SBA Loan Calculator – 7a, 504 Payment Calculator & Rates
When it comes to securing financing for your small business, understanding your loan payments and costs is crucial. GoSBA Loans offers a comprehensive SBA 7(a) business loan calculator to help you visualize your loan payments and create an amortization schedule.
Note: Estimated payments, not including taxes and insurance. Actual payments may vary.
Monthly SBA Loan Payment*
| Payment | Payment Amount | Principal | Interest | Balance |
|---|
Understanding Your Loan Payments
Our loan calculator allows you to enter different loan amounts, interest rates, and terms to estimate your monthly and yearly payments. It also provides an amortization table, showing how your loan balance will decrease over time.
Small Business Loans Rates and Terms Comparison
| Loan Type | Interest Rate | Loan Amount | Repayment Term |
| SBA 7(a) | 9.50% – 11.25% | $5,000 – $5 million | 7 – 25 years |
| SBA 504 | 8.50% ± 1% | $500,000 – $20 million | 10/20/25 years |
| SBA Express | 13.00% – 15.00% | $25,000 – $500,000 | 7 – 25 years |
Based on the current Prime Rate, 8.5%. Last updated Jul 3, 2024.
Current Index Rates
| Rate | Percentage |
| Federal Funds Rate | 5.33% |
| 30-Year Treasury | 4.53% |
| 10-Year Treasury | 4.36% |
| 7-Year Treasury | 4.33% |
| 5-Year Treasury | 4.33% |
| WSJ Prime | 8.5% |
| SOFR 30-day | 5.33% |
| SOFR 90-day | 5.35% |
Last updated: Jul 3, 2024.
Understanding SBA 7(a) Loans
The SBA 7(a) loan is a popular choice for small business owners due to its flexibility and favorable terms. The SBA guarantees a portion of the loan, reducing the risk for lenders and making it easier for businesses to qualify.
SBA 7(a) Quick Look
- Interest Rates: 9% to 11.50%
- Loan Amount: $50,000 to $5 million
- Loan Term: 10 to 25 years
- Recourse: Fully Recourse
- Amortization: Up to 25 years
What Are the Differences Between SBA Small Business Loan Options?
| Loan Name | Summary |
| SBA 7(a) Standard Loan | In five to 10 days, you can get a loan of up to $5 million. SBA guarantees 75% to 85% of this loan. |
| SBA 7(a) Small Loan | For loans of up to $350,000. |
| SBA 7(a) Express Loan | For loans under $500,000. Turnaround time within 36 hours. The SBA will only guarantee 50% of this loan. |
| SBA 7(a) 504 Loan | This loan is used for economic development and can’t be used for working capital or inventory. It often has a lower down payment and lower fees. |
| SBA 7(a) CAPLines Loan | This is a line of credit for businesses’ cyclical or short-term needs. |
| SBA Export Working Capital Program Loan | For businesses that can generate export sales and that need additional working capital to support these sales. |
| SBA Export Express Loan | This loan gives exporters a more efficient way to get financing backed by the SBA for loans and lines of credit of up to $500,000. |
| SBA Veterans Advantage Loan | For small business owners owned at least 51% by veterans. |
Who Qualifies for an SBA 7(a) Loan?
Eligibility is determined on a case-by-case basis, but generally, you will need to:
- Intend to do business in the United States
- Demonstrate a need for funding
- Have a legitimate business proposal
- Show efforts to fund your business through personal assets or other financial resources
- Meet the SBA’s size standards for a small business
How Can SBA 7(a) Loans Be Used?
SBA 7(a) loans can be used for a variety of business needs, including:
- Startup costs
- Buying a business
- Commercial real estate
- Working capital
- Equipment and supplies
- Refinancing debt
Maximum SBA 7(a) Loan Amount and Requirements
- Maximum Loan Amount: Up to $5 million, with the SBA guaranteeing up to $3.75 million.
- Down Payment Requirement: A minimum down payment of 10% is generally required.
Using the GoSBA Loan Calculator
Our business loan calculator is designed to help you understand your potential loan payments. By inputting your loan amount, interest rate, and term, you can see your monthly and yearly payments and how your loan balance will change over time.
Benefits of Using an SBA Loan Calculator
The SBA Loan Calculator is an essential tool for small business owners. It provides numerous benefits, including:
- Accurate Payment Estimates: Get a clear understanding of what your monthly payments will be, allowing you to budget accordingly.
- Amortization Schedule: View how much of your monthly payment goes toward interest versus principal, giving you insights into your loan’s progression.
- Easy Comparisons: Adjust the loan amount, interest rate, or repayment term to compare different financing options.
- Planning Ahead: Knowing your payment schedule helps you plan for future expenses, growth, and investment opportunities.
By using the GoSBA Loan Calculator, you can ensure that you are making the best financial decisions for your business.
Get a Free SBA Loan Quote
At GoSBA Loans, we make it easy to find out how much you can borrow with an SBA 7(a) loan. By filling out our form, you can receive an estimate and connect with qualified lenders. It’s free and comes with no obligation.
How to Get Started
- Step 1: Enter your loan details into our calculator, such as the loan amount, interest rate, and repayment term.
- Step 2: Review your estimated monthly payment and total financing cost.
- Step 3: Fill out our form to get matched with qualified SBA lenders in your area.
By following these simple steps, you can get a better understanding of your financing options and make an informed decision.
Speed Up the SBA Loan Approval Process
For faster approval, consider SBA Preferred or SBA Express lenders. While SBA Express loans have a maximum amount of $500,000, they offer quicker turnaround times. Here are some tips to speed up the approval process:
- Prepare Your Documents: Have all necessary documents ready, including financial statements, business plans, and tax returns.
- Work with Preferred Lenders: Preferred lenders have a streamlined process with the SBA, allowing for faster approval times.
- Maintain Good Credit: A strong credit history can significantly increase your chances of approval and shorten the timeline.
Related Questions
Can I Use the Business Loan Calculator for Different Types of Loans?
Yes, our loan calculator can estimate payments for various loans, including commercial real estate and equipment financing. It is versatile and can help you compare different loan types to determine which is best for your business needs.
How Can I Stay Updated on the Latest Interest Rates for Business Loans?
Visit our rates page for the most current information on business loan interest rates. We update this page regularly to help you make informed financing decisions. You can also subscribe to our newsletter to receive updates directly in your inbox.
What Are the Current SBA Loan Rates?
The current SBA loan rates vary depending on the type of loan. For SBA 7(a) loans, rates typically range from 9.50% to 11.25%. SBA 504 loans have rates starting at around 8.50%, and SBA Express loans have rates ranging from 13.00% to 15.00%. Rates are influenced by the WSJ Prime Rate, which is currently 8.5% as of July 2024.
Learn More and Get Financing Today
Subscribe to our newsletter for the latest updates and financing options. Get personalized quotes and access to thousands of lenders by applying through GoSBA Loans. Our team is dedicated to helping you find the best SBA loan for your business.
Whether you’re a startup looking for funding or an established business aiming to expand, our SBA loan calculator can help you estimate your payments and total financing costs before applying for an SBA loan. Take advantage of this powerful tool to make informed financial decisions.
Note: Estimated payments, not including taxes and insurance. Actual payments may vary.
Sounds great? Contact us and we’ll match you with the best SBA loan providers in your area.
