The median recorded starting rate on SBA acquisition loans fell from 10.50% in FY2024 to 8.75% in FY2026. The median recorded term held at 120 months in each of those years. Rate and term are separate dimensions of the same loans, and they did not move together in this snapshot.
Starting rates across three fiscal years
| Fiscal year | Loans with a rate | Median | Middle half |
|---|---|---|---|
| FY2024 | 6,053 | 10.50% | 9.50%–11.00% |
| FY2025 | 7,531 | 9.50% | 8.75%–10.25% |
| FY2026 | 7,183 | 8.75% | 8.15%–9.25% |
Two records lack a starting rate and are excluded from the rate calculations. The middle half runs from the 25th to the 75th percentile. The FY2026 upper quartile was below the FY2024 lower quartile, so the shift extends beyond the median. These are different sets of borrowers and transactions. The change cannot isolate the effects of benchmark rates, lender pricing, loan size or the mix of deals.
Loan size and maturity tell a different story
Pooling all three years, approvals below $500,000 and approvals from $500,000 to under $2 million both had a median starting rate of 9.50%. The median for approvals of $2 million or more was 9.00%. The three size groups each had a median term of 120 months. Pooling years also pools different rate environments, so the half-point gap does not tell you what one lender would quote for two otherwise identical loans.
In the full sample, 14,978 approvals recorded a 120-month term and 3,275 recorded 300 months. Those two durations account for about 88% of records. The public file does not let us attribute a specific term to the property or equipment inside each deal.
What to ask when you receive a quote
Ask whether the rate is fixed or variable, which benchmark and spread determine it, how often the rate can reset, and which fees are included in the quoted amount. Compare the term and costs using the same requested loan size. For the program’s general rules, consult the SBA’s 7(a) guide. For the index’s other comparisons, see how approval amounts vary by industry.