Do banks give loans to writers to publish their work once the manuscript is ready?
Red C asked:
I want to get my book published but need finance. Does anybody know of any banks or financial institution who give loans to writers of minority group?
Thanks
I want to get my book published but need finance. Does anybody know of any banks or financial institution who give loans to writers of minority group?
Thanks
December 23rd, 2009 at 9:38 am
nope. I’ve never heard of this. Maybe try writing grants?
If your ms. is picked up by a publisher, you’ll get an advance.
December 23rd, 2009 at 12:16 pm
Nope. Writers get financed by publishing companies once they have read and liked a partial manuscript. (I forget what the actual term is)
December 25th, 2009 at 6:27 pm
No, Red. The earn-out for pay-to-publish books is almost never reached, so the loan would be a very poor risk for the bank.
Regardless of the book’s quality and your efforts to market it, you’re likely to sell between 40 and 60 copies, maybe as high as 100, of a self-published work of fiction. That won’t bring you enough to repay your loan.
In a way, a normal publisher (the kind that pays you) is taking the risk that the bank won’t, gambling that between your writing and their printing, distribution, and marketing, they’ll make money. That’s why they’re so choosy about what books they’ll buy.
December 26th, 2009 at 4:03 pm
Actually, a bank will lend you money for almost any legal purpose. Only thing is, you must have collateral, and a wanna-be book ain’t it.
Besides which, if you need money to publish you aren’t dealing with a legitimate publisher.
Dai Alanye