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If you decide to use a relative’s or friend’s money, treat the loan as an “arm’s-length transaction,” the same as you would if it were from a bank. Give them your business plan. Decide the amount of interest and the payback schedule. Make sure the arrangement is in writing. Then stick to the terms as though your future family relations depended on it.

Sometimes a family member who cannot give you cash will be willing to cosign a commercial loan. Again, be sure you don’t stick them with your bad management. A cosigner is equally responsible for the loan repayment. If you can’t repay your debt, they must.

Apply for a Loan

One of the best ways to boost your chances for getting a bank loan is to do some groundwork before you apply. Learn about banking procedures, policies, and constraints. Put together a business plan that anticipates what the loan officer will need from you. Banks typically have an application form they want you to fill out. But applying for a loan involves more than just filling in all the blanks. Put some time and effort into your business plan. Doing so will help you stand out from other loan applicants.