Hey all, I have an SBA loan for a little over $500,000. My interest is 11.5% with 10 year terms. Majority of my $9,600 monthly payment is interest.
What can I do to lower my interest? I dont know how the government can possibly understand how a small business can survive with such high interests.
Does anyone know of any private lenders? Other banks that will exponentially decrease this?
I’m struggling and November was not a great month for us…
Damn that is insane. We received the eidl loan 2 years ago, $500k at 3% fixed for 30 years and I was extremely nervous to take this loan 🤷♂️
What made you nervous about that loan?
At the time it felt like a lot and even when I spoke to other smb owner friends they were not leveraging those loans for one reason or another. Looking back I feel like it was a great decision
We have some physical disaster and EIDL loans that total up to about that with similar terms. My mother REALLY wanted to pay them off since we had the cash. I told her that she should just take a draw to pay off her new build house and then think of the SBA loans as a very low interest mortgage (she was looking at 7-8%) instead of just random debt that she should pay off ASAP.
There’s “debt averse” and then there’s “that’s a really bad idea even if it’s paying something off.”