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    4 Replies Latest reply on Aug 19, 2008 1:01 PM by monie19143

    Need matching funds

    monie19143 Newbie
      I am the co-owner of a tutoring center. Philadelphia has pulled its funding of afterschool programs and we have received a cdc grant that will completly rehab the building we purchased, buy a van, new computers, desks and supplies, in addition to putting in state of the art kitchen appliances. The problem is that we now need money as a match. They are requesting a match of $25,000.00. The 3 of us have refinanced our houses to purchase this abandoned building and have nothing else we could offer. We currently have 23 students, and we desperately need this building rehabbed so that we can offer the services for the community. We have gone to banks, but we are over-extended. We do not want to lose this grant, but cannot come up with a viable way of financing this match. Any help would be greatly appreciated.
        • Re: Need matching funds
          LUCKIEST Guide
          Need matching funds, Welcome Monica

          This is a good site for financing. Have you developed a Business Plan??
          It is one of the first things a lender will want to see.
          Have you done a Cash Flow projection with 23 students??
          What is the Max number of students you can handle??

          The next question is how long will you need the funds for?? and How and When will
          you be able to pay them back??

          Good luck, LUCKIEST
            • Re: Need matching funds
              monie19143 Newbie
              Thank you for responding. We do have a business plan, I am in the process of revamping it as it was done 4 years ago and needs some tweeking. I do have to do cash flow projections which I've not done yet. I do have our financials, its just a matter of putting them in the right formate. We can handle based on square footage 45 children or adults at one time. We would be able to start paying the funds back in Nov 08 once the grant paperwork and all that is involved with it is taken care of. I'm not sure on a total payback time frame as again, this is my first attempt at and first time receiving a grant.
            • Re: Need matching funds
              Milleisen Scout
              Monie - For the amount you are looking for, I might be able to help you. My contact info is in my profile.