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Annual fee. Some lenders charge a fee each year for business lines of credit to keep them active. Application fee. You may be charged this fee to submit an application for the loan.
Amount borrowed. Amount guaranteed by the SBA. Fee for loans 12 months or less. Fee for loans more than 12 months. $0 to $150,000. 85%. None. None. $150,001 to $500,000
When nonemployer businesses need funding, these businesses tend to apply for business loans (37 percent), lines of credit (36 percent) and SBA loans (23 percent), according to the 2022 Small ...
Loan type. Typical amount. Purpose. How it works. Term loan. $1,000 to $1 million. Highly versatile; can be used for equipment, real estate, working capital and more
Lender. Average small business loan amount. Bank loans (large national bank) $593,000. Bank loans (small regional bank) $146,000. SBA 7(a) loan. $479,685
Bankrate insight. If you borrow $150,000 with strong credit at an 8 percent APR for five years, your monthly payment would be $3,041.46, with a total interest cost of $32,487.55.