Hello! My Name is Christopher J Subbiondo and I am the owner of WSC Home Audio Video. Three years ago on July 26, 2011, Shaun Wuestewald and Me decided to start this business. We had very little to start with beyond a old beat up truck and a couple thousand dollars. fast forward three years and we have become a household name amongst the Hampton Roads community for doing TV Installations, DirecTV, and custom home theater design. Neither Shaun nor I were able to obtain funding from a traditional bank at the beginning of our business due to our credit histories not being well enough to support a business loan.
So we built the business, against all odds, on our own. Today we do close to a half million dollars a year in revenue, but have dug ourselves into a hole using less than conventional methods (Venture capital, Net 30 Vendor accounts) to obtain what little credit we have on a promise that when we are in business for three years, banks would look at our track record and growth as a business and not at our personal finances or history. This has turned out to be far from the truth. We dug a hole with some of our suppliers to the tune of $120,000 and we had to take a venture capital loan from companies such as Swift Capital and Rapid Capital to help overcome our short term cash flow problems. What we learned about these loans is that in the short they helped us by giving us a band-aid to put on a gushing wound.
Our suppliers have recently decided that enough is enough, and they would like us to start paying back our funds at a faster pace. This makes the Venture capital loan have a payback of $4023 per month for six months, and the supplier loan of $10,000 per month for the next year. Needless to say, this is going to put us out of business in short time if we don't get a business loan to consolidate the debt and give us time to pay it off over time. By My calculations if our bank was able to give us a loan to consolidate these dates at a modest 12% interest for five years, would net around $3300 a month in payments saving us thousands of dollars a month and giving us immense room to grow.
We have been able to make these payments, but we are bleeding badly making it happen. We need your help to secure as much as possible to give us a chance for a fresh start. We are the highest rated company with the most reviews on Home Advisor and we have been named best of Home Advisor two years in a row. Angie's List feels the same way with an A rating and 85 reviews. You cannot find a negative thing about our company anywhere online because we do our best to take care of our customers and the community.
67% of all business Bankruptcies are a result of a lack of cash to pay its current needs. Please help us to not become part of this statistic by helping us get through this difficult time by making a donation. I am sending this message out to the 1500 clients we have serviced in the last year. If everyone on the list donated $100, we would make our goal easily.
The donation can be made anonymously, but if you choose to let us know that you made the donation, I would be happy to put a credit on your account with us usable for future services. according to the schedule below. If the Donation is made by customers outside of our Service area(Hampton Roads), I would be happy to replace the amount paid with Electronic equipment of similar value.