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finder.com’s rating: 4.7 / 5.0
★★★★★
Setup Fee | $4,000 |
---|---|
Annual Fee | $899+ |
Requirements | Operating business, C corporation (or willing to convert to a C corporation), non-Roth retirement account, employee of your business |
You must eventually meet the following requirements to qualify for a Rollover for Business Startups (ROBS) — though you don’t need to meet them all when you reach out to My Solo 401k Financial:
My Solo 401k is one of a handful of companies that specializes in helping entrepreneurs fund a new business with your 401(k). Its pricing is lower than what many other companies out there charge.
My Solo 401k is on the cheaper side compared to other ROBS providers out there. Here’s how its two fees break down:
This one-time setup fee covers all costs associated with setting up your ROBS including:
My Solo 401k charges $899 for the first 10 employees — also referred to as participants — in a ROBS and $75 for each additional employee. This covers the cost of annual support for your ROBS, including:
Take a deeper dive into how ROBS work
Follow these steps to get started on your ROBS with My Solo 401k:
A representative from My Solo 401k should reach out to you to discuss how to start a ROBS. Typically, the whole process of rolling over your 401(k) takes between two to three weeks. However, it depends on your retirement account provider.
You’ll need the following information to complete the application:
Compare My Solo 401k Financial to other lenders with our guide to business loans.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don't take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
My Solo 401k has some of the lowest fees out there — especially if your business has less than 10 employees. Its upfront cost is nearly $1,000 less than what some other top providers charge, and its annual fee of $899 is close to half what other companies charge.
On top of this, it provides legal and compliance support if your business gets audited. And it’ll even connect you with government-backed funding if you’re interested in an SBA loan. The main drawback is that it charges an extra $75 annually for each new employee, making it expensive if your business grows too quickly.
Not sure it’s right for you? Compare your other business loan options below.