SBA loan calculator

Try our free SBA 504, 7(a) and microloan calculators to see what payment terms work best for your business

SBA loan calculator

Try our free SBA 504, 7(a) and microloan calculators to see what payment terms work best for your business

What exactly is Ramp?

Ramp is an all-in-one card, bill pay, and expense management solution. We simplify how your company spends money and highlight wasteful spend. Duplicate software licenses, monthly plans you should switch to annual, over $350,000 in pre-negotiated partner discounts – all designed to save you time & money.

Calculate SBA Loan Payment

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Optional - only applies to SBA 504 loans
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Your monthly payment will be over months, totaling . This represents in total interest.
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What is an SBA loan?

An SBA loan is a loan for small businesses guaranteed by the U.S. Small Business Administration (SBA), and issued by participating lenders, usually banks and credit unions. SBA loans typically offer favorable terms to borrowers, making them a great option for businesses who are eligible. 

What are the most common types of SBA loans?

There are various types of SBA loans, but the most common are SBA 7(a) loans, 504 loans, and Microloans.

  • SBA 7(a) loans: 7a loans are the most common type of SBA loan, and are designed to provide financial assistance to small businesses that are creditworthy but cannot qualify for a conventional loan.
  • SBA 504 loans: SBA 504 loans provide long-term, fixed rate financing for fixed assets such as real estate and large equipment. They are designed to promote business growth and job creation through the purchase or improvement of these fixed assets.
  • SBA Microloans: The SBA Microloan program provides small loans of up to $50,000 to help small businesses start up and expand.

What is a standard interest rate for an SBA loan?

Standard interest rates vary by the type of SBA loan. As of October 15, 2022, SBA loan rates are:

  • SBA 7(a) loan rates: 8.5% - 11% 
  • SBA 504 loan rates: 5.3% - 5.5% 
  • SBA Microloan rates: 6% - 9%

What is the standard duration of a small business loan?

While businesses should choose the payment terms that make the most sense for them, they should be aware of the term lengths for each type of loan.

  • SBA 7(a) term lengths: Up to 10 or 25 years, depending on the use of the loan
  • SBA 504 term lengths: Up to 10, 20, or 25 years depending on the use of the loan
  • SBA Microloan term lengths: Up to 6 years 

What is the best way to get an SBA loan?

Once you determine the type of SBA loan that best suits your business needs, you should ensure you meet the eligibility requirements and gather all the necessary application documentation. From there, you can find an SBA lender by visiting the SBA website, contacting one of the big-name US banks, or browsing online loan marketplaces. It is important to be diligent when evaluating lenders, and often best to work with lenders with strong track records within the SBA program.

The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.

FAQs

What are other helpful resources to learn more about SBA loans?
For additional information on SBA loan requirements, eligibility, duration, and more, you can visit the SBA loan website.
What are other common types of business loans?
Common business loan types include SBA loans, private loans, and conventional bank loans. You can learn more about each of these, and how to evaluate which one is right for you, using this overview.
How can Ramp help you grow your small business?
Over 10,000 businesses currently use Ramp to help save time and money. Learn more about how Ramp helps small businesses automate their spend, simplify expenses, manage invoices, and maximize savings here.

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