Q: My partner in a small business wants to use a home equity credit line for some expenses, but I’d rather put it on our credit cards. Which is better?
A: Consider looking into a bank small business loan instead of borrowing through either a credit card or a home equity line of credit, which is secured by the mortgage on someone’s home. The U.S. Small Business Administration offers a variety of small business loan programs
. Spend some time researching what might be right for your growing business. And of course, it’s always a wise idea to consult with a financial advisor.
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