Purpose of loan: To open an upscale alteration business that also makes wedding dresses, tailored suits, and home accessories including pillows, drapery and window treatments… This loan will be used to cover operating expenses for the first three months (rent, supplies, payroll…) and part of the start-up cost including signage, utilities, equipment purchase, and advertising.

My financial situation:
I am a good candidate for this loan because I work full time as a college professor and plan to keep my job. I can afford the monthly payments to repay the loan while I build my business. My marketing strategy is to establish my alteration business as a high-end service catered to the higher income residents in my neighborhood. “Just because the economy looks bad doesn’t mean you have to.” During this economic downturn I believe my clientele is more inclined to have their garments repaired rather than buying new. I live in a neighborhood that is mixed with affluent homes ($250,000 - $1 Mil) and homes less than $100K. There isn't one quality alteration business in this 15-mile radius. There are a couple of dry cleaners that offer alterations but there quality of work sent me elsewhere. My mother was a seamstress and made all my clothes when I was a kid. As I look back, my mother probably influenced my habit of wearing nice suits even though there is a less than casual dress code in academia. I enjoy dressing as a professional and keeping my clothes fit. Not having a quality alteration business in my neighbor inspired me to open one myself. I have interviewed several seamstresses and tailors who currently work from home and are committed to working for me in a brick and mortar location rather than have strangers come into their homes.