Related Post

Spread the word

Digg this post

Bookmark to delicious

Stumble the post

Add to your technorati favourite

Subscribes to this post

2 Comments Already

mygif
John G Said,
April 8th, 2010 @5:57 pm  

Around 8.5% but varies depending on the security you have. May need to ask one of your local banks for reference information.

mygif
SA Writer Said,
April 8th, 2010 @6:34 pm  

Small business loans are generally handled through the US Govt. Small Business Administration (SBA). The loan you are looking for is called a 7 (a) loan. The interest rate is tied to the prime interest rate as reported in the Wall Street Journal, and the term of the loan. If the loan is for less than 7 years the maximum interest rate is Prime plus 2.25%. If the loan is for 7 years or more the maximum interest rate is Prime plus 2.75%.

For example, the current reported WSJ prime rate is 8.25%. If you got a 15 year business loan for $500k the maximum interest the bank could charge for an SBA guaranteed loan would be 11.00%.

Leave Your Comments Below

Please Note: All comments will be hand modified by our authors so any unsuitable comments will be removed and you comments will be appreared after approved