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.
Interest rate and APR. An interest rate is the cost of borrowing the principal loan amount. It can be variable or fixed, but itâs always expressed as a percentage. An APR is a broader measure of the cost of a mortgage because it reflects the interest rate plus other costs such as broker fees, discount points and some closing costs, expressed as a percentage.