I want to ask my friends and family to help me financially with my travel business for six months. How do I prepare a formal request?
I need cash to keep my business afloat. This is just for a six-month period.
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You want to be very clear about the amount you're requesting, when you intend to start paying the loan back and the interest rate you'll pay. You also need to be very clear about what happens if you default on the loan.
Speak to an attorney to make sure you have the right legal language in the document. It's not just the money that's at stake--it's your personal relationship, too.