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Looking to refinance our SBA 7a loan. Our current lender will not agree to new terms to keep business viable.

We have been growing, however, not as quickly as planned like many businesses today. We are paying 10.5% on a SBA 7a loan, which is 5.5% above the average right now. We have worked a new business plan showing our viability for the next three years with a restructured loan. Our bank is not budging, in fact has flat our refused to discuss with us. We would like to understand our options so that we don't have to go into default on our loan. We have contacted the SBA directly, and have contacted other lenders, etc...we are still working through the process. Right now, we could really used some sound advice from others who have been in this situation.

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Answers (6)
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Carson Grant Loan Company
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Feb 12, 2017
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Carson Grant Loan Company
Affordable Loans
Los Angeles County, CA

DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!

Are you a business man or woman? Are you in any financial stress? Or do you
need money to start your own business?

Do you have a low credit score, and you will find it difficult to get loans
from local banks and other financial institutions? solution to your
financial problem is Dr. Carson Grant The Terms and Conditions are very simple
and considerate.You will never regret any thing in this loan transaction because i will
make you smile through out this transaction, because you where not born to be a loser

Email (carsongrantloanhome@gmail.com)

Our services include the following:

* Personal Loans
* Debt consolidation loans
* Possibility
* Business Loans
* Education Loans
* Mortgage
* Home Loans

We offer loans at 2% interest rate

We offer loans to people in need of financial assistant with a low interest
rate of 2%. In order to get a loan with this company, you can tell the exact amount of
loan you need and the time in which you can pay back the loan.

NOTE: You are required to email us on:(carsongrantloanhome@gmail.com)

Feb 12, 2017
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Aug 17, 2016
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Jul 16, 2016
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Something doesn't sound right, if this is a 7a loan, a bank cannot charge more than a certain %, depending on the loan size. To be paying 10.5%, seems awfully high. If your loan is tied to the Prime rate, your interest rate should be much lower, as typically, the 7a loan is variable based and will adjust based on the prime rate change, however, it will also depend on how frequent the bank noted that your rate will change. Refer to your promissory note. It may involve discussing further with SBA directly, if the note was done incorrectly. Continue to pursue getting your loan restructured, it's a possibility your rate is incorrect, and being overcharged by the bank according to SBA policy.

Aug 4, 2009
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Small Business Underwriters
Founder

If your lender does not think that your business plan is achievable, it's going to be a tough hill to climb. The most important thing to do is to continue to make your payments every month so that you are not in default of your loan agreement or note. If you can't make the full payment, be sure to pay something, since you will have no chance of working something out if out just stop making payments all together. If a loan with another lender is not possible, perhaps you can bring on a partner who can infuse some capital into the business. If the cash flow is weak, sometimes the best answer is to shut down the business and submit an offer-in-compromise with the SBA (there is a formal process for this). Please feel free to contact me if you need additional advice.

Aug 1, 2009

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