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…
Shop your loan to local credit unions.
Take a look at your business expenses and increase your pricing to get you out of your hole. Time to hustle and find more revenue streams too.
The holiday season can be bad for some types of businesses and you should plan accordingly in the future.