By Ty Kiisel –
It should be no secret in the post-coronavirus world that we should expect to see credit criteria tighten up as many lenders rethink their criteria or even step away from small business lending altogether. That’s what happened in the last economic crisis. Fortunately, that’s not true of all lenders, and there are still options available for creditworthy borrowers as well as options for small business owners with a less-than-perfect credit history. Borrowing from friends and family is one of those options.
Although borrowing from friends and family isn’t the first choice for most small business owners, it is perennially one of the best sources of financing for small businesses, from the smallest sole proprietorship to larger, more established small businesses. Although these loans are sometimes referred to as 3-F loans, referring to the friends, families, and fools who offer loans to small businesses, there are a handful of things you can do to successfully pull it off and still get invited to Thanksgiving Dinner. Here are the 4 things you can do to be successful at borrowing money from friends and family. Click To Tweet (more…)