Entrepreneurs Find New Way To Finance Dream
Statistics show that more than one million people in the United States start a new business each year. That number would be much higher if all the would-be entrepreneurs had the financing required to get a business up and running. In order to accomplish their dream of business ownership, entrepreneurs are finding new and innovative ways to finance their new ventures. According to Leonard Fischer, President/CEO of BeneTrends, one of these financing options is the use of a person's existing retirement funds - a pension, profit sharing, 401(k), IRA, etc. Under the Employment Retirement Income Security Act (ERISA), retirement funds can be transferred into usable capital for business investments or operations. If a person has more than $40,000 in a retirement account and is not currently employed by the company that holds those funds, he or she qualifies for this Small Business Administration (SBA) - recognized financing approach to start a business. Retirement funds can be used...