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…

  • Human_Ad_7045@alien.topBEnglish
    1·
    10 months ago

    OP, I recommend speaking with your loan officer and inform them of your business downturn to discuss your options. With my sba 7a, my lender froze our payments for 90 days and tacked them on the back end of the loan.

    Banks understand the economic impact on their business customers and since they have some risk on the loan, they may have a willingness to work with you.

    Best of luck.

    • tampadog3436@alien.topBEnglish
      1·
      10 months ago

      Don’t use Bank United then they have refused all offers from us and no to all accommodations