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…
Click To Tweet
Fit Small Business “Business Plan Scholarship” [http://fitsmallbusiness.com/learn-how-to-write-a-business-plan/] to college students from the very beginning of our company’s history. Our fall semester scholarship will accept submissions from August 1st – November 1st, with the winner being announced on November 15th.
Website URL: http://fitsmallbusiness.com/
Small Business Finance Forum
Twitter Handle: @FitSmallBiz
Facebook Page: https://www.facebook.com/FitSmallBusiness/
The post How To Finance Your Startup appeared first on Princess Power.
