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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsTo compare U.S. small-business loan offers, look beyond the interest rate: compare how much cash you will actually receive, every borrower-paid fee, the payment schedule, total scheduled repayment, and the contract conditions that affect repayment. Use the same borrowing amount, purpose, funding date, and repayment horizon for each offer. SBA program terms can help explain SBA-backed loans, but they are not universal rules or prices for every commercial loan.
Start with offers that fund the same need
Before comparing prices, make sure each offer could serve the same business purpose. A term loan, revolving line of credit, SBA-backed loan, and microloan can differ in eligibility, how funds are disbursed, maturity, and repayment structure. A smaller payment does not necessarily mean a cheaper loan if it reflects a longer term or a different payment structure.
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For each lender, use the same requested amount, intended use, expected funding date, and desired repayment horizon. The SBA recommends deciding how much you need and what you will use it for before approaching lenders. Ask the lender to identify any difference between the face amount borrowed and the cash available to use: fees paid at closing may be deducted from proceeds or paid separately. SBA Lender Match also recommends comparing rates, terms, and fees.
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Fill this worksheet from each lender’s written offer and repayment schedule. If a number cannot be derived from those documents, ask the lender to explain it in writing rather than estimating.
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| Compare | Record for each offer |
|---|---|
| Loan amount and proceeds | Offered principal; fees deducted from the advance; net amount available to use; whether fees are paid separately. |
| Interest rate | Quoted rate; fixed or variable; for a variable rate, benchmark, margin, reset frequency, and any floor or cap. |
| Fees | Every one-time and recurring borrower-paid fee, its amount, when it is due, and whether it reduces proceeds. |
| Payments and term | Payment amount and frequency; amortization; any interest-only period; maturity date; and any balloon payment. |
| Total scheduled repayment | Total of payments due under the written schedule over the offered term, with the assumptions used for any variable-rate estimate stated clearly. |
| Repayment conditions | Grace period, prepayment terms, collateral, personal guarantee, covenants, default triggers, and any demand clause. |
| Access and eligibility | Expected funding timing, eligibility conditions, and, for a credit line, draw and renewal terms. |
Do not label a comparison figure “APR” unless you know how it was calculated and which costs it includes. The available SBA guidance does not establish one universal APR disclosure rule for all commercial small-business loans.
Compare the rate and all-in cash cost separately
A lower stated rate alone does not prove an offer costs less. Compare the interest rate alongside borrower-paid charges, net proceeds, and total scheduled payments. A fee deducted at closing means less usable cash than the face amount suggests; a fee paid separately changes the cash needed to close. Ask the lender to show its fee treatment and payment schedule in writing.
Keep the quoted schedule distinct from any estimate you calculate. For a variable-rate loan, a total based on today’s payment is not a guaranteed repayment total if later rate resets can change payments. Request the assumptions behind any projected total and ask how a rate change affects the payment, term, or both.
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Understand fixed and variable rates
Fixed rate
A fixed rate stays constant, so the scheduled principal-and-interest payment generally stays the same under the loan schedule. That predictability can make cash-flow planning easier, though it does not by itself establish that the offer is less expensive.
Variable rate
A variable rate can change as its benchmark changes, and the payment may change as well. Before comparing a variable-rate offer with a fixed one, ask what index or benchmark it uses, the margin added to it, how often the rate resets, whether a floor or cap applies, and how a reset affects payment amount or loan term. These mechanics determine how much payment uncertainty the business is accepting.
For SBA 7(a) loans, the SBA says rates are negotiated between borrower and lender but subject to program maximums, and may be fixed or variable. Its current lender guidance, accessed October 7, 2026, sets variable-rate maximums by loan size as follows; these are SBA program limits, not a quote or typical market rate:
| 7(a) loan amount | Maximum variable rate in SBA guidance |
|---|---|
| $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% |
| More than $350,000 | Base rate plus 3.0% |
Check the SBA’s current lender program guidance for applicable rules and confirm the proposed terms with the lender.
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Read the payment schedule, term and maturity together
Payment size is only one part of the comparison. A longer term can reduce each installment while keeping the business in debt longer and increasing the number of scheduled payments. Compare the actual payment frequency, amortization, maturity, and total due over the offered term—not just the first installment.
Most SBA 7(a) term loans are repaid monthly from business cash flow. The SBA says fixed-rate payments remain the same, while variable-rate payment amounts may change when the rate changes. For 7(a) loans, the general maturity is the shortest appropriate term based on repayment ability, usually 10 years or less unless the financing includes real estate or longer-lived equipment; the general maximum is 25 years, subject to program details. These are 7(a)-specific guidelines, not standards for every business loan. See the SBA’s 7(a) loan information.
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For a line of credit, also check how and when draws are repaid, when the line expires or renews, and whether renewal is automatic. For any product, identify interest-only periods, balloon payments, and circumstances in which the lender can demand repayment before the stated maturity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Account for fees and program-specific rules
Ask for an itemized list of borrower-paid charges, including when each is due and whether it is added to the balance, paid separately, or deducted from proceeds. SBA 7(a) fee treatment is program-specific: the lender pays an upfront SBA 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. Because charges depend on the applicable program rules and year, consult the current FY 2027 notice and ask the lender which fees apply to the specific offer instead of relying on an older fee schedule.
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SBA microloans have different terms and are made through SBA-approved intermediaries. The SBA reports a maximum loan of $50,000, an average loan of about $13,000, a general interest range of 8%–13%, and a maximum repayment term of seven years. Those figures are the SBA’s general microloan information, accessed October 7, 2026—not market-wide statistics or an individual quote. Terms vary by amount, planned use, lender requirements, and borrower needs. See the SBA’s Microloans page.
Check what can change or accelerate repayment
A loan’s practical cost and risk also depend on contract conditions. Ask the lender to point out the exact clauses covering:
- Prepayment: Whether paying early triggers a penalty, how it is calculated, and when it applies.
- Grace period: Whether any period applies before a payment is due and what obligations still apply during it.
- Collateral and guarantees: Which business or personal assets secure the loan and who must guarantee repayment.
- Covenants and default: What financial or operational requirements apply and what failure counts as a default.
- Demand and balloon provisions: Whether the lender can require full repayment early, or whether a large payment is due at maturity.
The SBA specifically recommends asking about prepayment penalties, grace periods, and when a lender can demand full repayment. For SBA 7(a) loans with a maturity of 15 years or more, SBA guidance describes a prepayment penalty when at least 25% of the outstanding balance is prepaid within the first three years after the first disbursement: 5% in year one, 3% in year two, and 1% in year three, applied to the prepayment amount. Confirm that this rule applies to the particular loan and verify the current terms with the lender.
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Use lender resources without mistaking a match for an offer
The SBA’s Lender Match is a free process that connects a business with interested participating lenders. It is not a loan application and does not guarantee that the business will receive a match or an offer. If using it, treat any lender response as a starting point: compare the resulting written offers using the same amount, proceeds, rates, fees, schedule, and contract-condition checks.
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