Money, money, money. It is a huge concern for everyone these days, and small and micro businesses are no different. I recently posted a video saying you don’t need a lot of money to start a business, and I firmly believe that. But you may be at a point where a micro loan will allow you to take your business to the next level.
I recently wrote about micro loans that are backed by the SBA (read about it here). This is a great option, but it is not the only alternative. Richard Branson has established Virgin Money to handle your personal loans.
If you have a friend, family member or even an acquaintance that is interested in investing in your startup, you don’t have to do it with just a handshake and a do-it-yourself contract. To keep these money situations from getting kind of sticky, you can contact Virgin Money and have them manage your loan agreement.
Virgin Money is a pioneer in the emerging social finance sector. They've helped thousands of people manage over $370 million in loans with relatives and friends. You and your private lender determine the terms of the loan and Virgin Money will take care of the loan documents, electronic fund transfer, emailed statements, and year-end reporting. Read more here Virgin Money.
Handling your business loan this way will show that you are serious about repayment, and it will help protect the personal relationship. Cruise around the site and check out their loan options for school and mortgages. This is such a cool idea. Let me know if you decide to take advantage of their services.