Small Business Owner Paying Off Debts
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 33% |
| Lender Rate: | 17% | Borrower: | gregox |
| Finished | State: | CA | |
| Funded: | 100% | Group: | FinancialAssistanceNetwork |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-12-20 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Dec 19, 2006 | Current |
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I'm a small business owner. As you can see from the pictures above, I own a school for training gymnastics - Elite Gymnastics Academy (EGA) in San Diego, CA. Please take a moment to browse our site (www.EliteGymnastics.com) to see the programs we offer and the activities that we support. I love being involved in the sport of gymnastics because of all of the wonderful people that I get to be acquainted with, from the kids, to the coaches, to the parents. I was a competitive gymnast when I was younger and always knew that I wanted to stay active in the sport for as long as possible. So here's the situation I'm in right now. EGA has been in business for about 6.5 years now. When we first got started there were 5 partners. Over time the other partners have left the business until now I am the sole owner. For about the last year and a half I've been cleaning up the financial messes of my previous partner (then the controlling partner in the company) and have ended up putting a substantial amount of money on my personal credit cards. The end result is that my personal credit score is suffering because the amount of money that I have on personal credit cards his high with respect to my personal annual income (I work another job in addition to the gym). The thing is that the business is making all of the required monthly payments on specific cards, but there's no way for that to be taken into account when figuring my personal credit score. I'm in kind of a catch-22 situation right now. I have difficulty getting business loans to pay off these cards because they look at my personal credit score when making the determination, but I can't increase my personal credit score because I can't transfer the balances to business loans. Making the monthly payments is not an issue at all. But I want to be able to remove the outstanding debts from my personal credit cards in order to increase my credit score so that everything becomes easier and better financially. Why am I asking for a lower interest rate than the average D rated customer? Because of the fact that the business is financially solvent and there will be no issue with making the monthly payments on a loan that you fund, I am not at risk for missing payments or defaulting on the loan. All payments will be electronically transferred from the business bank account. This is a win-win situation for us. You win by investing in a sound and solid borrower, and I win by being able to strengthen my personal financial picture. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 68552 | Small Business Owner Paying off Debts | D | $8,500 @ 20% | Nov 30, 2006 | Withdrawn |
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