Eric's Credit Community

My name is Matt [LAST NAME DELETED]. I am a solar energy (electrical) engineer in Albuquerque, NM. Never married, no children. My manufacturing business is my focus. I started learning to make solar panels 10 years ago and have since received a B.S. in Engineering from New Mexico Tech and an M.S. from Georgia Tech.

The Business

I started cSol Corp 4 years ago. I invested over $100K (not including my time) to develop a new kind of solar panel that uses recycled stainless steel instead of cheap plastic. As of a few weeks ago, I can make solar electric panels to put on houses. My products, coupled with local tax and utility incentives, will finally make it possible for a homeowner to make money on a solar panel system they buy from us (about 12% APR over 25 years on their investment).

My company has been actually manufacturing the panels for over a year. We've sold small numbers of panels to several customers, and all have been satisfied so far. The distributors we've sold through haven't delivered on the volumes they promised, so we need to develop our own marketing to succeed.

Credit History

Despite the HR rating, I have an excellent payment history with all my accounts in good standing and only two 30-day instances in the past 8 years (both mail mix-ups). I get the HR due to the number of accounts I've opened to support the business. Go ahead and click the plus on the right side to verify.

Reason for Loan

I need to buy advertising and inventory to get my products out there. We expect to make $10k on each $40k system sold (and sell at least one per week), but just need a last bit of help to get us over the hump. The money would be used as follows:

$5000- Goes toward minimum order of solar cell parts from our supplier (allows us to require less from the customer up front)

$1000- Advertising (Local newspapers & radio)

$2000- Salesperson wages for first month (plus commissions)

Plan for Repayment

For each solar system we sell, we should generate $10,000 per month in margin, yielding plenty to pay my salary, other debts, and pay off this loan. If the business goes south, I could go back into industry as a senior engineer, earning $70-100K per year. That's something I hope not to do, but delinquencies are not an option for me.

Income & Bills

Income: 3800 approx. Net per month
House: 1350
Electric & Gas: 250
Car: 580 (almost paid off)
Car Ins: 220
Cell Phone: 100
Vehicle Gas: 100
Food: 300
Total: 2900 approx.

Net income after bills: $900 approx. (not including contributions to household from my girlfriend, who earns $22k/yr.)

Thank You

Any and all documentation is available upon request. Thank you for helping out a worthwhile business venture. And if you want some solar panels, visit our web site at csolcorp.com.