A wide range of funding options is available for small businesses. Choosing the right one is important to minimize the costs of borrowing, while still making the most of the money.

For small business owners, a big part of ensuring the company’s success is to make sure there is adequate funding to cover day-to-day operational expenses. Common examples include payroll, marketing, inventory, rent and more. Having enough funding can also allow small businesses to continue growing by investing in things like research and development, marketing and acquiring additional real estate.

Many sources of funding exist for small businesses, but the best one will depend on the company’s goals and specific circumstances. This article, written by Andrew Wan for TechRepublic Premium, goes through 10 different funding options that can be utilized.

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6. Home equity loans

Business owners who own property can use home equity loans, including home equity lines of credit, to fund a small business. Rates on home equity loans can be extremely competitive and carry long repayment terms of up to 30 years. Business owners will, however, need to have sufficient equity in the home, as most lenders will only allow a total mortgage balance no greater than 80% to 90% of the home’s value.

Getting a home equity loan is a process that typically takes between 30 and 45 days, and can involve a lot of paperwork. Banks and other lenders will often review an applicant’s credit, income and assets, as well as the condition and value of the home.

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