ROBS Program 401k Business Financing FAQ – Can my family members work in my ROBS-funded Business?
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The 401k business financing plan (ROBS 401k) is perfect for entrepreneurs seeking readily available funding capital, especially those looking for interest-free or no-hassle business funding sources.
-Fund your business start-up with retirement funds: Also known as ROBS 401k, the small business financing 401k plan allows you to fund a business with your retirement funds without taking a taxable distribution.
-Not a taxable distribution: Because you directly rollover your IRA or former employer 401k, 403b, Keogh, SEP, SIMPLE, or other eligible account, to your new ROBS 401k plan, which then funds your business, you incur no taxes or early distribution penalties.
-Not a loan: Unlike traditional 401k plans that allow for a 401k participant loan, that is, borrow up to 50% of the account balance not to exceed $50,000, our 401k business financing plan allows you to use all of your retirement funds to fund your start-up business.
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