A few years ago I secured a HELOC at PRIME minus 66 bps (7.34% today). My wife is seeking to buy a business for ~$1M where we will put ~$200K from our cash and ~$800K in debt (small portion being a seller note). We are debating between taking a SBA 7A loan or drawing down on my HELOC for ~$700K.

Question: Is it possible to tie my HELOC (it is under my name) to the company she buys from an accounting perspective so we can deduct the interest and have clean financials?

Bonus Question: The primary advantage of the SBA 7a loan is that you have another institution that values the business and holds you accountable. The downside is that the SBA 7a is more costly (PRIME plus 200-300bps). Are there any other considerations?