Home – New Forums Starting your journey Choosing the right loan ? Reply To: Choosing the right loan ?

Paul – FS Concierge
  • Total posts: 3,488
Voitty, post: 247451, member: 97581 wrote:
I am looking at a small business loan of $65k and need some advice on loans. I own 85% of my home so would I be better off with a line of credit equity loan or small business loan. I am also considering swapping banks and borrowing a larger amount of money to cover may mortgage and business with the one loan. Thanks for any help in advance.
An Accountant will offer the best advice so seek one out.

You could do either of your options and make sure you note the new business funds as “Capital Introduced” to the business.

I did option 1 many years ago – the bank would not loan me money for a business so quietly advised me to apply for a home loan for renovations:-)