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…
I would consider an equity partner or strategic partner to pay off the note.
You can create a structure where investor gets X% of returns until Y% threshold, and then go to some other split, so it doesn’t dilute your ownership quite as much.
Better to own a smaller percentage of a thriving business than 100% of a drowning business.