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Unpaid debt

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What is the name of your state? Minnesota

All right here is the deal.

Around a year ago I borrowed a friend/coworker $3000. Shortly thereafter, I also cosigned for a $12,000 unsecured loan. When the loan was arranged, there was a verbal understanding that both debts would be paid off by the end of this summer. There was no exact date set at the time because I considered this person a friend. At the time of the loan, this person was working a second job and making all of the efforts to pay the debt back by summer. Now to the problem. It is nearing the end of summer, and there is still roughly $9000 left on the loan and still $3000 in cash owed to me. I am in the early stages of purchasing a franchise and all of the capital I can get my hands on. I am also concerned that even though I am only the co-signer for the loan, that the outstanding balance will be held against me if I attempt to get a business loan. What would be my course of action in getting my $3000 cash paid to me? I am not concerned that this person owes the bank money, but I don't want my name on the loan any further. Am I entitled to this because there was an agreement that the loan would by paid by summer?

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