What rate are SBA borrowers really getting?
Not the advertised maximum. The actual rate on every SBA loan approved last quarter, by lender, industry and state. See what deals like yours got, then check your rate.
See what SBA loans went for
FreeLast quarter, SBA approved 15,306 7(a) loans. The average rate:
Bigger loans get better rates. Loans $150K and under averaged prime + 3.33%; loans over $1M, prime + 1.43%. That’s why Step 2 compares you with loans your size.
Last quarter, SBA approved 1,616 504 projects averaging $2.66M of financing. The SBA rate from November’s sale:
NADCO works out the full-term effective rate from these parts; it isn’t a simple sum.
Source: Eagle Compliance, “November 2026 Funding Rates”. Rates are set by SBA’s fiscal agent, Eagle Compliance, at each monthly sale.
Narrow it to deals like yours · lender, industry, state, or any mix
All SBA 7(a) loans, last three years
SBA 7(a)Top lenders, last quarter
| Lender | Loans | Avg rate | Spread |
|---|---|---|---|
| Newtek Bank | 1,193 | 11.19% | +4.41% |
| Northeast Bank (ME) | 954 | 9.86% | +3.07% |
| U.S. Bank, Lowest spread | 861 | 8.83% | +2.02% |
| Live Oak Banking Company | 847 | 9.01% | +2.20% |
| Manufacturers and Traders Trust Company | 806 | 10.52% | +3.70% |
Tap a lender to see its loans.
Source: SBA 7(a) loan data, as of September 30, 2026. Rate is the loan’s starting rate at approval; spread is that rate minus the prime rate on the approval date (prime is 7.00% today). A quarter needs 5 loans to plot and 10 for the headline; a lender needs 5 loans to be listed.
Got a rate from a lender? See how it stacks up.
Lenders price SBA loans as prime plus a spread. Enter yours and we’ll compare it with loans your size, from every 7(a) loan last quarter. Prime is 7.00% today.
The lower the rate, the lower the chance of default.
Lenders price risk into the rate. Of SBA loans over $350K approved in 2020–2022, the highest-priced 25% by spread have been charged off five times as often as the lowest-priced 25%. Do the research: get the best rate, pick the right lender, and protect your personal guarantee.
See what insuring it costs →SBA loan rates, July–September 2026
The average SBA 7(a) loan approved July–September 2026 carried a 9.29% rate, or prime + 2.47%, across 15,306 loans. That’s below the SBA maximum rates most sites list as current rates: 10.00% to 13.50% for a variable-rate 7(a) loan today, depending on its size.
Updated November 10, 2026 · SBA loan data as of September 30, 2026
SBA maximum rates vs. what borrowers paid
SBA caps how far over prime a lender can price a 7(a) loan, by its size. In every size band, last quarter’s loans averaged well under the cap.
| Loan size | SBA maximum | Borrowers paid |
|---|---|---|
| Up to $50K 2,908 loans | prime + 6.50% 13.50% today | prime + 3.83% 10.63% average |
| $50K–$250K 4,688 loans | prime + 6.00% 13.00% today | prime + 2.73% 9.54% average |
| $250K–$350K 1,738 loans | prime + 4.50% 11.50% today | prime + 2.51% 9.32% average |
| Over $350K 5,972 loans | prime + 3.00% 10.00% today | prime + 1.59% 8.42% average |
SBA maximums for variable-rate 7(a) loans, from SBA’s 7(a) loan terms. Borrowers paid: every 7(a) loan approved July–September 2026, fixed-rate loans included, by amount.
SBA loan rates by lender
The 10 lenders that made the most 7(a) loans July–September 2026, and what their loans averaged.
| Lender | Loans | Avg rate | Spread |
|---|---|---|---|
| Newtek Bank | 1,193 | 11.19% | +4.41% |
| Northeast Bank (ME) | 954 | 9.86% | +3.07% |
| U.S. Bank | 861 | 8.83% | +2.02% |
| Live Oak Banking Company | 847 | 9.01% | +2.20% |
| Manufacturers and Traders Trust Company | 806 | 10.52% | +3.70% |
| The Huntington National Bank | 635 | 9.05% | +2.23% |
| TD Bank | 461 | 8.92% | +2.12% |
| Zions Bancorporation | 331 | 8.79% | +1.91% |
| Readycap Lending, LLC | 328 | 11.39% | +4.59% |
| Lendistry SBLC, LLC | 238 | 10.20% | +3.40% |
Ranked by loans approved. To see one lender’s loans, pick it in Step 1.
