Split on SBA loans versus private investors after that coffee shop pitch

A guy in Portland tried to fund his bakery with a $180k SBA loan, and I argued he should chase two private backers instead. He said, 'bank debt keeps me honest, investors just want a story.' I've seen both go sideways, the SBA paperwork crushed a plumbing biz I knew, but a friend's startup got steamrolled by an investor who wanted fast exits. Which side has held up better in your own experience, low-interest debt or equity partners?

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