Is this your first business? Generally I'm against using huge sums like $70K to start a first business. There's been a lot of failures when people have done this, but then again, there's also been a lot of success stories. I'll let you use your judgement.
So suppose you actually do get the $70K loan. Keep in mind, they're taking a risk too, not just you. No one wants to pay back $16800 with interest, believe that. But that also means if the company is successful, you will get a greater share of the profit. And with them being the techies who will make your product a reality, I think the fact that you have 52% of the shares is very generous. If you're not comfortable with this risk, which I would greatly understand, because it's not one I would personally take if it was my first business, I would seek an angel investor. Because with a loan, the only thing that's guaranteed is that fact that you must pay back the $70K with interest.
Now, this leaves me to the next part. I assume they have day jobs, and that's why they're working on this project part time. Are the salaries necessary for entrepreneurship? Unless they have families and would need to work a second job if they weren't working on this project, I don't think it's necessary. That money could be better put towards R&D. If they want to be temporarily employed by you so you can use their technological expertise, THEN they can be paid wages. But how do you take on a monetary investment, and then use part of that investment to pay yourself? It doesn't make much sense to me. They're selling their time for money, so it seems like they would make better employees.
So in conclusion: reconsider that loan, and consider hiring the others part time rather than making them shareholders. If they're going to take on this project, they better be fully committed, not doing it for some extra money for four hours a day.
Best of luck ,and may the odds be forever in your favour.
So suppose you actually do get the $70K loan. Keep in mind, they're taking a risk too, not just you. No one wants to pay back $16800 with interest, believe that. But that also means if the company is successful, you will get a greater share of the profit. And with them being the techies who will make your product a reality, I think the fact that you have 52% of the shares is very generous. If you're not comfortable with this risk, which I would greatly understand, because it's not one I would personally take if it was my first business, I would seek an angel investor. Because with a loan, the only thing that's guaranteed is that fact that you must pay back the $70K with interest.
Now, this leaves me to the next part. I assume they have day jobs, and that's why they're working on this project part time. Are the salaries necessary for entrepreneurship? Unless they have families and would need to work a second job if they weren't working on this project, I don't think it's necessary. That money could be better put towards R&D. If they want to be temporarily employed by you so you can use their technological expertise, THEN they can be paid wages. But how do you take on a monetary investment, and then use part of that investment to pay yourself? It doesn't make much sense to me. They're selling their time for money, so it seems like they would make better employees.
So in conclusion: reconsider that loan, and consider hiring the others part time rather than making them shareholders. If they're going to take on this project, they better be fully committed, not doing it for some extra money for four hours a day.
Best of luck ,and may the odds be forever in your favour.