I’m looking to loan a good friend’s small business ~20k at low interest to print his art book. I’m well aware of the risk that I lose the whole amount, the book doesn’t sell, etc. Any tips on contract templates for setting up a loan like this? I’m in California, he is in Michigan. I don’t want it to be a personal loan, it should be to his company. I have an estate lawyer but not a contract lawyer, and am guessing for this amount it isn’t worth paying a lawyer to write a customized contract.

  • Broad_Firefighter552@alien.topBEnglish
    1·
    10 months ago

    https://www.gonitro.com/pdf-templates/loan-agreement-template

    That is a free link to a template I found.

    I’m not a lawyer, but here are some suggestions for your contract:

    Before you enter the contract, have him put his specific marketing plan in writing.

    Make sure the plan provides a step by step process for marketing the book, including asking people to read it free and create reviews prior to release, book signings, sending free copies to art/book reviewers, distributing to art colleges and entering various competitions.

    BookBub Partners Blog https://insights.bookbub.com › boo… 140 Book Marketing Ideas to Help Authors Increase Sales

    Is good place to start.

    I would consider a split between you and the author, where you get 60% of the proceeds until paid off, or whatever split makes it comfortable for you.

    Consider a graduated payment program.

    Just my thoughts. Bully for you supporting your people like that! Would love to review it!