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Article: Just between friends, company acts as loan arranger.(Business)
- Article from:
- The Boston Herald
- Article date:
- July 13, 2007
- Author:
CopyrightCOPYRIGHT 2007 Boston Herald. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JENNIFER HELDT POWELL
It started with a lost iPod, which led to an idea for an innovative small business, which led to the need for a loan, which was a problem.
Alain Ferry had student loans from law school and other debts that would make it difficult to get a bank loan. He did what many entrepreneurs are forced to do - turn to a friend with money.
First, he had to convince his friend that an online lost-and-found service would fly. It wasn't a hard sell. Ferry's friend loved the concept.
Next, they had to set up the loan. His friend probably would have just handed over a check, but Ferry wanted to make it more formal. They ...