$10k for Childcare working capital
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Expired |
| Grade: | HR | DTI: | 37% |
| Lender Rate: | 29% | Borrower: | thecatsclaw |
| Finished | State: | AL | |
| Funded: | 3% | Group: | FinancialAssistanceNetwork |
|
Our mission is to provide quality childcare services for children. We are following the developing Early Learning Guidelines for the State of Alabama. We are just now involved in the Success by Six programs. We offer a good healthy nutritional program to assist in the children?s growth with three meals a day with two snacks based on the USDA meal patterns. The State of Alabama Department of Human Resources governs the business strictly. We offer more than other Childcare centers. First of all our operating hours are from 6 am to 12 Midnight, Monday to Friday. Families with late shift schedules use our center. Second, we are a true child development center. The schedule we follow incorporates each learning stage from object recognition, reaching, or grasping in Infants to colors, letters, numbers, and word form in Toddlers to reading, writing, and math in pre-school children. We have a trained tutor in the evening to assist the school age children with homework. I am requesting this loan for working capital. Our students are from low-income subsidized families, which mean that the Childcare Management Agency?s (CMA) check comes once a month on the 20th or later. I, of course, have payroll, insurance, utilities, and other bills that are due on earlier dates. Currently we meet this need by using a plan called Accounts Receivable Factoring. I plan on placing these funds in an interest bearing account. I will pull from it when I need to pay bills and return the money when I receive the CMA check. In respect to my personal credit, I do have one bad mark. I own one piece of rental property that I was forced to evict the tenants. This occurred in March and April of 2006. The tenants were not paying rent, which put me behind in the mortgage. The mortgage started foreclosure on the property even though I was in contact with them. However, I cleared the late mortgage payments and the loan is now in good standing. I have good tenants that pay on time and are considering purchasing the house from me. Currently, all of my bills are current and on time. My Income: $4,783 monthly salary from Full time Technology Manager $1,000 monthly salary from Child Care Center $1,000 rental income from one rental house $150 monthly income from Bookkeeping client My Expenses: $4,200 for cars, childcare van, auto insurance, rental mortgage, two $500 limit credit cards and utilities. I usually have around $500 extra money for savings. Childcare Center?s Monthly Income: $12,097 Childcare fees collected Childcare Center?s Monthly Expenses: $7,292 Wages $372 Insurance $178 Repairs $436 Utilities $1,192 Food and Supplies $862 Interest $1,010 Taxes $200 Other expenses. There is $563 of Profit. The loan will reduce interest by $334. We should begin the monthly Child and Adult Care Food Program in January. Estimates show that the reimbursement towards food purchase will be $2,800 per month. This makes profit $563 +$333 +$2,800 = $3,697. Thank you from considering my loan request and helping my business remain stable and grow to it?s full potential. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 60524 | Working Capital for Child Development Center | HR | $15,000 @ 19% | Nov 12, 2006 | Withdrawn |
| 63204 | Working Capital for Child Development Center | HR | $15,000 @ 27% | Nov 17, 2006 | Expired |
| 71332 | $25k Working capital for Day Care | HR | $25,000 @ 29% | Dec 06, 2006 | Expired |
| 75967 | $10k Working Capital for Day Care | HR | $10,000 @ 29% | Dec 18, 2006 | Expired |
| 84244 | 3k Working Capital for Day Care | HR | $3,000 @ 20% | Jan 12, 2007 | Loan created |
| 224372 | Expansion Capital for Day Care | E | $15,000 @ 29% | Nov 01, 2007 | Withdrawn |
| 227333 | Expansion Capital for Day Care | E | $10,000 @ 29% | Nov 06, 2007 | Withdrawn |
| 232739 | Expansion Capital for Day Care | E | $7,590 @ 29% | Nov 16, 2007 | Expired |
| 237521 | Expansion Capital for Day Care | E | $5,275 @ 29% | Nov 26, 2007 | Expired |
| 260377 | Expansion Capital for Day Care | E | $4,000 @ 35% | Jan 05, 2008 | Expired |
| 321830 | Debt consolidation loan | HR | $10,000 @ 35% | Apr 30, 2008 | Expired |
| 356347 | Debt consolidation loan | HR | $4,000 @ 29% | Jun 24, 2008 | Expired |
| 377434 | Debt consolidation loan | E | $2,500 @ 25% | Aug 04, 2008 | Loan created |
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