Loans backed by the Small Business Administration come with some of the lowest interest rates you’ll find on the market. These small-business loans are also more difficult to qualify for because “We’re from the government, and we’re here to make things easier” is a sentence you’re as likely to hear as “Full disclosure on UFOs, Bigfoot, and the current whereabouts of Elvis coming right up.”
SBA business loans require your business to be operational for at least two years and profitable enough to show $100,000 in revenue within the last 12 months. Also, business owners will need a personal FICO credit score no lower than 680 to take advantage of those sought-after SBA loan interest rates. Though factors like the general state of the US economy and the confidence of lenders figure in, there’s a solid correlation between higher credit scores and lower interest rates.