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    4 Replies Latest reply on May 27, 2009 12:34 PM by phanio

    Funding for Expansion to a Fixed Location Garage

    shinemyride Newbie

      Hello I own and operate a mobile auto detailing business. We have 2 vans and we are currently appointment only.

       

      We are currently a mobile detailing shop on wheels. Our unique
      mobile units have water, electricity and all supplies needed to detail a
      vehicle. We offer a full range of detailing service starting with a basic hand
      wash of a car to a full detail including engine shampooing and paint sealant
      application. We are experiencing significant growth in our second year and we
      are on pace to double our revenues. Part of the reason for our growth is our
      corporate partnerships with Lockheed Martin, WTOP, Bowa Builders and Comcast.
      We are in the process of closing deals with Choice Hotels and bidding on a
      contract with FEDEX to wash their fleet.

       

       

      Part of our strategic plan is to
      move into a fixed location garage while also offering the mobile detailing
      units. Once we get a fixed location garage we will expand our service offerings
      to include:

       

      ØAudio and alarm
      installation
        Ø
      </font</font>Window tinting
      service
        Ø
      </font</font>Wheel and rim
      repair
        Ø
      </font</font>Wheel and tire
      sales
        Ø
      </font</font>Paintless dent
      repair
          All of these services interconnect
      and we will use auto detailing as the core service offering. We have located a
      garage and we are in the process of negotiating lease terms. This has made me
      seek funding to get this garage project off the ground. Empire is currently
      seeking to raise $50,000 to help jump start this expansion.
          The funds will be allocated to the
      following:
        Ø
      </font</font>$30,000 for equipment, chemicals
      and supplies
        Ø
      </font</font>$10,000 for office furniture,
      software and supplies
        Ø
      </font</font>$10,000 for ancillary items and
      petty cash
          I've tried IUG but they can't really help me because they are more of a long time solution. I've talked to a sales guy from Bancardassociates.biz and they say they can use my merchant account to get me the $50k. They would take $0.20 per transaction to pay the money back. I'm still not clear how this works or how they make money on this because you know they do. Any advice would be helpful.