Ian Atkins
Ian Atkins is an analyst and staff writer for Fit Small Business. He covers small business finance with a focus on traditional and alternative small business lending. Ian has over 9 years working in personal and small business finance.
Some of what we talked about:
- Why start up loans are difficult to get from banks
- SBA loans are a great option and are guaranteed by the government
- Using some of your own funds
- There are ways to rollover your 401K to fund a startup (non-Roth) this is called ROBS
- Costs $5,000 to set up a ROBS account using a minimum of $50,000 of your retirement funds and requres a $100/month maintenance fee
- ROBS is more affordable than penalties and fees on an early withdrawl
- Funding with credit cards
- Interest rates can be up to 30% with alternative financing
- CDFI – small community lenders that receive funds from the government and lend in distressed areas (see his web site for a map)
- Small business owners that don’t need a lot of capital
- Personal loans through friends and family
- You must pay interest on family loans or you can get hit with a gift tax
- Crowdfunding – Kickstarter can be a great marketing tool but you must be ready to scale so that your idea is not stolen
- Equity crowd funding
- Ask people who they know
- 7A term loan
Learn how to finance your startup with Ian Atkins of @FitSmallBiz on The Princess Power Hour Podcast
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