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Harbor Street Bakery LLC — Financial Summary for Loan Application
Prepared with figures through June 30, 2024 | Requested: $185,000 SBA 7(a) or bank term loan (owner's stated preference)
1. Executive Snapshot
- Founded in 2017. About 7 years in operation as of June 2024.
- 2023 revenue was $918,700 and net income was $109,800 (tax return).
- Revenue rose 13.1% from 2022 to 2023. January to June 2024 revenue was $497,300 (internal books).
- The request is $185,000 over a 10-year term. The largest use is a new deck oven and mixer (about $95,000, or 51.4% of the request).
- Existing debt balances total $49,900. There is also a van lease at $640 per month through December 2025. Existing annual debt service is $23,040.
- Balance sheet as of June 30, 2024: total assets $257,500, total liabilities $89,200, and calculated owner's equity $168,300.
2. Business Overview
Harbor Street Bakery LLC is a wholesale and retail bakery in Portland, Maine, founded in 2017. It is a single-member LLC taxed as an S-corporation and is fully owned by Dana Whitfield. The bakery has 14 employees, 9 of them full-time. The owner notes a new wholesale contract starting in September 2024 and a need to replace an aging oven (see Section 8).
| Item | Detail |
|---|---|
| Legal name | Harbor Street Bakery LLC |
| Structure | Single-member LLC taxed as S-corp |
| Location | Portland, Maine |
| Year founded | 2017 |
| Employees | 14 (9 full-time, 5 part-time or other, calculated) |
| Ownership | Dana Whitfield, 100% |
3. Loan Request & Use of Funds
| Use | Amount | % of request |
|---|---|---|
| New deck oven and mixer (approximate, per owner) | $95,000 | 51.4% |
| Delivery van | $48,000 | 25.9% |
| Working capital | $35,000 | 18.9% |
| Unallocated (request minus listed uses) | $7,000 | 3.8% |
| Total | $185,000 | 100.0% |
- Requested amount: $185,000
- Loan type: SBA 7(a) or bank term loan (owner's stated preference)
- Desired term: 10 years
- Collateral offered (per owner): "equipment." The specific items were not listed.
4. Income Summary
| Line item | 2022 (Tax return) | 2023 (Tax return) | Jan–Jun 2024 YTD (Internal books) |
|---|---|---|---|
| Revenue | $812,400 | $918,700 | $497,300 |
| Cost of goods sold | $301,600 | $338,900 | $181,200 |
| Gross profit (calculated) | $510,800 | $579,800 | $316,100 |
| Payroll | $268,000 | $296,500 | Not provided |
| Rent | $54,000 | $55,600 | Not provided |
| Utilities | $22,300 | $24,900 | Not provided |
| Other operating expenses | $61,200 | $66,800 | Not provided |
| Total operating expenses (calculated) | $405,500 | $443,800 | Not provided |
| Operating income before interest and depreciation (calculated) | $105,300 | $136,000 | Not provided |
| Interest | $6,100 | $5,200 | Not provided |
| Depreciation/amortization | $18,400 | $21,000 | Not provided |
| Net income (as stated by owner) | $80,800 | $109,800 | $61,400 |
| Owner draws | $62,000 | $70,000 | Not provided |
| Taxes | Not provided | Not provided | Not provided |
Derived figures
| Measure | 2022 | 2023 | Jan–Jun 2024 YTD |
|---|---|---|---|
| Gross margin % | 62.9% | 63.1% | 63.6% |
| Net margin % | 9.9% | 12.0% | 12.3% |
| Year-over-year revenue change % | Not computable (no 2021 figure) | 13.1% | Not computable (no Jan–Jun 2023 figure) |
| EBITDA (calculated from supplied figures; taxes not provided) | $105,300 | $136,000 | Not computable |
Net income check: Operating income minus interest and depreciation equals the stated net income in both years:
- 2022: $105,300 − $6,100 − $18,400 = $80,800
- 2023: $136,000 − $5,200 − $21,000 = $109,800
Simple annualized (YTD ÷ months × 12), illustration only:
- Revenue: $497,300 ÷ 6 × 12 = $994,600
- Net income: $61,400 ÷ 6 × 12 = $122,800
This illustration does not account for seasonality. Per the owner, summer is the slowest season. It also does not include the new wholesale contract.
5. Balance Sheet Snapshot
As of June 30, 2024 (source not stated; assumed internal books).
Current assets
| Item | Amount |
|---|---|
| Cash | $64,200 |
| Receivables | $38,500 |
| Inventory | $12,800 |
| Total current assets | $115,500 |
Fixed/long-term assets
| Item | Amount |
|---|---|
| Equipment (net) | $142,000 |
| Total fixed assets | $142,000 |
| Total assets (calculated) | $257,500 |
Current liabilities
| Item | Amount |
|---|---|
| Accounts payable | $27,400 |
| Accrued payroll | $11,900 |
| Amex business card | $8,600 |
| Total current liabilities | $47,900 |
Long-term liabilities
| Item | Amount |
|---|---|
| Bangor Savings equipment loan (full balance; current portion not provided) | $41,300 |
| Total long-term liabilities | $41,300 |
| Total liabilities (calculated) | $89,200 |
Owner's equity
| Item | Amount |
|---|---|
| Owner's equity (calculated: total assets minus total liabilities) | $168,300 |
The van lease is not included as a liability because no lease balance was provided.
6. Existing Debt Schedule
| Creditor | Type | Balance | Monthly payment | Rate | Maturity |
|---|---|---|---|---|---|
| Bangor Savings | Equipment loan | $41,300 | $1,280 | 6.75% | 2027 (month not provided) |
| Amex | Business credit card | $8,600 | Paid in full monthly (amount varies; not provided) | Not provided | Not applicable (revolving) |
| Van lease (lessor not provided) | Vehicle lease | Not provided | $640 | Not provided | December 2025 |
| Total | $49,900 | $1,920 | |||
| Annual debt service ($1,920 × 12) | $23,040 |
Notes:
- The monthly total includes only fixed payments: the Bangor Savings loan ($15,360 per year) and the van lease ($7,680 per year).
- Remaining van lease payments come to about $11,520 (18 payments × $640, July 2024 through December 2025)