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…
Yuck, we’ll def scratch that off the list.
Most banks won’t lend you any money as it’s deemed too risky. 7a is the only realistic option for either working capital or for a small business purchase.
Why would you be looking at a 7a loan if you have other options?
Get the SBA loan and then refi. That’s what I did