Interested in opening a small business or franchise? How much do you know about your funding options? Take our quiz and find out!
1) What is typically not a funding option available to you to start a business?
a) SBA loan
b) Investing your retirement funds
c) Traditional bank loan
d) Securities-backed line of credit
e) All of the above
2) What does ROBS stand for?
a) Resources or Backing for Startups
b) Rollover for Business Startups
c) None of the above
3) True or False. I can't use my 401(k) or IRA to buy a business without paying taxes or penalties.
4) An SBA (Small Business Administration) loan is:
a) A loan made directly from the SBA to an entrepreneur looking to start or grow a business.
b) A loan provided by a bank or lender to an entrepreneur that is guaranteed by the SBA.
c) A loan that your friend gives you that has to be approved by the SBA.
Answers: 1) e; 2) b; 3) F (A ROBS plan allows entrepreneurs to do this) ; 4) b.
How did you do? Are you ready to start a franchise, but have more questions about funding? Ask the experts at Benetrends Financial!