SBA Loan Rates and Fees
Understand your loan rates & fees options
Only takes 5 minutes and doesn't impact your credit score1
SBA loan interest rates
Loans offered through banks in the SmartBiz network have a variable interest rate based on the Prime Rate, plus 2.75% to 3.75%2 depending on the size of the loan.
| SBA 7(a) Loan Amount | Variable Interest Rate | |
| Working Capital & Debt Refinance Loans |
$30,000 to $150,000 |
12.25% (Prime Rate + 3.75%) |
| Working Capital & Debt Refinance Loans |
$150,001 to $500,000 |
11.25% (Prime Rate + 2.75%) |
The current Prime Rate is determined by market conditions and set by the Federal Reserve Board.. On top of this base rate, lenders can charge additional interest rates, subject to the caps set by the SBA.
How do rates vary?
The SBA sets SBA 7(a) loan interest rate guidelines for lenders, which helps keep borrowing costs low. Rates vary based on several factors including the amount being borrowed and the business owner's credit scores. The maximum interest rates are based on market interest rates. If market interest rates change, so will the maximum interest rates on these loans.
What prerequisites do you need to qualify for different rates?
You can see the full list of SBA loan eligibility requirements here.SBA loan fees
There are also several fees associated with SBA loans: some are charged directly by the SBA, while others are charged by lenders or agents to cover the costs of making and processing the loans. Like the interest rate, the SBA regulates what is the maximum that can be charged.
When you choose SmartBiz to apply for an SBA loan, we help you assemble and complete the appropriate documents required to complete the application for these loans. We then refer your application to a preferred SBA lending bank in our network that is most likely to approve your particular business. The SBA does not require the use of an Agent for Packaging Services or to refer a loan application in order to apply for an SBA loan. SmartBiz clients choose to use SmartBiz for a variety of reasons including making the application process less difficult and faster while also increasing the likelihood of finding a bank that says 'yes'.
Fees for working capital and debt refinance loans include:
| SBA 7(a) Loan Amount | SBA Fee |
| $500,000 or less | 0.00% |
| $500,001 to $5,000,000 | 0.55% of the guaranteed portion |
Exception: For 7(a) loans 0.00% and less in an eligible Rural Area or HUBZone the guarantee fee is reduced by about 67%.
Banks in the SmartBiz network typically charge a one-time packaging fee of no more than $2,500.
Bank closing costs for these types of SBA loans typically add about another $450 and include standard bank fees through additional third-party report charges that may apply.
Working Capital and Debt Refinance loans through banks in the SmartBiz network have no prepayment penalties. You can pay off your loan at any time with no additional cost.
Fees are an estimate and the actual amounts may vary. Fees are usually deducted from loan proceeds so you get the net amount when your loan is funded
Learn more about SBA loans
Start here and discover more about SBA loans and how they help small businesses.
Learn about SBA loan guidelines and the approval process before applying to ensure a fast turnaround of your application.
Find out which types of businesses can be eligible for an SBA loan from banks in the SmartBiz network.
How you can use SBA loan proceeds to save money and grow your small business.
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1. We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and happens after your application is in the funding process and matched with a lender who is likely to fund your loan.
2. SBA loans offered from banks in the SmartBiz lending network have a variable rate of Prime Rate plus 1.5% to 3.75%.