Is a home equity loan a good idea for financing my new business ...

Question by designtime: Is a home equity loan a good idea for financing my new business?
I am a web developer and am thinking about quitting my day job and starting my own company. I've got some clients lined up already but need some financing to pay for startup costs such as equipment, supplies, and my office lease. Dipping into personal savings is not an option since there isn't much there. We've got a good amount of home equity. Would a home equity loan be my best option for getting the ball rolling on my business?
Thanks for the suggestions so far - much appreciated. Forgot to mention a few things:

1 - I'm set up as an LLC
2 - Office "lease" is month-to-month and I will take over my current employer's payments of (a whopping) $ 150/month
3 - Two small kids at our small house so the cheap office is better than a home office at this point.

Best answer:

Answer by redwine
presuming you cannot get a small business loan, it sounds OK to me. I would try and set up a corporation and get a loan to the corporation first, so your home can be protected.

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