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…

  • ofcourseIwantpickles@alien.topBEnglish
    1·
    1 year ago

    You can now refinance a 7a loan with a new 7a loan as of Nov 15th. A fixed rate lender can drop your rate to ~8%. Most variable rate lenders can’t drop your rate as they sold the 75% guaranteed portion to investors,

    • tampadog3436@alien.topBEnglish
      1·
      1 year ago

      I am in almost the exact situation as the previous poster, mine is variable payment is now outrageous compared to original payment. Are you sure we can refinance a 7(a)?

      • ofcourseIwantpickles@alien.topBEnglish
        1·
        1 year ago

        Yes, SOP 50 10 7.1 allows 7a to 7a refinances under delegated authority for PLP lenders. If you have a 7a real estate loan you also can refinance with a 504, which has been possible for a few years.