Louis Riley Gives Sound Advice for Small Business Funding

As an entrepreneur looking to acquire financial support for your small business start-up, working with a knowledgeable group of business consultants is in your best interest.  The DRDA CPA firm specializes in an innovative, yet non-traditional funding option called a BORSA (Business Owner’s Retirement Savings Account) plan that utilizes the money stored in a retirement account to finance a business or franchise. Louis Riley, business development officer, has been in the financial services industry for more than 20 years and has worked with numerous clients to find the ideal financing option for each individual. His role as a consultant is to ask the necessary questions to ascertain if a BORSA plan is a good fit for a prospective business owner in order to provide the best solution available. His expertise stems from years as a business owner and developer which allows him to sincerely relate to clients who dream of owning a business.

Usable funds consist of any holdings in a qualified plan such as a 401(k), 403(b), 457, or IRA rollover. Early withdrawal penalties including distributions, taxes and penalties do not apply when using a BORSA plan.

Financing a business with money from your retirement fund may sound too good to be true, but DRDA is considered an expert on the two bodies of law that govern the BORSA structure, the ERISA (Employee Retirement Income Security Act) and IRC (Internal Revenue Code).

The quality that makes Louis Riley and DRDA CPA different from other CPA firms is that business owners who are considering using a BORSA plan as a source of funding are not considered just another number, but are given close, personal attention from any one of the many professional staff members.

“I understand entrepreneurship intimately and the challenges that prospective business owners face when trying to find funding,” says Riley.

Recently, Louis Riley worked with a family that owns and runs a daycare center that was contemplating purchasing an additional center, but did not have the 10 percent equity required to obtain an SBA loan. After discussing possible financing options, a BORSA plan was put into place to use as equity injection for the loan.

In addition to providing capital for funding a business, a BORSA plan can also be thought of as an investment. Instead of relying on unstable market accounts to grow your retirement fund, investing in your own business is a less risky venture.

"In this day and age, it is wise to invest in yourself and in your own efforts,” says Riley.

A BORSA plan is not only viable for small businesses, but is a great solution for business acquisitions as well. So if you are an entrepreneur working to get your business off the ground or purchase an existing business property, Louis Riley and DRDA CPA have all the tools you will need to succeed. Call 281-954-6035 to speak with Louis Riley about the benefits of a BORSA plan and the many business advisory services available.  Don’t wait another day and get the quality assistance you deserve today!