Why We Took out an SSAS Loan

There‚Äôs gold in them pension pots (possibly)When my wife and I decided to open our own catering business, we had the blessings of both of our former employers. I am the creative part of our new company while she takes care of the business end of it. The biggest hurdle we had was getting financing for our new venture. We had tried to get a bank loan, but they were not willing to take a risk on us because of our lack of experience. When my former boss suggested that we look into getting an ssas loan, I wasn’t even sure what that was.

My wife and I have both worked since we were teenagers, and we have both built up impressive pension plans because we have had some great jobs. My boss told me that rather than try other finance institutions for a traditional business loan, that we should consider borrowing against our pensions. I didn’t even know that was possible, but I certainly liked the sound of that better.

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