SBA 7(a) rates by quarter
The average rate went from 11.16% (Oct–Dec 2023) to 9.29% (Jul–Sep 2026), mostly because prime fell. The average spread stayed between prime + 2.47% and prime + 2.86%.
| Quarter | Avg rate | Spread | Loans |
|---|---|---|---|
| Jul–Sep 2026 | 9.29% | +2.47% | 15,306 |
| Apr–Jun 2026 | 9.45% | +2.70% | 14,356 |
| Jan–Mar 2026 | 9.49% | +2.74% | 16,114 |
| Oct–Dec 2025 | 9.79% | +2.86% | 10,352 |
| Jul–Sep 2025 | 10.16% | +2.72% | 16,807 |
| Apr–Jun 2025 | 10.30% | +2.80% | 18,335 |
| Jan–Mar 2025 | 10.18% | +2.68% | 22,935 |
| Oct–Dec 2024 | 10.61% | +2.78% | 19,995 |
| Jul–Sep 2024 | 11.05% | +2.63% | 20,375 |
| Apr–Jun 2024 | 11.15% | +2.65% | 18,542 |
| Jan–Mar 2024 | 11.18% | +2.68% | 16,784 |
| Oct–Dec 2023 | 11.16% | +2.66% | 14,540 |
Every 7(a) loan SBA approved, by quarter of approval.
SBA 504 loan rate, November 2026
6.584% for a 25-year loan, fixed for the life of the loan. That’s the full-term effective rate on the SBA part of a 504 project (43% of the financing on last quarter’s projects), set at SBA’s November 2026 debenture sale. The bank’s first mortgage has its own rate.
How the rate is built
| Part | Rate |
|---|---|
| 10-year Treasury yield | 4.870% |
| Spread to Treasury | 0.580% |
| Debenture rate | 5.450% |
| Borrower note rate (monthly) | 5.505% |
| SBA ongoing guarantee fee | 0.209% |
| Central servicing agent fee | 0.100% |
| CDC servicing fee (minimum) | 0.625% |
| Full-term effective rate | 6.584% |
Source: Eagle Compliance, “November 2026 Funding Rates”. The effective rate is worked out from these parts over the life of the loan; it isn’t a simple sum.
Top 504 banks, July–September 2026
| Bank | Projects | Avg bank loan |
|---|---|---|
| Bank of America | 64 | $1.59M |
| Harvest Commercial Capital, LLC | 61 | $1.33M |
| JPMorgan Chase Bank | 52 | $1.23M |
| First-Citizens Bank & Trust Company | 49 | $1.74M |
| M&T Bank Corporation | 20 | $1.00M |
Top CDCs, July–September 2026
| CDC | Projects | Avg SBA part |
|---|---|---|
| The Mortgage Capital Development Corporation | 117 | $1.53M |
| Florida Business Development Corporation | 101 | $923K |
| Business Finance Capital | 94 | $1.34M |
| Florida First Capital Finance Corporation | 86 | $1.12M |
| California Statewide Certified Development Corporation | 74 | $1.32M |
SBA loan rate questions
What is the interest rate on an SBA loan?
SBA 7(a) loans approved July–September 2026 averaged 9.29%, or prime + 2.47%, across 15,306 loans. The lender sets the rate, up to SBA’s maximum for the loan’s size. SBA 504 loans from the November 2026 sale carry 6.584% for 25 years, fixed.
What do most SBA borrowers actually pay?
The typical 7(a) loan last quarter was priced at prime + 2.50%, and eight in ten were between prime + 0.75% and prime + 4.50%. Bigger loans pay less: loans over $1M averaged prime + 1.43%, and loans $150K and under prime + 3.33%.
What is the SBA 7(a) maximum rate?
For a variable-rate 7(a) loan, SBA caps the rate at prime + 6.5% for $50,000 or less, prime + 6.0% for $50,001 to $250,000, prime + 4.5% for $250,001 to $350,000 and prime + 3.0% above $350,000. With prime at 7.00%, that’s 13.50% down to 10.00%. SBA sets separate maximums for fixed-rate loans.
Why do SBA rates look so high?
Many rate pages show SBA’s maximum rates, 10.00% to 13.50% for a variable-rate loan today, as if they were the going rate. Borrowers paid less: 9.29% on average last quarter, and 8.42% on loans over $350K.
What is the SBA 504 rate this month?
The latest SBA 504 rate, from SBA’s November 2026 debenture sale, is 6.584% for a 25-year loan, fixed for the life of the loan: a 5.450% debenture rate plus SBA, servicing agent and CDC fees. It covers the SBA part of a 504 project; the bank’s first mortgage has its own rate.
How are SBA loan rates set?
A 7(a) rate is prime plus a spread the lender sets, up to SBA’s maximum for the loan’s size. Most are variable and move with prime; 13% of last quarter’s 7(a) loans had a fixed rate. A 504 loan’s SBA part is fixed at a monthly bond sale, and the bank part is negotiated.
Does the rate affect default risk?
Yes. Of SBA 7(a) loans over $350K approved FY2020–FY2022, the highest-priced 25% by spread have been charged off 5.7 times as often as the lowest-priced 25% (2.0% vs. 0.4%; 9.8% vs. 1.8% for loans of $350K and under). See SBA loan default rates by industry.
Sources and method
Every number here comes from SBA’s loan-level 7(a) and 504 data, as of September 30, 2026: a loan’s rate is its rate at approval, and its spread is that rate minus the prime rate on its approval date (Federal Reserve, via FRED). An average needs at least 10 loans and a lender at least 5, and fixed-rate loans (13% of last quarter’s) are included. The 7(a) numbers update quarterly, when SBA posts new loan data, and the 504 rate monthly, after each SBA debenture sale.