Equity and Finance Discussion With My Co-Founder

Hey Guys and Gals, I am looking for a little advice on an equity issue that has presented itself to me.

I have begun a business venture with a partner on terms of a 70-30 equity split. The other founder is in a position where he has been able to provide 30k through a second business. As we continue to develop our MVP of sorts we are able to project that it is going to take all of 60K (total) before we launch.

My equity which is 30% to this point has been earned through "Sweat Equity". Truly I have done countless hours of research, planning, and really have been the reason we have been able to move forward. His role to this point has really only been to play banker, providing insight, ideas, and guidance along the way.

He has informed me this week that he does not feel comfortable with the financial commitment past about 50k and need to protect himself somehow against that risk. He wants to talk about either me giving up equity at some ratio of money spent past agreed on cap = % of my equity.

I understand the financial aspect and risk that he has taken and am thankful that he is my partner for many reasons. When we started a few months ago he knew I was in no position to contribute financially and that is the reason we used the split we did.

Can you all suggest any creative solutions to this issue, Notes/SAFE/etc?

Thanks!

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