What is the average interest rate for SBA loans?

Unfortunately, there is no true average for SBA loan interest rates. Your interest rate will vary based on your loan type, lender, whether it is fixed or variable, and your creditworthiness, among other factors. 

What are the average closing costs for SBA loans?

SBA loans will vary in the fees they charge, but the goal of the SBA is to keep costs low in order to support struggling businesses. Most of them will charge guaranty fees, with some lenders charging additional fees. You can find a full list of fees here.

Are SBA loan rates fixed?

While some SBA loans come with fixed rates, some have variable rates. What type of rate your loan has will depend on the type of loan that you take out.

Are SBA loans interest only?

No, SBA loans are not interest only. That said, eligible business owners who need more time to raise the capital needed to make full loan payments, can request that the loan is established with them during eligible periods.

About the Authors

Christopher Murray

Written by: Christopher Murray

Personal Finance Expert

Christopher Murray is a professional personal finance and sustainability writer and editor who enjoys writing about everything from budgeting and saving to unique investing options like SRI and cryptocurrency.

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Chip Stapleton

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Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. He has 8 years of experience in finance, from financial planning and wealth management to corporate finance and FP&A.

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Kal Salem

Fact checked by: Kal Salem

CPA, PMP and Finance Consultant

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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