Question
I’m considering getting a loan from a bank for my startup because of the following facts:
- I have no time to go chasing investors.
- I have no traction.
- I’m in the product development phase and I only have time to develop/code. I need 1 more month to finish.
- I’m quitting my job and I only have saved money to survive for 4 months.
- I would like to concentrate myself in this venture 100% If I decide to do freelance jobs part-time in order to have money to live, I will lose focus.
Because I invested $6,000 from my money into the startup (I have only burned through half) and I have a good credit score, a friend of mine told me I can get loan very fast.
What should I do? What are the disadvantages of getting a bank loan? Would you recommend it?
Answer
As founder you have to learn to balance growth and fundraising. Get a friends and family round together to launch your MVP.
