Question to Jeff Elgin: I’m having problems
finding banks that will lend me the money.
Answer: It’s a tough market to find any sort of financing, but for new business startup funds, it is next to impossible.
The secret to success seems to be one of three things:
1. If you have retirement funds in an IRA or 401K accounts, you may be able to access these funds to invest in a new business through a program referred to as ROBS.
If this is a possibility for you, you’ll need to find a company that specializes in this sort of transaction because there are all sorts of IRS rules that have to be followed and you must get all the paperwork done correctly in order for the program to avoid early withdrawl penalties.