I have a project for my Intro to Business class and I need to know what the current interest rate for a small business loan is ($500,000) and I need the site the information can be found for reference. Please help, I have been everywhere here on the net and can't find it.
Thanks in advance....
2007-02-12 03:06:30 · 0 answers · asked by Feeling Froggy 3 in Education & Reference ➔ Homework Help
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%.
2007-02-12 04:02:04 · answer #1 · answered by SA Writer 6 · 0⤊ 0⤋
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RE :What is the current interest rate for small business loan in Michigan?
I have a project for my Intro to Business class and I need to know what the current interest rate for a small business loan is ($500,000) and I need the site the information can be found for reference. Please help, I have been everywhere here on the net and can't find it.
Thanks in advance....
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2016-10-08 12:35:49 · answer #2 · answered by Buffy 6 · 0⤊ 0⤋
Interest rates may vary from one financial lender to another, also for banks- interest rates may varies. I’ve taken a loan from a lender- businesscapitalusa.com. I got $200000 loan with low interest rate. They’ll calculate interest rates as per your credit history & business growth.
2016-10-27 23:43:55 · answer #3 · answered by ? 1 · 0⤊ 0⤋
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2016-09-07 00:30:58 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Around 8.5% but varies depending on the security you have. May need to ask one of your local banks for reference information.
2007-02-12 03:16:46 · answer #5 · answered by John G 4 · 0⤊ 0⤋