I got word from BofA on May 1st that I've been approved for the loan but it is for 14% of what I should qualify for. Based on the SBA requirements the loan should be between $17,000 and $21,000 (I have three employees and am a sole proprietor LLC). I am scared and don't know what to do, but here's what I think might have happened:
What I need advice on: I am now at the stage where I can accept the loan and sign the promissory note, but it gives me the option to hit "Cancel" if I do not want to accept the lower loan amount. Should I:
A. Hit "Cancel" and reapply with another lender and hope to get the full amount?
B. Don't hit "Cancel" but still reapply with another lender anyway?
C. Just accept it and take the $3,000 as better than nothing?
This is so painful any any advice would be so helpful.
Join our small community for expert insights, insider tips, and the industry knowledge you need to see your small business grow.Get Started Become A Member
Now that you’re a member of the community, spice up your profile by adding photos, a custom avatar, information about your small busines, and much more.View Profile
There are no recent discussions
Ways to Make Your Search More Accurate
Most of the time, you just want to find content that has a particular phrase. Here are the easiest ways to find the content you want.