Leveraging Retirement SavingsConventional financial wisdom is to keep your hands off retirement accounts for anything other than retirement, but Linda Tyler of Little Rock, Arkansas was able to open her own Red Mango frozen yogurt and smoothie franchise in 2010 by leveraging her retirement savings through iFinance, offered by an Entrepreneur 401K. The process uses a business owner’s retirement funds to essentially invest in their own business, and underwrite the transaction. Because it is not a loan, there is no interest—or required taxable distribution. Though the financing process takes about one month to complete and can be a bit more complex to execute than other lending options, Tyler describes the process as turnkey. “While I am a knowledgeable business person, I didn’t really understand exactly how to set this up to make sure I did all of the steps appropriately—but I was walked through it step by step.” The average iFinance loan is about $180,000—making it a form of financing for those interested in franchises and similar big-ticket ventures. - CONTACT US to get started today.
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