More Than Money
Cash-poor friends may still have a lot to contribute.
Support from people you know can come in many forms other than financing. Here are a variety of alternatives for cash-poor friends and relatives who want to help:
- Cosigning. Sometimes you have to rely on someone else's credit, net worth or disposable income to get a loan. In those cases, a willing friend or relative could cosign a bank loan, knowing if you default, he or she is responsible to make good. It's risky for the cosigner and for your friendship if the business fails, but it saves the friend from having to give you cash upfront.
- Office equipment and furniture. You can often set up a rather spiffy office with a variety of hand-me-downs supplied by people who'd like to help you out. An uncle who owns a printing store might spring for your letterhead and business cards. A computer programmer friend might be able to get your computer system at below cost.
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