Business Loan Calculator 2024
On average, small business loans are applied at an interest rate of between 4% and 6%. However, these rates vary from lender to lender.
- – National banks (large): Between 2.55% and 5.14%
- – National banks (small) and regional banks: Between 2.48% and 5.4%
- – Foreign banks: Between 1.45% and 5.66%
- – Online or alternative lenders: Between 13% and 71%
The standard rates applied by banks lie around 2% to 6%. That said, anything toward the lower end of this range can be considered a good interest rate.
However, applying to a bank that offers low interest rates for business loans does not necessarily guarantee you a low rate. These rates are also determined by factors such as the loan term, the loan amount, and your credit history.
