Business loans provide capital for startups, expansion, or equipment, with costs depending on loan type, lender, and credit profile. SBA 7(a) loans in the US range from 6.00% to 13.00% APR, while term loans from banks and online lenders run 7.00% to 30.00%. Canadian business loans from major banks offer rates from 5.00% to 12.00%, with alternative lenders charging 10% to 35%.
| Item | Typical range |
|---|---|
| Typical APR Range | 6.00% - 30.00% |
| Average Loan Amount | $25,000 - $500,000 |
| Origination Fee | 0% - 8% |
| Repayment Term | 6 months - 25 years |
Interest Rates by Loan Type
SBA 7(a) loans have maximum rates of prime plus 2.75% to 4.75%, translating to roughly 11.00% to 13.00% APR. Online term loans from lenders like Kabbage or OnDeck charge 10% to 30% APR for short terms. Canadian bank loans for established businesses start at prime plus 1% (around 6.00%), while microloans from community lenders range from 8% to 15%.
Fees and Closing Costs
SBA loans include a guarantee fee of 0% to 3.75% of the guaranteed portion, plus packaging fees of $2,500 to $5,000. Online lenders often charge origination fees of 2% to 8% of the loan amount. Canadian business loans may have appraisal fees of $500 to $2,000 and legal fees of $1,000 to $3,000.
Loan Amounts and Terms
SBA 7(a) loans offer up to $5 million with terms of 10 to 25 years for real estate, 7 to 10 years for equipment. Online term loans typically range from $5,000 to $500,000 with 6 to 18 month terms. Canadian bank loans for small businesses average $50,000 to $500,000, with repayment periods of 1 to 10 years.
What moves the price in Connecticut
Business revenue and credit history determine the terms. Local quotes reflect the items below, so two providers can quote different totals for the same described job without either being wrong.
- Local labour rates and licensing requirements for the trade or professional involved
- Permits, inspections and disposal fees set by the local authority
- Travel and call-out charges for the distance from the nearest provider
- Season and demand peaks, which move both the price and the wait
- Materials, parts or inputs, and how their grade or availability changes the total
- Whether the work is a repair, a partial job or a full replacement
How to compare business loans quotes in Connecticut
Write the scope down first, then send the same description to at least three local providers. Compare the quotes line by line against that scope rather than by the headline total.
- Agree the scope: exactly what is being repaired, replaced or supplied, and how far the work extends.
- List the inclusions: labour, materials, permits, inspection fees, disposal and clean-up, each stated separately.
- Ask what is excluded, and what would trigger an extra charge once the work starts.
- Check timing: how soon work can start, how long it takes, and whether out-of-hours rates apply.
- Confirm terms: deposit, payment schedule, warranty on parts and labour, and how changes are priced.
A lower total that leaves out permits, disposal or a necessary second stage is not cheaper once those items are added back. Ask each provider in writing what would change the price.
This page does not quote work and is not a contractor. The range above is an estimate, not an offer.
Common questions
What moves the price of business loans in Connecticut?
Is the range on this page a quote?
How should I compare business loans quotes in Connecticut?
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