U Collections Inc
Although client’s business, Ucollections, Inc., was incorporated in September 2008, the operation did not start until February 2009. That’s when the physical store, which is located inside the Sheraton Hotel in Flushing, Queens, was opened. The business has been selling jewelry online since January 2009. Client designs all of his products which include bracelets, earrings, necklaces, pendants, and rings. Client needs $5,000 for working capital. Client had invested $100,000 of his own funds into the business start up but in the end he has no money left.
He needed some working capital to keep the business going. Client was informed of the SBA’s Community Express program by the York SBDC business advisor Brian Yeung. They submitted the online application for the SBA pre-qualification loan with Superior Financial Group (SFG) and was approved for $5,000. After the client reviewed the loan documents, he signed them and returned them to the bank that is located in California. As required by the bank, client has to prepare a business plan. Since client was busy with the store, he had finally completed a business plan three weeks later. In June 2009, his loan was funded. Superior Financial Group had deposited $5,000 into the client’s business account.