Exercise caution before taking an SBA loan. During the pandemic, I managed a real estate firm and received relief funds, but they didn’t cover my overtime or salary. I took out a $100,000 loan, unaware that my payments would not reduce the principal for over two years. I’ve already paid $16,500 and still owe the same amount. I was also informed that no amortization schedule is provided, which would have revealed the true cost of this loan upfront. This organization is often seen as a helpful resource, but they have failed me in my time of need.
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