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…

  • Grand_Brilliant_3202BEnglish
    1·
    1 year ago

    Yes my sba 7a for $270k started in April risen twice close to yours. Most Banks won’t loan until running the business for two years I believe. I used Byline bank- they did a lot of against the law financial fraud to get my loan passed been tough.

  • smbstartupBEnglish
    1·
    1 year ago

    Damn that is insane. We received the eidl loan 2 years ago, $500k at 3% fixed for 30 years and I was extremely nervous to take this loan 🤷‍♂️

  • escahpeeBEnglish
    1·
    1 year ago

    I have a friend who got one of those loans. She said she thought it was suppose to be forgiven. I told her not to take it when she told me about it and I thought that was it. She had to close her business for a few months and I guess she was desperate. Now all her profit is going to pay off the loan for the next I don’t know how many years. I applied for at least 4 loans during covid and declined all of them. When I saw the agreements it looked like the only people who were going to benefit were the loan companies. I’m sorry you got into a bad loan, I have done that once too. My only suggestion is to make bigger payments to pay down the principal sooner. That’s how I got out. It was painful but when I was done I felt like I was reborn. Good luck

  • joe703622BEnglish
    1·
    1 year ago

    450k I’m at 11% I ask the bank to spilt payment weekly. I need cash man.