A small-business loan can help you accomplish important goals, such as expanding your inventory, buying equipment, renovating an existing building or purchasing a new one. Many banks offer these loans, with varying amounts, rates, fees and repayment terms. Comparing banks can help you find a small-business loan that aligns with your needs and budget.
Traditional institutions often offer lower interest rates than alternative online business lenders. While business loan rates change less often than other loan types, they are influenced by Federal Reserve policy. The Fed rate remains the same after the June meeting, so business loan rates are expected to remain rangebound for now. However, experts suggest rates might move higher later in the year.