I opened a dog daycare in New Orleans on September 22, 2008. Despite the economic challenges (which aren't as bad here as elsewhere), we're growing every month, have clients who love us and are already earning enough to pay salaries. A newspaper article yesterday named pet care as one of the few bright spots in the economy with 2009 GROWTH projected at 6%. The downside is that I started with inadequate capital and so am short on working capital and have an onerous debt burden.
This time last year, a major bank courted my business and told me I was approved to refi and cash out on my house, the proceeds of which would
have been used for startup. I had a credit score of 834, about $200K equity in my house and almost no debt other than my mortgage and car note.
I had never been turned down for credit on any level (department store to mortgage) and had no reason to think I would not get the money. My house
was appraised 3 times, my income verified multiples of that and four closing dates set. Based on their assurances, I signed a lease and
construction contract. Then, 4 1/2 months after applying, I was told the loan would not be made after all.
Having signed contracts I felt obligated to honor, and believing that it would be a simple matter to refi later, I borrowed from my retirement
fund, family and friends, and maxed out my credit cards to renovate the rented property and open the doors. Alas, the economy conspired against
me and the stock market crashed just about the time I opened.
So here I am, with a great business that I love going to every day, still working a part time job to bring in cash to support me, and in danger of
it all slipping away, largely due to external forces.
I AM a good credit risk - my score, even with the added debt is 690-705. I honor my commitments and know that I am on the right track. I just need
to find a financier or investor willing to take a chance on me.
My business is located in a semi-blighted area on the edge of the CBD of New Orleans, an area that was heavily damaged by Katrina. I've created
several part-time jobs (and found wonderful employees), improved the property and added a service to the downtown area that was lacking
previously. I own 100% of the business and am certified as a small and emerging business by the SBA.
If you'd like, check out our website www.neworleansdognanny.com to learn more about what we do and see the dogs and nannies at play (camera 2 is
the best to watch). We are by far the best business of this kind in the area and need a chance to make it.
If you have any suggestions for me, please let me know.
This time last year, a major bank courted my business and told me I was approved to refi and cash out on my house, the proceeds of which would
have been used for startup. I had a credit score of 834, about $200K equity in my house and almost no debt other than my mortgage and car note.
I had never been turned down for credit on any level (department store to mortgage) and had no reason to think I would not get the money. My house
was appraised 3 times, my income verified multiples of that and four closing dates set. Based on their assurances, I signed a lease and
construction contract. Then, 4 1/2 months after applying, I was told the loan would not be made after all.
Having signed contracts I felt obligated to honor, and believing that it would be a simple matter to refi later, I borrowed from my retirement
fund, family and friends, and maxed out my credit cards to renovate the rented property and open the doors. Alas, the economy conspired against
me and the stock market crashed just about the time I opened.
So here I am, with a great business that I love going to every day, still working a part time job to bring in cash to support me, and in danger of
it all slipping away, largely due to external forces.
I AM a good credit risk - my score, even with the added debt is 690-705. I honor my commitments and know that I am on the right track. I just need
to find a financier or investor willing to take a chance on me.
My business is located in a semi-blighted area on the edge of the CBD of New Orleans, an area that was heavily damaged by Katrina. I've created
several part-time jobs (and found wonderful employees), improved the property and added a service to the downtown area that was lacking
previously. I own 100% of the business and am certified as a small and emerging business by the SBA.
If you'd like, check out our website www.neworleansdognanny.com to learn more about what we do and see the dogs and nannies at play (camera 2 is
the best to watch). We are by far the best business of this kind in the area and need a chance to make it.
If you have any suggestions for me, please let me know.
