We live in a city that has many nicknames and let's face it, with everything that happens here, it's pretty easy to come up with new nicknames.
We found that interest rates for small business loans from banks generally range between 6 and 13 percent, depending on the size of the loan and the risk factor of your business. No matter the size of your business, thereâs always interest rates on loans. This is so the bank earn a profit and cover their overhead.
With a variable rate SBA 7A Loan, as market interest rates rise so will the rate on the loan. Letâs take the example of a 10-year loan for $50,000 with interest rates rising by 2%. The maximum interest rate on the loan currently would be 7.75%, with a monthly payment of $600 per month.