It sounds like he needs a part-time job while he completes the work on his project. This certainly may slow the progress down a bit, but the chances of obtaining a bank loan for an unproven concept is minimal at best. Also, how would he pay the loan back during the development period? Any delays in bringing the product to market, or somehow profiting from the product, would cause a need for additional debt- and by that time it may be impossible to find a willing lender (unless the gov is just printing money by that time, entirely possible). He could seek investment funds, but I imagine he is not seeking to have the input or direction of not-so-silent partners. In my opinion his best bet would be to find a way to make a meager living while he develops the new product. He should also consider developing a plan for the product once the concept is proven. Will he sell directly to consumers, license the technology, sell the idea, team with an existing manufacturer? I would highly recommend meeting with a local SBDC, SCORE, or university assistance group. Good Luck- I'd love to pay less for heating and cooling.

There are a lot of options if you know where to look. There are unsecured lenders (non-bank lenders) that provide both personal and business loans. There are also micro-lenders and peer-to-peer social lending groups that can provide up to $25K. Then, there is the old standard - bootstrapping. This usually requires getting loans from friends and family or using personal credit cards to fund both living expenses and business operations.

It sounds like he needs a part-time job while he completes the work on his project. This certainly may slow the progress down a bit, but the chances of obtaining a bank loan for an unproven concept is minimal at best. Also, how would he pay the loan back during the development period? Any delays in bringing the product to market, or somehow profiting from the product, would cause a need for additional debt- and by that time it may be impossible to find a willing lender (unless the gov is just printing money by that time, entirely possible). He could seek investment funds, but I imagine he is not seeking to have the input or direction of not-so-silent partners. In my opinion his best bet would be to find a way to make a meager living while he develops the new product. He should also consider developing a plan for the product once the concept is proven. Will he sell directly to consumers, license the technology, sell the idea, team with an existing manufacturer? I would highly recommend meeting with a local SBDC, SCORE, or university assistance group. Good Luck- I'd love to pay less for heating and cooling.

There are a lot of options if you know where to look. There are unsecured lenders (non-bank lenders) that provide both personal and business loans. There are also micro-lenders and peer-to-peer social lending groups that can provide up to $25K. Then, there is the old standard - bootstrapping. This usually requires getting loans from friends and family or using personal credit cards to fund both living expenses and business operations.