Posing a question here to gauge the community's interest in this sort of vehicle. Would there be interest from searchers for a non-SBA (no PG) credit fund that services the $1mm-5mm lender space for searchers? So acquisitions would be $1mm+ and there would be a need for 10-20% equity from the searcher. My thought is this would be a 5 year interest only loan, but the interest rate would be in the 12-14% area and the lender would get warrants for a small percentage of the business (at original purchase valuation). This would save searchers from the PG and save cash flow versus the ~16% annual cash payments (amortization + interest) on SBA loans. Would investors be interested in this sort of structure, where the fund is writing a number of $1-5mm checks into small entities, while gaining the upside of equity on these investments? I have a background in both credit and equity investing in the ETA space and thinking this could be a structure that fills a gap in the market. Risks are managing a larger pool of small investments, managing the entities that don't perform and taking action to protect investor capital if needed. Interested in hearing community feedback.