My business partner and I (recent graduates) want to open a pharmacy. The projected startup cost is around $200,000. Since we are both recent graduates with a short credit history and no past businesses, we want to try to avoid using a bank for a business loan. Although we have many other friends/family who are willing to invest in our business.Where can I find a good generic business loan agreement that is meant for loans of $10,000 or less?
Have you looked at sites like loanback.com or propser.com. I believe they both offer some sort of help with friends and family loans. Virgin Money use to but shut down their US operations. You might even look to discount sites like legalzoom.
Or, you can simply draft your own document - put in there what you think is important and how the loan or investment will work then get signatures. Search the web for a generic document and modify it as needed.
Also, remember that loans or investments are more than just documents - they also have to be serviced which is ongoing while the loan or investment is outstanding.
Why not have an attorney create one for you? You will need the assistance of an attorney anyway to create a partnership agreement and assist in filing your entity registration forms with your state or county, so why not let him/her create a generic contract that is legal in your state.
Why not have an attorney create one for you? You will need the assistance of an attorney anyway to create a partnership agreement and assist in filing your entity registration forms with your state or county, so why not let him/her create a generic contract that is legal in your state.
phanio | Contributor | 9/21/2011 - 2:45 pm
BizResearcher | Window Shopper | 9/13/2011 - 1:21 pm
BizResearcher | Window Shopper | 9/13/2011 - 1:21 pm
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