Here's the way I see it - once the business has a few solid years under its belt, you can (well, maybe) refinance the 7(a) into a conventional bank term loan. At that point the bank is underwriting purely on business cash flow and collateral instead of relying on the SBA guaranty. Your numbers are reasonable and can warrant a hard look from a bank. In today’s rate environment you might be able to secure something like a 5–7 year amortizing term loan, typically floating at roughly prime + 1–2.5% (similar or a little better than your current rate) .As for the PG, You may be able to soften or cap the personal guaranty at that stage, especially if the business is very stable and there’s decent collateral, but try to treat is as a "nice to have" , as in - even if you only decrease the debt by 1% (depending on cost), or keep the same interest but without the PG, you win either way. But there will be some baking effort on your side.

We successfully refinanced our SBA 7a loan around the 3 year mark to another SBA 7a loan, but with a fixed rate. We were also able to remove the PG and have the loan secured by the business itself.