Let’s talk about SBA loan interest rates. Since capital for SBA 7(a) loans is issued via banks, credit unions, and lenders, one question that comes up a lot is if the lender choose the interest rate of SBA loans?
The answer is yes. However, only up to a maximum established by the SBA. Let’s explore this further.
SBA 7(a) loans are priced with a base rate, like WSJ Prime, plus a surcharge chosen by the issuing lender. The SBA sets a maximum for these surcharges, which are:
Loan Amount | Maximum Per SBA | SBA 7(a) via NEWITY* |
$50,000 or less | Base rate plus 6.5% | WSJ Prime + 2.75% |
$50,001 to $250,000 | Base rate plus 6.0% | WSJ Prime + 2.75% |
$250,001 to $350,000 | Base rate plus 4.5% | WSJ Prime + 2.75% |
Greater than $350,000 | Base rate plus 3.0% | WSJ Prime + 2.75% |
At NEWITY, we’re focused on helping your small business access affordable capital with competitive SBA loan interest rates. Our simple application will determine your eligibility for an SBA loan in less than 10 minutes and will not impact your credit score.
We’ve made it easier than ever before to help you access the capital your business needs to thrive. With NEWITY, getting the funds you needs happens 3x faster than the national average. Learn more about our streamlined application process, as well as all of the different ways you can use an SBA 7(a) loan to assist your business.
