The U.S. Small Business Administration (SBA) offers several debt products that are considered among the best financing options for small businesses.
Before applying for an SBA loan, utilize the Lendzero SBA loan calculator to see your monthly payments. Insert the information below:
Use our SBA loan calculator to calculate the expenses of numerous types of SBA loans. For example, you can use our calculator as a:
The SBA loan calculator will show you the monthly payment. This is the exact amount you’ll need to repay each month in both interest and principal.
It should be straightforward to utilize our SBA loan calculator to compare all types of SBA debt. You’ll see a difference in loan amounts, interest rates and repayment terms.
To be clear, definitions are below.
Lenders have different types of fees and there are many factors they consider when it comes to determining the size of their fee for each loan.
For example, some may require a fee be paid based on the length of the repayment term. Other providers might charge one flat fee based on the interest rate. Finally, some might charge a fee based on a percent of the total loan amount.
In particular for SBA loans, lenders tend to pass on SBA guaranty fees to borrowers, except for veterans. These fees need to be paid upfront and the amount depends on the loan amount, loan type and term.
In addition, if you default or miss a payment, there will be an extra fee.
Lastly, some lenders may charge a maintenance fee if you have a credit line that is inactive.