Catchfire Funding is a Rollover for Business Startups (ROBS) service provider, helping aspiring business owners invest in a business or franchise through their 401k. We compiled available Catchfire Funding reviews from around the web to determine what their customers think about the company.
Catchfire Funding Customer Reviews
Summary of Catchfire Funding Reviews
Catchfire Funding doesn’t have many user reviews online but of the ones we found, it seems that they have generally mixed ratings. Here’s what we found:
What Catchfire Funding does well:
Users who liked Catchfire Funding found the personal assistance from a dedicated client manager helpful. The client manager provided step-by-step guidance throughout the entire process of rolling over funds.
What Catchfire Funding does not do well:
Users who left negative comments thought that Catchfire Funding should be more transparent with their rates. There is no information on their website as to how much their funding services could potentially cost a client.
Catchfire Funding Reviews From Around the Web
There aren’t a lot of available reviews online for Catchfire Funding. It is rated 4.1 out of 5 stars on Featured Customers, but visitors are only able to view the first two ratings as membership is required to see the rest. It is also rated 3.6 out of 5 stars on its official Facebook page, but none of the ratings contain a written review. Its BBB Rating is A+ but there are also no reviews nor complaints listed on the website.
One staff review from Business Planning Services mentioned that they tried to speak with a sales representative of Catchfire Funding regarding their rates and services for the article, but the company did not oblige.
How It Works
What Catchfire Funding helps business owners “rollover” or move the funds from their 401k to invest into a business without incurring early withdrawal penalties or taxes. Taking money out of retirement funds for use in business would normally cost up to 50% in taxes and penalties. Catchfire Funding’s program makes sure aspiring business owners won’t lose any of their savings in the process.
Business owners will have full control by reinvesting their money into a business and retirement plan at their own terms. The service helps to prevent business owners from incurring debt from bank loans, even as they use their retirement funds for their business. This includes marketing expenses, working capital, and employee salary (including their own).
Funding normally takes 2-3 weeks upon application, and clients will be guided through the process by a dedicated client manager. The client manager will help business owners complete the necessary steps to complete the rollover.
To learn more about how a Rollover for Business Startup works, read our ultimate guide to Rollover for Business Startups.