I think it also depends on reasons for the growth or scaling. Some people are happy being a one or two person show and have the business cover their livelihood. Others want the grand office with a view of the empire they built. I have seen that the best growth is organic, slow and steady growth that does require effort but not necessarily a boatload of money. Perhaps the loans are to get the business off the ground, that would be reasonable depending on how the funds were allocated. Do what is right for you at the time and don't worry about where others say you should be, most of those people don't pay your bills anyway.
