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…
The Fed monitors risk and uses economic policy to help ensure healthy economy and stable banking system.
To temper inflation, it modulates prime interest rate.
Just several years ago, client would have loan amount $4.0 million at five or six percent. Then it became eight and then ten. Now it’s as much as 13.5 percent (prime + 5.0).
That’s a whopping 50 percent increase in monthly mortgage payment. So, mom and pop sit on sideline.
What causes inflation; deficit spending, not the Fed.
But they want mom and pop to sit on the sideline. That’s what I’m getting at.