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 on small business loan is often between six to eight percent at most banks. Loans less than $100,000 have an average business loan interest rate of seven to eight percent, while loans higher than that carry an interest rate between six and seven percent. However, some institutions will require business profits to be set aside, along with collateral and a significant down payment.