CAPITAL NEEDED FOR BUSINESS EQUIPMENT
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 60% |
| Lender Rate: | 26% | Borrower: | GAGirl |
| Finished | State: | GA | |
| Funded: | 100% | Group: | Small Business & Self Employed |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-02-09 | EricsCC ROI: | -43% |
| Status History | |
|---|---|
| Feb 15, 2007 | Current |
| Oct 24, 2007 | Late |
| Nov 10, 2007 | 1 month late |
| Dec 10, 2007 | 2 months late |
| Dec 19, 2007 | 1 month late |
| Jan 10, 2008 | 2 months late |
| Feb 10, 2008 | 3 months late |
| Mar 01, 2008 | 2 months late |
| Mar 10, 2008 | 3 months late |
| Mar 21, 2008 | 2 months late |
| Apr 10, 2008 | 3 months late |
| Apr 25, 2008 | 1 month late |
| May 10, 2008 | 2 months late |
| Jun 10, 2008 | 3 months late |
| Jul 10, 2008 | 4+ months late |
|
Third times a charm For two and a half years, my husband and I have owned and operated Gredon Cleaning Company, a full-service cleaning and general contracting company. To meet the needs of our customers, in November 2006, we replaced our minivan and portable extractor for a full-size van and truck mount. Because of our good payment history, our supplier (Jon-Don) installed the truck mount before the final paperwork was completed with their leasing company. For two months, the finance company for the van was reluctant in giving the leasing company a copy of the title to the van. And now that they have the title, the finance company has refused to sign a waiver for the truck mount indicating the equipment shall remain personal property of the lessee (Gredon); resulting in the leasing company not being able to complete the lease agreement. Now we are facing the possibility of having to return the truck mount to our supplier (Jon-Don), if we are not able to pay the full balance of the equipment. Currently the balance owed is approximately $16,583.00 for the truck mount (Legend XL Carpet Cleaning Machine). Gredon?s credit is in good standing and we currently have credit accounts with Jon-Don, Capital One Business, BB&T Business and Home Depot. We are fully insured and licensed and have an excellent reputation. Our customer growth through referrals and business-to-business marketing is increasing significantly. We currently have over 100 residential customers and 5 business contracts with 2 contracts pending. Through our aggressive business-to-business marketing campaign, we anticipate more business and governmental contracts. Residential business continues to increase through word-of-mouth. I have a Bachelors Degree in Business Management from the American InterContinental University and have over 15 years of business management experience and 5 years of governmental contracting experience. My husband and partner, have over 15 years experience in the cleaning and restoration industry. I recently became fully involved in the business to promote company growth. To date, I have developed our website: www.gredon.com, took over the company?s daily operation, prepared and implemented an aggressive marketing strategy; which involves more B2B solicitation and governmental contracting; and created alliances with other companies in the industry. Our advantage in the cleaning business is our dedication to providing quality service, being dependable and being sensitive to our customers needs. At this time, my credit rating is a D, not because I have unpaid accounts, but because I have fully invested in the success of Gredon. Our personal and business accounts are always paid on time and we have never defaulted on any of our loans. Debt to income ratio is incorrect ... Our total household income was not included, only the income from my employer. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 88920 | Capital Needed for Business Equipment | D | $17,000 @ 20% | Jan 25, 2007 | Withdrawn |
| 89401 | Capital Needed for Business Equipment | D | $17,000 @ 24% | Jan 27, 2007 | Withdrawn |
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