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…
We used a preferred lender who services their own SBA loans. Interest rate is killing us…
May look at a regular bank but they usually want like 70-80% of the loan secured against hard assets afaik.