Opportunity Fund Launches $500,000 Start-Up Funding Challenge to Help Bay Area Small Businesses Get Off the Ground

San Francisco, CA (PRWEB) March 21, 2013

Today, Opportunity Fund announced their Start-Up Funding Challenge to help Bay Area businesses get off the ground. For a limited time, the organization is lending up to $ 500,000 to local start-up entrepreneurs, who are either launching their businesses or have less than a year of sales. At 7.5% interest and no loan fees, the challenge aims to offer financing that is hard to come by for most start-ups at an affordable rate.

Getting the access to necessary capital is a huge hurdle for most businesses that are starting out. And 45% of businesses fail due to lack of financing, said the groups Vice President of Lending, Marco Lucioni. With banks often unwilling to lend to start-up businesses, many people turn to friends and family, or high-interest credit cards. Opportunity Fund is seeking to help those businesses get off the ground and running, putting them in a position to succeed for the long-term.

Last years Start-Up Funding Challenge winner, Rachel Myers, started her dream business, the Home D?cor Learning Center in Concord, California. Rachel began teaching upholstery at Mt. Diablo Adult Education in 2007. In 2009 she and her students found out the program was going to be cut. Confident in the demand for her instruction, Rachel developed a business plan to offer classes on her own, but she couldnt find the funding to make it a reality until applying to the Start-Up Funding Challenge.

Rachel was able to borrow $ 30,000 in order to move into a new warehouse space. I remember being on the phone with Opportunity Fund, and I was in a state of disbelief about getting the loan. I wouldnt have been able to start this without Opportunity Fund. Or we would have gone so far into debt it would have been ridiculous, said Rachel.

Entrepreneurs like Rachel will be able to apply to Opportunity Funds Start-Up Funding Challenge through March 31st. The winners will be selected by a panel of Bay Area business and philanthropy leaders, and will be announced in April. For more information, please see http://www.opportunityfund.org/startup.


Press inquiries: Caitlin McShane, 408-512-2211 (o), 415-225-8855 (c), caitlin(at)opportunityfund(dot)org

Loan inquiries: Tim Hatfield, 408-516-4701 (o), startup2013(at)opportunityfund(dot)org

Opportunity Fund is a not-for-profit social enterprise helping thousands of California families build financial stability. Our mission is to advance the economic well-being of working people by helping them earn, save and invest in their future. Our strategy combines microloans for small businesses, microsavings accounts, and community real estate financing. Now California’s leading microfinance provider, Opportunity Fund began based on the idea that small amounts of money and financial advice could help people make permanent and lasting change to improve their own lives. Since making our first loan in 1995, our team has deployed over $ 279 million into our communities.

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IRA Financial Group Sees Strong Demand for Solo 401(k) Plan Amongst Small Business owners in Preparation for the Start of ObamaCare in January 2014

Miami, FL (PRWEB) March 18, 2013

IRA Financial Group, the leading provider of the self-directed solo 401(k) Plans has seen an increase number of small business owners having the opportunity to establish a Solo 401K Plan because of the emerging reliance on independent contractors. Due to the increased reliance on independent contractors to avoid hitting the 50-employee threshold, which would require them to pay for employees health insurance, starting next year, a number of small businesses are now able to adopt a Solo 401K plan because they have eliminated their full-time employees. Not all small business owners have been able to turn all their full-time employees to independent contractors, but a number of businesses have tried in order to not be subject to the ObamaCare costs, stated Maria Ritsi, a paralegal with the IRA Financial Group. The appeal of using outside non-employee workers is growing as many small businesses are trying to stay under the 50-employee threshold that would require them to pay for employees health insurance, beginning under the federal health-care law, or be subject to a penalty, stated Ms. Ritsi.

The Internal Revenue Service has started to crack down on small businesses to ensure their workers are properly classified. We have seen a number of clients that were close to the 50-employee threshold, turn their workforce into independent contractors in order to not be subject to the ObamaCare penalty, stated Adam Bergman, a tax attorney with the IRA Financial Group. Not all small business are able to turn to contractors to eliminate the reach of the federal health-care law, but we have seen an increasing number of small business owners try, stated Mr. Bergman.

We have strongly advised clients to be extremely conservative in re-classifying past employees as independent contractors as the Internal Revenue Service have spending significant resources in this area, stated Mr. Bergman. However, as business condition continue to be tough, companies are looking to remain competitive, especially with the increased costs assisted with ObamaCare, stated Ms Ritsi.

Small businesses that have been able to properly reclassify their employees as independent contractors have been eligible to adopt a Solo 401(k) Plan, which offers multiple benefits. IRA Financial Groups Solo 401(k) Plan was designed to offer investors with a diverse and wide array of investment opportunities for their retirement funds. Clients can purchase stocks, mutual funds, precious metals, real estate, and much more. In addition, the Solo 401K Plan account can be opened at any local bank and financial institution, including Fidelity, Scottrade, TD Ameitrade and more. However, the most popular feature of the Solo 401K Plan is that a self-employed individual or small business owner can defer up to $ 56,500 annually as well as borrow up to $ 50,000 and use the loan proceeds for any purpose without tax or penalty.

