We live in a city that has many nicknames and let's face it, with everything that happens here, it's pretty easy to come up with new nicknames.
We found that interest rates for small business loans from banks generally range between 6 and 13 percent, depending on the size of the loan and the risk factor of your business. No matter the size of your business, thereâs always interest rates on loans. This is so the bank earn a profit and cover their overhead.
The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money.The APR reflects not only the interest rate but also the points, mortgage broker fees, and other charges that you have to pay to get the loan. For that reason, your APR is usually higher than your interest rate.Tip: Take care when comparing the APRs of adjustable-rate loans.he interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money.