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Using A Solo 401(k) To Help Fund Your Business
By Daniel Blue
The Bureau of Labor Statistics recently reported that over 3 million people voluntarily left their jobs each month in 2019. Many people who quit their full-time jobs leave their employers to start and run businesses of their own.
In my work educating business owners about their funding options, one challenge I see new entrepreneurs face is getting capital for their venture when their business has no track record. Getting traditional financing from a bank can be tough in such a situation. Banks typically provide a line of credit or a term loan to finance a company. However, that can be challenging for new businesses that have no revenue, no established credit or no filed business tax returns. If one doesn't qualify for a business line of credit or a term loan, then the bank may end up providing a personal credit card application. This leaves many new business owners with no choice but to use money from their savings, borrow money from friends and family, use credit cards or tap into their home equity to finance their business. Read more