IRA Financial Group open architecture Solo 401(k) Plan was designed specifically to provide self-employed investors with the ability to make a wide variety of investments through a single retirement account.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market’s leading checkbook control Self Directed Individual 401K provider. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.

Today Small Businesses Still Hurt for Capital: Sunovis Financial Micro Loans Can Address the Problem Now

San Francisco, California (PRWEB) March 07, 2013

What can a small business owner do when he or she needs capital but cannot access it? This could be for a small expansion, hiring, purchasing inventory or equipment.

Businesses need capital to grow, to thrive, to hire and to survive. Yet access to capital has been a major problem for many small businesses since 2008. Why? Banks, especially small banks that typically lead in lending to local small businesses, are still experiencing problems. Between bad debt on the books, new regulations aimed at larger banks, and other issues, it is difficult for many to lend even today. And lending requirements have become very tough.

Sunovis Financial provides a solution for small business owners. “We can make an impact on this difficult situation, and that is why we are focusing on small business Micro Loans,” says Terry Robinson, President of Sunovis Financial. “We can get capital into the hands of qualifying small businesses very quickly. Approvals can be made in as little as two to four days.”

The economy will not recover until small businesses can recover. There are more than 23 million small businesses in the U.S. which account for 54 percent of US sales, says the SBA, with 66 percent of new net jobs coming from small businesses.

“No doubt, innovation and job growth comes from small business. Our mission at Sunovis is to help rebuild the economy, one business and one loan at a time, and Micro Loans are a big part of that.”

Micro loans are typically up to $ 150,000 but may expand to $ 250,000 for multi-site businesses (such as franchises or restaurants). Terms are short, from 4 months to 18 months, with easy payback methods. The main underwriting focus is on the ability to repay and cash flow of the business, not collateral or credit scores. “Many small businesses today have a cash flow but need capital to expand, yet they are unable to get a bank loan. Micro loans can help.”

According to the recent Pepperdine University study, small business hiring was down in the last quarter of 2012 and into 2013. The report also indicates that alternative financing is growing in popularity. No doubt, micro loans have an important role for small business owners.

About Sunovis Financial

Sunovis Financial focuses on lending to small businesses, through expertise in SBA loans and Micro loans. It also provides capital for commercial real estate financing and refinancing. The mission of the company: “rebuilding the U.S. economy, one business and one loan at a time.”

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Sense Financial Services Finds that Small Business Owners are Drawn to the Benefits of the Solo 401 K plan

Los Angeles, CA (PRWEB) December 19, 2012

According to Sense Financial Services report over 90 percent of its new accounts established since the beginning of December were self-directed Solo 401 K plans. That is significant increase compared to the last year.

Sense Financial Services is committed to properly educating clients with up to date information regarding which retirement option best meets their investment needs. Their team has dedicated themselves to helping clients understand the important differences between a Solo 401 K plan and other types of retirement accounts and how to decide which retirement plan works best for them.

Investors can become overwhelmed when it comes to choosing which retirement plan is a better fit, especially when it comes to pick between Solo 401 K and a SEP IRA. The slight differences between the two options are often overlooked or missed altogether.

Both, the SEP IRA and Individual or Solo 401 K Plan are designed for small business owners or self-employed, but the Solo 401 K plans are less known. However, it has very powerful features that are not available with any other plan such as high contribution limits, Roth sub-account (tax-free investing) and loan feature. And because of that Sense Financial Services has discovered that Solo 401k plans are continuing to grow in popularity among investors.

They attribute this to several key factors. The Solo 401 K plan allows for larger annual contributions than a SEP IRA due to the way annual contributions are calculated. Also retirement investors enjoy having the option of borrowing against their retirement plan by using the retirement plan’s balance as collateral and receiving an Individual 401k loan. IRS rules and regulations do not allow loans from a SEP IRA, but a Solo 401 K loan of up to half of the plan’s value up to a $ 50,000 maximum is permitted.

Account owners can take advantage of account money from other types of retirement accounts such as IRAs, 401(k)s, 403(b)s, and SEPs by transferring those funds into Solo 401 K Plan and use it towards the purchase of time-sensitive investments such as rental properties, commercial real estate, tax liens, mortgages, loans and so on. They can do all this without the need for a self-directed IRA custodian, and without the burden or addition fees associated with hiring custodian.

Simply stated, Sense Financial Services believes that more successful business owners will continue to switch to the Solo 401 K over the SEP IRA because of the potentially greater retirement contributions at the same income level, which in turns allows them to maximize retirement contributions and valuable tax deductions.

Sense Financial Services is the Californias leading provider of retirement accounts with “Checkbook Control”: Solo 401 K and Checkbook IRA. Over the years they assisted hundreds of clients obtain checkbook control over their retirement accounts while providing them the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval!

To learn more information about self directed Solo 401 K please visit http://www.sensefinancial.com