Billionaire and GOP front-runner Donald Trump got his business start off the ground thanks to what he called a "small" loan from his father of $1 million. Turns out a fair number of millennials who are self-employed and launching start-ups are doing the same thing. Well, not the $1 million part.
While a financial gift from mom and dad is not a fresh trend, recent research finds millennials are leaning more on family for start-up activity than prior generations — suggesting the long tail of rising student debt among young entrepreneurs.
About 22 percent of self-employed millennials used a financial gift or loan from their family to fund their start-up, according to a TD Ameritrade report in December, led by researcher Head Solutions Group. Plus, more than one in 10 millennials say they're using a financial gift or loan from their family to run their business after the launch phase.