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Rates current as of November 2023; calculated with current prime rate of 8.50%. Longer repayment terms. With SBA loans, you have longer to pay off the loan than most business loans.
SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
Lender. Loan type. Loan amounts. Bankrate score. SBA. SBA. Up to $5.5 million. 4.8. Funding Circle. Long-term loan. $25,000 to $500,000. 4.6. Fundible. Business line ...
One of the best aspects of these loans is that interest rates begin as low as 11.5% for an SBA loan greater than $350,000. These favorable rates mean you'll save a substantial amount of money over ...
Loan type. Description. Term loans. A loan used for various business expenses that is repaid according to a fixed schedule. Microloans. A small business loan of $500 to $50,000 provided by a local ...
You can get a small business loan with a FICO Score of less than 670. But you may end up settling for high interest rates or a bad credit business loan, even if you technically have fair credit.
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