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.
The average interest rate for small business loans varies depending on the type of loan product and the type of lender. Loans from traditional lenders, such as banks or credit unions, can have APRs ranging from 5% to 13%, while alternative or online loans can have APRs ranging from 6% to over 100%.