Calling The Shots

Family Funds

Your best sources of financing could be right under your nose: friends and family. Even if they don't have extra money sitting around, there are still ways they can help you finance your invention.

For one, they can cosign a loan for you at their bank. Other tactics: Have the friend or relative borrow money from his or her life-insurance policy. And if a person owns stock, he or she may be able to borrow money using that stock as collateral.

You'll be responsible for the monthly loan payments, since the loan is in your name. But your relatives and friends are still on the hook, since they cosigned the loan. Nonetheless, such techniques allow them to help you even if they can't come up with ready cash.

Contact Source

Mike Mogadam, c/o Barmate Corp., (415) 543-7747,

« Previous 1 2 3 Page 4

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the April 1999 print edition of Entrepreneur with the headline: Calling The Shots.

Loading the player ...

Before You Quit Your Job, Do These 10 Things

Ads by Google

Share Your Thoughts

Most Shared Stories

15 Signs You're an Entrepreneur
Richard Branson: 'There's No Shortcut or Magic Recipe to Success'
The 7 Most Powerful Women to Watch in 2014
6 Ways to Improve Your Conversations
The Most Expensive Domain Names in Internet History