With the promise of a new year comes the promise of new business opportunities. Unfortunately, new business opportunities also mean new business expenses. It's like the old adage says: You have to spend money to make money.
If you don't have extra money to spend, you'll have to seek a business loan to finance your growth. However, business loans are harder and harder to come by, according to Nerd Wallet contributor Steve Nicastro.
"Statistics show that banks have pulled back hard on small business loans since 2008," Nicastro reports. "Approval rates for these loans were just 20.4 percent in October 2014."
If a traditional business loan isn't an option, consider looking at a home equity loan or a home equity line of credit (HELOC).
"It's relatively easy to get a home equity loan or line of credit, provided you have equity in the home, good credit, and income to support the repayment," Craig Smalley, a small business lending expert, tells Nicastro, who says home equity loans and HELOCs are best suited for owners of service businesses, who typically have an easier time with repayment than inventory-based businesses.