A couple of days ago I post about the Virgin Money Show us Your Ask… The deadline has been extended to Nov 15.
Here is an example of showing the ask…
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Virgin Money Show us Your Ask
October 30th, 2008 — Virgin Money
Virgin Money Urges Small Business Owners to Show Off Their “Ask”.
October 27th, 2008 — In the News, Virgin Money
Beginning on October 15, Virgin Money is inviting small business owners to show Virgin Money how they have asked for money from friends or family in “Show us your Ask!”. This fun and rather quirky content involves submitting a video that shows the most creative possible ways to ask for money.
How did you ask for money when you needed a loan from a friend or a relative?
Virgin Money agrees that asking for money from someone that you know takes guts. However, when it comes to growing a current business or launching a brand new one, the best entrepreneurs are willing to do whatever it takes to go out there and get a “Yes” response when asking for a loan. This is what has inspired Virgin Money’s “Show Us Your Ask” contest.
For the sake of the contest, Richard Branson will be in charge of choosing the most creative from all of the videos that are submitted. The winner who is chosen for having the best video is going to win $1,000 cash, which is a lot of money for a start up company or a small business looking to grow. In addition to this great grand prize, anyone who enters the contest by submitting their video is going to qualify for a $50 discount off of the Business Builder product offered by Virgin Money.
Virgin Money wants to see how you have had to ask for money in the past from either your friends or your family members. All you have to do to provide proof is to create a video of your “Ask”; either a real video of the event or a reenactment of the event, uploading it to your own personal YouTube page for public viewing. If you have not already creatively asked anyone for a loan up until this point and your business is hurting for some extra funding (What business isn’t?), then now is an excellent time to break out the video camera and come up with a creative pitch to garner some necessary lending from your friends and family members. What do you have to lose?
You can submit your video at http://www.showusyourask.com by placing a link to your video YouTube page in the form. More information about the Virgin Money “Show Us Your Ask” contest will also be made available on this page. Just like that, it will be entered into the contest where it will be judged to see if it is the most creative of all those entered. The most creative video will win the asker a cool $1,000.
Every single submission is going to earn its asker a FREE copy of the newest book from Richard Branson, “Business Stripped Bare” as well as a $50 discount on Virgin Money’s Business Builder utility which is absolutely essential both for start up small businesses and growing small companies as well.
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August 11th, 2008 — P2P Lending, Site Review, Virgin Money
Virgin Money is another the brainchild of Richard Branson, the well known entrepreneur that is behind a multitude of businesses, record labels and projects throughout the world. His belief is that everyone should have access to the money they need when they are trying to get money for a business or even for personal reasons. This is one of the latest entries into the p2p lending sphere and we were interested to see what they had to offer.
Unlike many of the current p2p lending sites, this one does not just focus on personal loans. Real estate professionals, small business owners and regular people can all use the site to get the money that they need. They are also developing a section for students looking to fund their education and these loans will soon be made available as well.
The interesting concept behind this site is that it isn’t strictly a lending community. Rather, it is a resource for p2p lenders and borrowers to take care of formalities and hash out loan paperwork. For instance, let’s say that your Aunt Sally wants to lend you money for a new car. Typically, there may be a little confusion over what kind of interest you would pay, when payments were due, etc… Virgin Money was made to make it easier for Aunt Sally to manage the loan and for you to pay it back.
So, in essence, borrowers will need to do all the legwork to find someone willing to lend them money, and then send them to Virgin Money to complete the deal. This is an interesting concept, and while it may not be as popular as the sites that connect lenders and borrowers, there is still definitely a need for a service like this.
Virgin Money acts as a manager for the loans, to make sure that both parties adhere to loan agreements. This makes it easier for lenders to get payments on time and helps borrowers keep track of everything to do with the loan. Since loans between family and friends do have a tendency to get a little messy, this site should make a big difference.
Quite honestly, we see Virgin Money as being more suited to lenders than borrowers. There is a lot more protection for a friendly family loan when you’re doing it through Virgin Money and they can assist borrowers in learning the ropes. While there are some services for borrowers, the main intent does appear to be to assist lenders in managing a loan.
We did like the fact that they provide legal agreements and help everyone set terms for a loan that are acceptable. One thing that we did not see was information on collections, so this is not clear as to whether lenders are on their own, or if they will have some assistance from Virgin Money.
Bottom line, before you think about lending money out to family members or a friend, it’s probably a good idea to use a service like this to make sure that you are protected.
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