Almost every new business requires some sort of outside funding to get off the ground. If you’ve ever launched a business, then you know how difficult it can be to secure that funding. Young business owners in particular may struggle to get loans without a sufficient credit history. As a result, many entrepreneurs turn to their family and friends for help.
While borrowing from people you know allows you to launch faster with fewer hurdles, the process is not without significant riskss. By doing your research and taking positive steps to be ready to make a funding request, you can make an informed decision regarding both your business and your future relationships with loved ones.