Small Business Discussion
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- formed0
No loans here, but I have a line of credit for my business that I use. CC's are paid off in full every month.
Best new discovery is a self-directed 401k. You can actually lend yourself 50% of what is in the 401k, up to $50k. You determine the interest rate (you are paying yourself the interest rate) and the only other requirement is that it's paid back in 5 years. So, technically, I am taking the first loan in 15 years. It's really great, wish I had known about it ages ago.
You can also buy real estate with it, commodities, etc.
- HHmmmmmm...... i wonder if we have similar thing in canada.....pango
- Worth asking. I hired a company to set it up for me, it's a book of paper work. Regular brokerages won't support them.formed
- @pango, we can only borrow from our rrsps to purchase a home for the first time.Gnash
- ya i knew about that.... too bad it's only housing...pango
- ...and hockey sticksGnash
- I believe you can pull from your RRSP but you pay the tax (HST or GST - I'm not sure) on the amount - since it then becomes taxable income... I think!Centigrade
- ^ that's true. but you'd never want to do that. you're paying 40% off the top (if that's your tax bracket). not worth it unless you're desperateGnash
- ^ you pay income tax, not sales taxGnash
- bjladams0
biz partner and i started out 7 yrs ago with a couple hundred dollars between us and i have no idea how we've survived but we're opening up our 4th location at the moment and getting paperwork together for #5 later this year. i'm not sure i have any real advise... seems most things come down to the right combination of stubbornness and luck.
- Hayoth0
So how much are you borrowing?
How much is your interest?
- She said there is no interest. Flat fee.ETM
- Then how it it a loan? The processing fees?Hayoth
- According to pay pal you pay a fixed fee on the loan amount. https://www.paypal.c…Hayoth
- So that acts as interest rate. In some cases it's 25% of the loan amount depending on repaymentHayoth
- BK0
What's your business?
- Miguex0
I have no idea what a capitol loan is either.
Sounds like something shady politicians get in congress to "persuade" their opinion on natural disasters that need be kept hidden from the public by oil companies.Am I close? lol