Below is an example of how anyone visiting Weemba will see the loan project. The top part of the page includes the basic information: how much money is needed, for how long, how it will be repaid (Installments in this project), the Borrower’s credit score (this Borrower didn’t get one and add it to the project, but it would be from Dun & Bradstreet for a business) and date it was pulled, the publication date of the project and its expiration date, the type of loan desired and a summary. The summary is a short version of the detailed description. Some people like to write the summary first; others prefer to write the longer one and then the summary – it’s up to you!
Uploaded Basic Financial Files
Once the loan project’s free text fields have been filled out, you can upload files to support your loan. It’s a good idea to upload tax returns, a signed copy of an IRS Form 4506, your articles of incorporation (if applicable) and credit reports for anyone who owns 20% or more of the business.
More Files and Photos
Business projects also have space to upload more supporting files. Photos, business plans, sales projections, marketing plans and balance sheets are great additions – anything that shows more detail about your business and why you are a good risk. Files that are gray cannot be opened except by Lenders you choose; black file names are publicly visible. Do not include any info in public files that can identify you! For example, showing the food your restaurant serves is great – showing your menu with the name of the restaurant is not!
After the files are uploaded, you can enter your contact information, which is also all private until you authorize a Lender to see it. Then there’s a list of multiple choice questions. They only take about 2 minutes to answer and will help Lenders find you in the search engine. Your answers are available to all Lenders who see your project, but they won’t know your real name.
Free Text Fields
This is where you can tell Lenders about your need. Be complete but try not to go TOO long. Below the image are the actual texts that appear in it so you can read the example.
Detailed Project Description My bakery in Ocala has been operating for 10 years. We do custom cakes (birthdays, weddings, graduations, anniversaries), gourmet cakes, cookies (both decorated and not) and pies. I would like to buy a new walk-in cooler and deep freezer (valued at $35,000) so that I can start to offer more gourmet and specialty desserts as well as baked goods that have meat and vegetable ingredients such as empanadas and other savory treats. To do that, I need to have more cooler space than I do now, as well as a larger freezer. I also need to acquire some different small equipment such as specialty pans and molds, mixing equipment and a few other miscellaneous items.
Borrower’s Net Worth and/or Revenue We own the building and land for the bakery outright. It is valued at $350,000 and there is no debt on it. The current value of the equipment I have is about $215,000, and includes several high end ovens, a walk-in cooler and equipment. We generate about $15,000 a month in revenue and have expenses, including staff payroll, of $12,000.
Repayment Plan I have done surveys of the community which indicate a market for the products I want to add. I believe that my revenues will go up by about 15% per month with the new items available for sale, and that will allow me to repay the loan at $3,500 per month. It will cut into my existing profit margin, but I think it is worth it as an investment. Once I have a new cooler and freezer installed, I will sell my existing ones for about $20,000 as well and use that money to help repay the loan.
Each project can have a forum attached to it. This lets Lenders ask you questions about your project or ask you to add a file to your uploads, as well as for other Borrowers and Community Members to discuss your project. Each group’s permissions can be set when you create the forum. It’s voluntary, but you can get a lot of useful input from other people on Weemba.
Make sure you choose an avatar for your project if you have a photo to use – if you don’t have one, Weemba will provide an icon based on the type of loan you choose. You can also link to YouTube videos that support your project. Your product being made or people enjoying/using it would be great videos – just make sure not to reveal your real identity or business name in any video. Be as creative as you want to be! We have lots of help articles and FAQs on site, but if you can’t find the answers you want, you can email us at firstname.lastname@example.org. Good luck!