Apart from banks, there are other places where you can get financial support for your company. It might be a person or another company. When they do decide to lend you a certain amount of money they will usually provide you with a simple promissory note that which contains details related to the amount to be paid as well as other terms and conditions.
7 Steps to Create a Small Business Promissory Note in Google Docs
Step 1: Fill in the Basic Details
Create a new blank document in Google Docs and give the title ‘Promissory Note’. To the right insert your company logo. Put a horizontal line. In the next line, write down the basic details related to this document like the loan ID, the borrower address, etc. If you would like to put a document ID as well do that too.
Step 2: Write Down the Reason for Payment
Clearly acknowledge the amount that has been paid. Write that the person signing is promising to pay back the amount at a certain time with a certain rate of interest. Mention the amount as well as the rate of interest both in number and in words. The reason is to eliminate any chance of error while creating the document.
Step 3: Accepting Conditions of Payment
Write more details related to how the person is supposed to be paying, like the number of months that he needs to be paying installments for, the rate of interest, the final date of payment, etc. The first payments need to be the main amount. The last payment should be the total amount of incurred charges and other such fees.
Step 4: Interest and Late Charge
In the next section needs to mention the interest rate and calculate the final amount that it is coming to at that rate. Clearly mention how the calculation is being done. Next mention what happens if the person fails to pay the full amount for a certain month. Mention the date after which a late fee will start getting calculated.
Step 5: Method of Payment
In the next step how you wish to get paid. If you want the person to follow a certain method of payment, include that here. In case the person fails to make the payment following the given method, he needs to be made aware of the consequences. Mention all those details here. Tell what he needs to do if the person feels he can pay the full amount earlier than the time allotted.
Step 6: Clauses and Conditions
If there are other clauses and conditions that are specific to your business that you would like the person to be aware of, list them here. Think about all the possible problems or complications that may arise. Then write down your solution for each of those situations. The person signing the document has to abide by these terms.
Step 7: Place for Signature
The last section needs to contain the signature. Revise what you have written so far. Check if you have mentioned all the possible clauses and situations. Once you are satisfied with what you have written so far write in bold that the person needs to have read the entire document before signing. Then, below it, put spaces for the date of issuing, the name of the company issuing this followed by a place for the borrower’s signature.
8+ Small Business Promissory Note Templates
1. Small Business Promissory Note Template
If you are lending out money to a company that you feel has potential then you need to create a business promissory note for the borrower. If you are unaware of how to create one, you need to look no further than our site. Check out this small business promissory notes template.
2. Small Business Promissory Note Sample
If you are looking for instructions on how to create a business promissory note you would definitely benefit from this step by step guide. Created by a professional you can rely on this to create your own business promissory note that is foolproof. Download the note template in PDF now to get started.
3. Sample Small Business Promissory Note
Want to know what a detailed general promissory note looks like? Take a look at this sample. It will give you a fair idea as to how to create one yourself. We have more such promissory note templates available on our site. So we are sure that you will find something that you need for your business.
4. Small Business Effective Promissory Note
If you want step-by-step instructions on how to create a secured promissory note this is the thing you are looking for. This highly effective promissory note sample will get you started with creating one for your own business in no time. This specially caters towards the needs of small businesses. So if you have one, definitely check this one out.
5. Small Business Promissory Note Example
If you have never dealt with promissory notes before and now your business requires you to create an international promissory note you can trust us to successfully solve this issue for you. Download this promissory note example. This will give you a fair idea of how to create a proper promissory note.
6. Small Business Promissory Note Format
This sample promissory note template is the perfect solution for your business needs. It has all the basic terms and clauses pre-inserted. So all you have to do is download this and use your favorite PDF editor to insert your preferred interest rate amount and other such details. It is too simple. So give this one a try.
7. Small Business Standard Promissory Note
Our primary aim is to make running small businesses like yours simpler and easier. That is why we create templates for all types of official documents that you just download and start using. All of our templates are created by professionals so there is no need to worry about authenticity. Check out this standard promissory note template in PDF.
8. Simple Small Business Promissory Note
Creating a promissory note is not difficult. Creating a foolproof professional promissory note all by yourself is difficult. But you are not alone. Our sole aim is to help businesses like you grow and prosper in the shortest amount of time possible that is why we create samples like this mortgage promissory note that you can just download and start using.
9. Tailoring Business Promissory Note
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