What is a 401(k) Plan Restatement?
How does a 401(k) Plan Restatement Work? Safe Harbor 401(k) Plan Restatement What Happens if I Don’t Restate My 401(k) Plan? When Do I Need to Get My 401(k) Plan Restated? What Changes Are Part of the 2020-2022 Restatement Cycle? Every six years, the IRS…
How You Can Leverage a Business Line of Credit
Just like with personal credit, there is a right way and a wrong way to use a line of credit for your business. Done wrong, using that line can add incremental stress to your cash flow and operations until you run out of room and…
Best Small Business Funding for Baby Boomers: ROBS
Resources abound for individuals looking to start new businesses, from multiple loans options to crowdfunding. But the Rollovers as Business Startups (ROBS) strategy, also known as 401(k) business financing, stands out as a unique opportunity for older aspiring business owners. Rollovers as Business Startups (ROBS),…
Your Small Business Financing Timeline
They say timing is everything, and nowhere is that phrase truer than in the world of small business — especially when it comes to business financing. If you’re relying on some type of funding to get your business off the ground, your opening date is…
What’s in a Small Business Credit Score?
Written by Mike Rozman, Co-president and Chief Strategy Officer, BoeFly Similar to consumer credit scores, small businesses also have credit scores. In a like manner, a small business credit score furnishes lenders with fast, objective measurements of credit risks, and the Small Business Scoring Service (SBSS) has made significant…
Unsecured Loans: Obtaining Small Business Financing Without Collateral
When applying for small business financing, personal collateral usually comes with the territory. Lenders look for some type of possession to back the loan in case of default, like your property, car, home, etc. But risking your own assets can be worrisome, especially when you’re investing…
The Benefits of Financing a Business with Your Stock Portfolio
If you’re a small business or franchise owner seeking business financing, don’t resort to selling your stocks, bonds or mutual funds right away. By leveraging those assets rather than liquidating, you can gain access to fast funding with low interest rates — a winning combination. Portfolio…
SBA 7(a) Loans vs. Low-Doc Loans: Which Is Right for You?
When savings run out, many small business owners turn to loans from the Small Business Administration to find financing. Because of their preferable repayment terms and the fact that they’re guaranteed by the federal government, SBA loans are one of…