An SBA loan is a government-partnered small business loan. Despite common belief, the government doesn't directly provide the funds. Instead, it sets loan guidelines and guarantees a portion of these loans. This assurance reduces the risk for lenders in case of a default, making them more inclined to offer financial support to entrepreneurs like you.
SBA loan interest rates rank among the most competitive in the business world. These rates are tied to the prime rate, influenced by the Federal Funds Rate established by the Federal Reserve. Considering the historically low Federal Funds Rate (it peaked at 16.39% in 1981), opting for an SBA loan presents a significant opportunity to save money on interest for your business loan.
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