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What kind of interest rates do banks apply to small business loans?
Say the loan is $100,000 or so
By
Here Today
Posted on
04/18/07 Total Answers
4
Answers-
It all depends on your credit score and if your business plan is feasible.
Answer by :
Gerald S On Date
2007-04-18 13:04:40
most basicly put the prime rate prevails which is controlled by the federal reserve speak to the small business administration nd they can help stear you in the best direction...www.sba.gov also look into some grants just remember about the grants they want to know how you can help other people...www.benefits.gov
good luck!
Answer by :
KATHY On Date
2007-04-18 13:06:34
There are different factors considered for interest rates but typically for a new business, you could expect rates typical of SBA loan products which is prime (currently 8.25%) + 2.25% for a term less than 7 years or prime + 2.75% for a term 7 years or greater for loans above $50k. If your credit is excellent and you have great experience in the business, and/or you are a long-time customer of the bank and know a banker, than you definitely have room to negotiate. This is particularly true if you have been in business for a while.
Check out the business/commercial section of your bank's website for more information. The SBA has great information too.
Answer by :
yolandanichole On Date
2007-04-18 13:42:40
