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The Wefunder Promissory Note is good for debt fundraises that don't require much complexity. It can be powerful for crowdfunding when combined with the Investor Perk Agreement. It may also be paid back by the company at any time.
Important terms in this note include:
- Interest Rate. The interest rate per annum.
- Maturity Date. How many years until the loan is fully paid back?
- Quarterly or Annual Disbursement. Companies choose to make annual or quarterly payments.
- Grace Period. By default, these loans are deferred until 30 days after their crowdfunding deadline date. Some businesses may defer the start of their loan at a later date, such as when their business is scheduled to open.
- Defer Payments. By default, every company can miss one payment without being in default. This is meant to allow businesses time to recover if they have a bad year.
- Secured. Some loans may be secured with all property of the business.
- Personal Guarantee. Some loans may have an individual that personally guarantees payment.
- Subordination. Some loans are subordinate to a major bank lender.
To preview a sample, download the Wefunder Promissory Note.