Need to draft a Loan agreement for a Startup Biote...
Need to draft a Loan agreement for a Startup Biotech Company
Posted by - Shakeel Ahmed at Feb 23, 2021 Bihar, India
Feb 23, 2022
Need help with a loan agreement from a private party.
We are a small biotech startup seeking seed funding to start business.
We have secured a loan offering from a family member - but need to have a contract in place.
The terms are: loan amount - 150,000 5% interest per year for 5 years - interest to be paid at year 3 and 5 2% of the profit per year (accrued and payed at year 5) 5% equity ONLY IF the loan cannot be repayed in full in 5 years a clause that guarantees the loan will be paid first if the company is sold