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To compare small-business loan offers, look beyond the advertised interest rate. Put the amount you can actually use, borrower-paid fees, rate structure, payment schedule, total scheduled repayment, and repayment conditions side by side. This guide covers U.S. small and midsize businesses; SBA program terms below apply to the named SBA-backed products, not every commercial loan.
Build a like-for-like comparison
Start with the same borrowing scenario for each lender: the amount needed, its business purpose, when funds are needed, and a repayment horizon that fits the business. SBA recommends deciding how much to borrow and how the funds will be used before approaching lenders (SBA Lender Match).
Use each offer document and its written payment schedule to fill in the comparison. If a lender does not provide a figure, ask for it rather than estimating from the headline rate.
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| Compare | Record | Why it matters |
|---|---|---|
| Loan amount and net proceeds | Face amount, fees deducted at funding, and cash available to use | Two loans with the same principal may deliver different usable amounts. |
| Rate | Stated rate; fixed or variable; for variable rates, benchmark, margin, reset frequency, floor and cap | The rate may change, and its quoted level alone does not show total cost. |
| Fees | Each borrower-paid one-time and recurring fee; whether paid upfront, financed or deducted | Fees affect both net proceeds and the amount repaid. |
| Payments and maturity | Payment amount and frequency, amortization, term, maturity, interest-only period, balloon, and line-of-credit renewal or draw terms | Payment size affects cash flow; term and repayment shape affect total scheduled payments and how long debt remains outstanding. |
| Repayment conditions | Grace period, prepayment terms, collateral, personal guarantee, covenants, default triggers and demand rights | These conditions can change the practical cost and flexibility of an offer. |
| Timing and eligibility | Expected funding date and conditions the business must meet | An offer is useful only if it can fund the need on workable terms. |
Ask each lender to reconcile any number that cannot be derived from its written schedule. Keep the assumptions the same across offers, including the date funds are needed and whether fees are paid separately or taken from proceeds.
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Compare total cost, not just the stated rate
A low rate does not necessarily mean a lower-cost loan. Compare the amount received with all scheduled payments and borrower-paid fees. Record the lender’s stated rate separately from any cost calculation you make; do not label a figure “APR” unless the calculation method and included costs are clear. The sources here do not establish one universal APR disclosure rule for all U.S. commercial small-business loans.
Ask the lender to provide, in writing, the net proceeds, itemized fees, payment schedule, and total scheduled repayment over the offered term. Check whether fees are paid out of pocket, added to the balance, or deducted before disbursement. A deduction can leave less usable cash even when the face amount remains unchanged.
Understand fixed and variable rates
Fixed-rate offers
A fixed rate does not change during the period for which it applies. SBA says payments on fixed-rate 7(a) loans stay the same because the interest rate is constant (SBA 7(a) loans). Confirm whether the whole term is fixed and whether the quoted payment includes principal, interest, and any other required charges.
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Variable-rate offers
A variable rate can change, and payment amounts may change when the rate resets. Ask what benchmark the lender uses, the margin added to it, how often it resets, whether a floor or cap applies, and whether a reset changes the payment, the term, or both. Compare the payment schedule under the offer’s current assumptions and ask how the lender handles a rate increase.
SBA 7(a) rates may be fixed or variable, and are negotiated between borrower and lender subject to SBA maximums. Current SBA lender guidance, accessed October 7, 2026, lists these maximum variable-rate spreads over the applicable base rate:
| SBA 7(a) loan amount | Maximum variable-rate spread |
|---|---|
| $50,000 or less | Base rate plus 6.5% |
| $50,001–$250,000 | Base rate plus 6.0% |
| $250,001–$350,000 | Base rate plus 4.5% |
| Above $350,000 | Base rate plus 3.0% |
These are SBA program ceilings, not an individual borrower’s rate quote or a description of rates across the small-business lending market. Check the current SBA lender guidance and the lender’s offer for the applicable terms.
Compare the payment schedule and term
Compare the complete schedule, not only the installment amount. Note how often payments are due, how much goes to principal and interest, when repayment starts, the maturity date, and whether any balloon payment is due. For a revolving line, record draw and renewal conditions as well as repayment requirements; its structure is not directly interchangeable with a term loan.
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Use the actual offered term to compare total scheduled payments. A smaller installment can result from stretching repayment over a longer period; it does not by itself establish that the offer costs less.
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Read fees and program-specific charges carefully
Separate lender fees from charges associated with a government-backed program. For 7(a) loans, SBA says the lender pays an upfront guaranty fee but may pass that cost to the borrower. The lender’s annual service fee is paid by the lender and cannot be charged to the borrower; other lender and agent charges are subject to SBA program rules.
The SBA’s FY 2027 7(a) fee notice took effect October 1, 2026, and was updated September 3, 2026. Check the FY 2027 fee notice and the lender’s written fee breakdown rather than relying on an older fee schedule. Program-specific fee rules should not be assumed to apply to non-SBA loans.
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Ask whether you can repay early without charge, whether a grace period applies, what collateral or personal guarantee is required, and which covenants or defaults could trigger consequences. Read the contract for any lender right to demand full repayment and for balloon-payment conditions. SBA specifically recommends asking about prepayment penalties, grace periods, and when a lender can demand full repayment (SBA Lender Match).
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For 7(a) loans with a maturity of 15 years or more, SBA describes a prepayment penalty when at least 25% of the outstanding balance is prepaid within the first three years after the first disbursement. The stated penalty is 5% in year one, 3% in year two, and 1% in year three, applied to the prepayment amount. Confirm that the rule applies to the specific loan and verify current terms with the lender (SBA lender resources).
Make sure the offers serve the same need
A term loan, revolving line of credit, SBA-backed loan, and microloan may differ in eligibility, how funds are disbursed, maturity, and repayment. First check that each can fund the same business purpose on the needed timeline; then compare the offer details that apply to that product.
For context, SBA’s Microloans page, accessed October 7, 2026, says SBA-approved intermediaries make microloans of up to $50,000. The page reports an average loan of about $13,000, a general interest range of 8%–13%, and a maximum repayment term of seven years. It says terms vary with the amount, planned use, lender requirements, and borrower needs. Those figures describe SBA’s microloan program information, not market-wide small-business loan statistics or a quote for a particular borrower (SBA Microloans).
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SBA Lender Match is a free process that can connect a business with interested participating lenders. SBA says it is not a loan application and does not guarantee a match or an offer. If you use it to find potential lenders, compare the resulting written offers using the same amount, fee, payment, term, and condition checklist rather than treating a match as a recommendation.
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