Understand your loan rates & fees options

The SBA sets SBA 7(a) loan interest rate maximum guidelines for lenders, which helps keep borrowing costs low. Rates vary based on several factors including the amount being borrowed and the business owner's credit scores. The maximum interest rates for SBA 7(a) loans are typically based on a set amount above the Prime Rate. If the Prime Rate changes, so will the interest rates on these loans. SBA 7(a) loans under $500,000 offered by SmartBiz Bank are variable rate loans which means that as Prime Rate decreases, the interest rate on the loan will decrease (or increase if Prime Rate increases).

You can see the full list of SBA loan eligibility requirements here.

When you choose SmartBiz to apply for an SBA loan, we help you assemble and complete the appropriate documents required to complete the application for these loans. You’ll be matched to apply through SmartBiz Bank directly, or through a lender in our network.

Fees for SBA loans from SmartBiz Bank for $500,000 or less typically include:

• SBA Guarantee Fees - depending on loan size either 1.7% or 2.25% of the loan amount.
• Packaging Fees (a one-time packaging fee of $2,500)
• Closing costs typically add about another $600 and include standard bank fees through additional third-party report charges that may apply.

Working Capital and Debt Refinance loans through SmartBiz Bank have no prepayment penalties. You can pay off your loan at any time with no additional cost.  However, commercial real estate loans typically do have prepayment penalties.

Fees are an estimate and the actual amounts may vary.  Fees from SmartBiz Bank may not be the same as fees from other lenders in the SmartBiz network.  Fees are usually deducted from loan proceeds so you get the net amount when your loan is funded.