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Home equity loan or small business loan?

My mortgage is half way paid off and I want to open?
a small business. the start up costs are low so I only need about $15,000. I was thinking about getting a home equity loan for the $15,000 to start up my medical billing business. Do u think I’m going in the wrong direction? There is no way I can save the money so I need some kind of loan to start it up. I feel like I may have issues getting a small business loan but am I better off taking the time to do it that way?? Which has lower interest rates; small biz loans or home equity loans??? Please help??
Additional details****I want to open a home based medical billing business.I would be willing to take chance because pretty confident I can pay it back.

1 Comment

  1. Sarah C says:

    What type of business are you opening? A corp, LLC, partnership, sole proprietorship? The business structure is going to influence the answer.

    Either way the interest would be deductible on either your person taxes or the business taxes. Do you want your home to be collateral for a business? What if it fails? Are you OK with paying off a home equity loan on a failed business?

    There are so many other questions you need to ask/answer! Need more info to really be able to help.

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