I live in Iowa, and I want to get a small business loan to start a business. I need $5000. What...
interest rate can I expect? What will my payments be?
Micro loans from the Small Business Administration can vary from 8% to 13% over a six year period. Go to bankrate.com to use a calculator and figure out interest and payments.
For $ 5,000 over six years at 8%, I plugged in the figures in Bankrate.com and it came to $ 87 a month + change.
Check with SCORE or business development centers in your area to learn more about small business loans that are right for you.
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