SBA loan programs
Question
I have a 504a SBA loan for a building in 2006 at 9.25% interest, will the bank modify the rate before I fail?
I purchased a building for my business in late 2006 with a Bank through the 504a SBA loan program. At the time, I was shocked that the rate was 9.25%. Unfortunately, we had no other options at the time. Now with the failing economy, we are having a difficult time making the exhorbitent interest payments (the term usery comes to mind). We have never missed a payment and I don't want to. I want to work with the bank. Can I get the interest rate modified/reduced? I've seen Feb 09 rates as low as 4.79%. I feel like I'm being screwed. Other banks don't want to touch it because they say the value has declined to much. You hear about bailouts for deadbeat homeowners, but what help is there to keep businesses afloat?
10 months ago - 2 answers
Best Answer
Chosen by Asker
well right now i do know of anyone that knows what are exactly is in any of these bailouts and who gets what -- you talk about other banks not wanting to do anything -- did you in fact talk to the manager of your bank and suggest a payment plan that will reduce the amount owed and still allow you to stay current!!!
by mister ed
10 months ago
Asker's Rating: 
Other Answers
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by howard Brown- 10 months ago