Current SBA loan rates: 7(a), 504, Express and microloans

The prime rate today

7.00 percent. The Wall Street Journal prime rate, as carried in the Federal Reserve's H.15 release, was 7.00 percent on the latest day reported before 11 October 2026. Most SBA 7(a) loans are priced as prime plus a spread, so this number moves every 7(a) payment in the country when it changes.

SBA 7(a) maximum rates this month

The SBA caps the spread a lender may charge over the base rate, by loan size. At a 7.00 percent prime rate the variable-rate maximums are:

Fixed-rate 7(a) loans carry a higher cap: the base rate plus 8.0, 7.0, 6.0, 5.0 points for loans of $25,000 or less, $25,001 to $50,000, $50,001 to $250,000 and more than $250,000, which at today's prime is 15.00 percent, 14.00 percent, 13.00 percent, 12.00 percent. Lenders may also price off the SBA's optional peg rate instead of prime. These are ceilings, not typical prices: a strong file on a larger loan is often quoted below the cap.

SBA 504 rates this month

The 504 debenture rate is fixed for the life of the loan and set each month when the debentures are sold, tied to Treasury yields plus a spread and the program's servicing fees. From the pricing completed on 8 October 2026, as published by a Certified Development Company:

The bank portion of a 504, about half the project, is priced separately by the bank and may be fixed or variable; the blended rate is what you actually pay. The lower manufacturing and rural rates reflect fee waivers in the current fiscal year. Confirm whether a quoted figure includes servicing fees with your CDC.

SBA Express and microloan rates

SBA Express loans allow a higher spread than a standard 7(a): prime plus 6.5 percent on loans of $50,000 or less and prime plus 4.5 percent above that, which at today's prime is 13.50 percent and 11.50 percent. Microloans, up to $50,000 through nonprofit intermediary lenders, are priced by each intermediary, commonly 8 to 13 percent, set by each nonprofit intermediary within an SBA cap over its own cost of funds.

What you will actually pay

The rate is the start. On a 7(a), add the upfront guarantee fee on the guaranteed portion (2.0 percent up to $150,000, 3.0 percent to $700,000, 3.5 percent above, for loans approved from 1 October 2026), any packaging or closing fees the lender charges, and the lender's own spread within the cap. On a variable loan, the payment moves with prime: a point of prime on a $350,000 ten-year loan is about $180 a month. On a 504, add the bank portion's rate and the CDC's processing fee. Ask for the rate, the spread, whether it is fixed or variable, and every fee, in writing, and compare offers on the total cost over the term. The SBA loan calculator runs the payment and the fee estimate at any rate.

Will SBA rates go down

Nobody can promise it. 7(a) rates follow the prime rate, which follows the Federal Reserve's policy rate, and 504 rates follow Treasury yields. If you expect rates to fall, a variable 7(a) follows them down; a fixed 504 debenture does not, but it also cannot rise. This page is updated at the start of each month with the current figures; the date at the top says when.