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Banks use benchmarks to calculate interest rates on small business loans. The annual percentage rate or APR is usually based on the prime interest rate.
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The average interest rate for a small business loan depends upon a number of factors. One factor is the size of the loan. For example, loans under $100,000 …
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Our Best Loan Rates. Effective September 1, 2015 Rates and terms subject to change without notice on new loans. PLEASE NOTE: Loan rates shown reflect our best rates.
Effective Interest Rate on a one Year Loan If you borrow $1000 from a bank for one year and have to pay $60 in interest for that year, your stated interest rate is 6%.
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Small businesses have a better bet seeking loans with small banks than with big ones. Small business loan approval drops to 18.8 percent at big banks in March.