Taking out a home equity loan in today’s market sometimes can be much easier than getting a loan. With New tax laws coming into effect mortgage deductions may be affected.
Cash-strapped South Carolina entrepreneurs often find themselves turning to personal sources of funding for their businesses, whether that’s personal credit cards or a personal loan. Also on that list of financing sources: home equity loans or lines of credit (HELOC). These loans can be easier to get than some small business loans (especially for startups), interest rates are often lower than unsecured loans, and best of all, the interest may be tax deductible
It is important for to remember that you always have to be careful mixing business with personal. You may still be able to deduct home equity loan interest if the loan proceeds are used in your business, but be careful.
