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Entrepreneur - New Business
Looking for capital to expand current business
Posted by:
John Weir
on 1/29/2010 9:47:10 AM
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Funding Needed
:
Above $1mil
Category:
Retail / Distribution
Website :
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Location :
Atlanta,
Georgia,
USA
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Description:
AutoStar is an independent car dealership in the Atlanta area that has been in business since 2004. AutoStar focuses on automobile sales and financing to customers in the Buy Here Pay Here market. Currently, AutoStar finances about 20% of sales in-house and the remaining are financed by a local finance company.
AutoStar is seeking capital to increase the number of sales that can be financed and serviced in-house. Specifically, AutoStar is looking for a line of credit that would be secured by accounts receivable.
The line of credit needed would be 60% of principal balance outstanding. Current accounts receivable include 100 accounts with a combined principal balance of $700,000. Initial funding needed would be about $400,000 with additional funding needed as the A/R balance grows. Total funding needed will be between 1.5 and 2 million by the end of 2011.
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