borrowing money

Borrowing money from family and friends

Sema Fongod, of, reveals a step-by-step guide to borrowing from loved ones without having to jeopardise any personal relationships. A major impediment often faced by small business owners is a lack of capital, and overcoming this obstacle can prove to be difficult. Standard criteria for bank lending are getting more and more stringent and start-ups hardly have the security independent lenders seek when they’re dispensing loans. Though widely considered as a last resort when seeking funding, borrowing money from family and friends still remains a suitable funding option for SMEs, given the limited capital and credit available. It’s commendable to approach friends and family in the same way you would approach a formal lender. This is a common mistake made by busines... »