A rollover for business startups (ROBS) enables you to access your retirement funds to start or buy a business. Setting up a ROBS involves rolling your existing 401(k) into a new C corporation’s retirement plan. The new business then purchases shares in the new company with those funds and gives you access to them. However,…
About the Author
Dennis Shirshikov
Dennis Shirshikov is a Small Business Finance Writer at Fit Small Business. Dennis earned an MS with an emphasis in Financial Risk Modeling and spend most of his career working with startups. When not helping small businesses and teaching Economics, Dennis loves spending time with his family, reading, and exploring New York City.
6 Best Working Capital Loans 2019
A working capital loan is short-term business funding used to finance a company’s day-to-day operations, like buying inventory or covering payroll. Common small business working capital loans are lines of credit, term loans, invoice financing, and merchant cash advances. We reviewed working capital loan providers on costs, terms, and qualifications to identify the six best….
How to Apply for an SBA Loan in 4 Easy Steps
Applying for an SBA loan requires four steps, including determining your eligibility, finding the right SBA loan provider, assembling your paperwork, and completing the SBA application and forms. Getting an SBA loan can take about two to three months with a traditional SBA lender, or as few as 30 days with an SBA loan broker….
How to Get Unsecured Business Loans in 5 Steps
Traditional lenders like banks rarely offer unsecured business loans. However, online lenders can fund loans with no collateral requirements in as little as 24 hours. To make the best decision when applying for an unsecured business loan you should consider why you need the funds, overall costs, minimum qualifications, documentation requirements, and the application process….
SBA Loans: Find Your Best Financing Option
The six most common loans offered by the Small Business Administration are 7(a) loans, 504 loans, CAPLines, export loans, microloans, and disaster loans. You can learn more about SBA loan requirements, costs, terms, and how to apply in the brief overview below, or find the best loan for your business by completing our quiz. What…
Rollover for Business Startups (ROBS): The Ultimate Guide
A rollover for business startups (ROBS) allows you to invest retirement funds from a 401(k) or individual retirement account (IRA) into your business without paying early withdrawal penalties or taxes. A ROBS isn’t a business loan or a 401(k) loan, so there’s no debt to repay or interest payments to make. Studies have shown that…
6 Best Payroll Loans for Small Businesses 2019
Payroll loans are short-term loans that small businesses can use for quick payroll funding. Below we evaluate the top payroll loan options and provide our recommendations. We also give you the information you need to determine if a term loan, a line of credit, or invoice factoring is right for you. Top 6 Payroll Loans…
6 Best Easy Small Business Loans 2019
With many online lenders these days, applying for a small business loan has become much easier. Easy business loans are characterized by short applications, simple repayment procedures, easy-to-manage accounts, and fast application processes. Easy business loans help business owners save time so that they can focus on their business. Top 6 Easy Small Business Loans…
How to Use an IRA/401(k) to Start or Buy a Business
There are three ways you can use 401(k) business financing to start or buy a business. You can cash out funds, borrow against them, or use a rollover for business startups (ROBS). The only option that does not result in penalties, taxes, or interest charges is a ROBS, making it ideal for most situations. A…
6 Best Business Loans for Bad Credit 2019
We evaluated ten lenders and selected the six best business loans for bad credit (personal credit score of owners under 600) borrowers. The lenders we selected are ranked by their credit score requirements, total costs, borrowing limits, and qualification requirements. These bad credit business loans can all get you funded in one to three days….
Kabbage vs OnDeck Capital: Who Offers the Best Business Loans?
Getting a business loan from a bank can be a nightmare even if you’re well-qualified because they’re slow and require tons of paperwork. Short-term online lenders can make getting a small business loan easier. In this article, we review the rates, terms, and qualifications of the two best working capital loans: Kabbage vs OnDeck Capital….
6 Best Short-term Small Business Loans 2019
Short-term business loans are typically lines of credit repaid over one year or less or term loans repaid in up to three years and used to cover gaps in cash flows for your business. The best short-term business loans offer low costs, flexible terms, and have minimum qualifications that are easy to meet. Top 6…
