A Bank Home Equity Line of Credit? Use this Instead
As a small business owner, you must frequently find ways to conquer a problem or simply go around it. For example, when you need a fast business loan, you must know that there are options other than a bank home equity line of credit.
Trading away your peace of mind now in the hopes of getting riches later never works. Your home is your security. There are better alternatives to a bank home equity line of credit (HELOC) that every small business should know about.
The Advantages and Disadvantages of a Bank Home Equity Line of Credit
Many businesses may choose a bank home equity line of credit because of the access to a substantial supply of business cash. You can often get up to 85 percent of your home’s value, minus what you still owe on your mortgage. However, the cons far outweigh the pros.
For one thing, a HELOC requires a ton of time to get in place. Also, they typically come with variable interest rates. This makes them less than ideal if you only need a small amount or for anyone with fluctuating sales.
They are also expensive, with banks charging significant fees. Of course, the biggest downside is that if you can’t make the payments, you could lose your business and your home.
What Funding Opportunities Are There Instead of a Bank Home Equity Line of Credit?
Some may believe that a quick business loan or credit cards are the only ways to get business cash fast. With a bit of research, you will learn that there are more favorable options.
Financing Solutions (www.financingsolutionsnow.com) has a line of credit program that is cheap, fast and flexible. Also, you don’t have to put your home at risk. They offer a quick application process, easy terms and no hidden fees.
At Financing Solutions, you get flexible repayment options. They allow you to repay the money in a few weeks or months with no early payment penalties. The money can be used for any business purpose, such as uneven cash flow, making payroll and paying business taxes.
When You Should Say No Instead of Yes
When running a small business, you want to be able to say yes to every opportunity for growth. Still, there are some times when no may be a better response.
For example, if you are presented with an idea that is outside your expertise, you should probably pass. Sometimes the learning curve is just too great. Diverting your focus and resources away from your true priorities could cause you to fall behind on what matters.
Also, opportunities that will cause a drastic change in your brand are not in your best interest. If you have developed a loyal following of customers who have come to expect a certain level of service or product quality, you should not change that. Things like new business strategies, partnerships or pricing structures may serve to hurt instead of help your business.
Additionally, you should say no more missed opportunities. This can be accomplished with fast business funding from Financing Solutions. They have the financial products you need to take your small business to the next level.