You can use your 401k or IRA to start or buy a business in three main ways: cash out the funds, borrow against them, or use a rollover for business startups (ROBS). The only 401k business funding option that doesn’t result in penalties, taxes, or interest charges is a ROBS, making it an excellent way…
About the Author
Jeff White
Jeff White is a staff writer at Fit Small Business, specializing in Small Business Finance. As a JD/MBA, he has spent the majority of his career either operating small businesses (in the retail and management consulting spaces) or helping them through M&A transactions. When he is not helping small businesses, he spends his time teaching his five kids how to become entrepreneurs. Jeff lives in Seattle, Washington.
How to Refinance Your Business Loans in 3 Steps
Refinancing debt in your small business can lower your APR, reduce the frequency of payments, and even unlock additional working capital. The most common loans used for business refinancing are SBA loans and small business term loans. In this article, we’ll show you how to refinance business loans in three easy steps. When refinancing your…
Small Business Debt Consolidation Calculator
Small businesses struggling with short term debt and high interest rates can significantly reduce their monthly payments by consolidating. Our small business debt consolidation calculator helps businesses estimate how much they could potentially save with a consolidation loan. The calculator will show your potential savings through our recommended consolidation option, a 10 year SBA loan.…
Small Business Debt Consolidation Loan: When to Consolidate Business Debt
A small business debt consolidation loan can lower your interest rates and reduce the size of your monthly payments. They may even enable you to borrow additional working capital. Knowing when it’s the right time to consolidate business debt depends on the terms of your existing debt, your business’s current finances, and your personal credit.…
What Is A UCC Filing & How A UCC Lien Works
A UCC lien, or UCC filing, is a notice that a lender has a security interest in one or more of your assets. The term comes from a collection of established rules that govern how commercial transactions work in the United States, called the Uniform Commercial Code (UCC). UCC liens can be filed against businesses…
How To Set Up A ROBS (Rollover For Business Startups)
A Rollover for Business Startups (ROBS) enables you to access the funds in your tax deferred retirement account, like a 401k or traditional IRA, for the purpose of starting or buying a business. However, you must set up a ROBS correctly in order to avoid taxes and early withdrawal penalties. Setting up a ROBS correctly…
Seller Financing: How It Works When Buying or Selling a Business
Seller financing, aka seller carryback, is a loan the seller of a business gives to the new buyer to cover all, or a portion, of the total purchase price. Seller financing for business carries strong benefits for both buyers and sellers. It can give buyers access to more capital to buy the business, and opens…
Freight Factoring – What It Is, How It Works, & How Much It Costs
Freight factoring is a form of accounts receivable financing (aka invoice factoring) that allows trucking companies, including owner-operators, to turn unpaid invoices into immediate cash. It’s common for a trucking company to use freight factoring to cover cash flow gaps while they wait to be paid by shippers or freight brokers. In this article, we’re…
How to Get a Loan to Buy a Business
Buying a business is a big undertaking. Getting a loan to buy a business can seem just as tough. Banks set high standards that both you, and the business you’re buying, have to meet before being approved. We’ll show you how to get a loan to buy a business and where to find business acquisition…
Startup Business Loans 2017: The 11 Best Ways to Fund Your Startup
Funding a startup can require thinking outside the box. Often you’ll need to utilize more than one source of financing to get your new business off the ground. Should you take out startup business loans? Raise money? Use your savings? We’ll discuss everything from SBA loans to angel investors to Rollovers for Business Startups (ROBS).…
Best SBA Lender for Small Businesses 2017
Choosing the best SBA lender can save you time and can increase your funding chances, but there are over 3,000 banks and credit unions nationwide who offer SBA loans. In this article we review three of the best SBA lenders today, all of which are part of the SBA Preferred Lenders Program: Wells Fargo, JPMorgan…
SBA Form 159 – What It Is & How to Fill It Out
You’re required to submit SBA Form 159 if you or your lender hires a loan packager, referral agent, broker, accountant, attorney, or consultant to help prepare or secure your SBA loan. SBA Form 159 is less common than other SBA forms, only being filled out by less than half of all SBA loan applications every…
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