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How a HELOC can help small business owners

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HELOCs can be used for nearly purpose, including funding your business. Here's what business owners should know.

According to real estate analytics firm CoreLogic, American homeowners have an average of over $274,000 in home equity in 2023. Many are choosing to tap into that equity for cash through a home equity loan or home equity line of credit , with

C can help small business owners it helps to first know how this borrowing option actually works.How do C terms can range from 20 to 30 years and include two periods:Draw period: As its name suggests, you can withdraw funds from the C payments.Learn more about your C funds are for business purposes, consider opening a business checking account and moving the money there. This step can help you keep your business and personal finances separate and make it easier to track your business expenses.Because a

C.Long repayment horizon: Typically, the draw period lasts for 10 years, followed by a repayment term of 15 to 20 years, potentially giving you plenty of time to repay the loan.Inexpensive payments to start: Depending on the amount you borrow, your monthly interest-only payments during the draw period may be manageable for your small business.

C may be beneficial in certain business situations, it's wise to consider the downsides of using a

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