Page 34 - Everything You Need To Know About Personal and Business Credit by Adrean Yancy

Everything You Need To Know About Personal & Business Credit

Home Equity Loan
If all the means of getting a business loan seem futile or abortive, then the next option

to try is a personal loan. This works by borrowing using things in your home as
collateral and using the money gotten to fund your business.

A home equity loan is one of the most secured loans. Hence, with a good credit score
and enough equity at home, you can get a line of credit at a very low rate. However, it
is important to note that you should avoid this type of loan as you would be putting
your home at risk if you default in repayment.

Rollover for Business Startups (ROBS)
This is another unconventional way to raise money for your business growth. ROBS,
done properly, enables business owners to invest their retirement capital into their
business without paying taxes, early withdrawal penalties, or incurring loan costs.

This can be a bit complex to pull o . Hence the service of a ROBS expert is often
keenly sought after.

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