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Small business advice request: PPP repayment refinance help
Posted on 9/7/21 at 12:21 pm
Posted on 9/7/21 at 12:21 pm
I chose not use all of the proceeds of the PPP on eligible expenses and now have a balance to repay. I understood what I was doing when I did this and it was not a surprise. The repayment period is 9 months starting this month. We are lucky enough to have picked up a large amount of work that is about to kick off and cash flow is now a concern while we ramp up for it.
I am wondering if any third party lenders are refinancing these promissory notes for longer terms. I see on the SBA website that they are allowing banks to sell these promissory notes and still keep the SBA guarantee of them. I have reached out to my banker and am still waiting for a response but figured that there was a lender somewhere that could facilitate this. Anyone have any insights?
The amount I'm looking to refinance is about $160k over an 18-24 month period. We are a Louisiana company that works mostly in Texas.
I am wondering if any third party lenders are refinancing these promissory notes for longer terms. I see on the SBA website that they are allowing banks to sell these promissory notes and still keep the SBA guarantee of them. I have reached out to my banker and am still waiting for a response but figured that there was a lender somewhere that could facilitate this. Anyone have any insights?
The amount I'm looking to refinance is about $160k over an 18-24 month period. We are a Louisiana company that works mostly in Texas.
This post was edited on 9/7/21 at 12:33 pm
3
Posted on 9/7/21 at 12:25 pm to FatCatLSU
quote:
I chose not use all of the proceeds of the PPP on eligible expenses and now have a balance to repay.
Just curious on why you would choose this.
Posted on 9/7/21 at 6:50 pm to FatCatLSU
quote:
The amount I'm looking to refinance is about $160k over an 18-24 month period
hindsight is 20/20 bro but they were basically rubberstamping forgiveness for small loans. my total was right at 160 and all i did was fill out the application and send it in, got forgiven that same week.
you couldn't figure something out?
in any event, if you have a decent banking relationship you should be able to refinance the debt and get extended terms. you are going to have to put up collateral though, i'd imagine
Posted on 9/9/21 at 3:57 pm to FatCatLSU
Go apply for an EIDL loan. Use those proceeds to pay the loan out.
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