upload all the product, keep it current, etc.).  Since we?re web savvy, we can maintain it to save on the costs.

Please feel free to contact us with any other questions you may have.