SBA 504 Loan Rates
2025 SBA 504 Loan Rates
| February | March | April | May | June | July | August | September | October | November | December | |
| 25 Year | 6.51% | 6.28% | 6.24% | 6.43% | 6.39% | 6.37% | 6.37% | 6.23% | 5.922 | 5.862 | 5.82 |
| 20 Year | 6.58% | 6.35% | 6.31% | 6.45% | 6.41% | 6.39% | 6.39% | 6.25% | 5.983 | 5.923 | 5.83 |
| 10 Year | 6.64% | 6.64% | 6.34% | 6.34% | 6.20% | 6.20% | 6.17% | 6.17% | 5.77% | 5.652 | 5.65 |
About SBA 504 Loan Rates (also known as debenture rate)
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This is the fixed interest rate on the SBA-backed portion of the loan (CDC portion).
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Funded through the sale of SBA-guaranteed debentures in the bond market.
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The SBA 504 loan rates are locked in when the debenture is sold (monthly).
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Includes:
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- The base rate (determined by the market at time of sale).
- A servicing spread (fees added by the SBA, CDC, etc.).
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The all-in rate is usually lower than conventional commercial fixed rates, thanks to the SBA guarantee.
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SBA 504 Quick Look
| Interest Rates | 6.50%-8.50% |
| Loan Amount | $500k to $25 million |
| Loan Term | From 10 - 25 years |
| Amortization | up to 25 years |
| Best for | Real Estate & Equipment |
| Recourse | Personal Guarantee |
| Learn More | SBA 504 |
SBA 504 loan rates – Senior Loan
The SBA debenture rates above apply to the Junior loan provided by the SBA. The SBA 504 loan rates on the senior loan provided by a private lender (bank) is negotiated between the borrower and each lender (i.e. it’s not set by the SBA). However, the Senior Loan rate in an SBA 504 transaction usually fluctuates with changes to the Five or Ten Year US Treasury. To be clear every lender is different and interest rates can vary significantly based on borrower credit, property type and location. We have a full breakdown on how SBA 504 loans work here.
As a rule of thumb the 10 year US Treasury constant maturity (TCM) rate plus 2.50% – 4.00% is usually a pretty good starting point.
Benefits of SBA 504 for Small Businesses
Low down payments
SBA 504 loans can finance up to 90% of your total project cost while most conventional commercial real estate loans require 20-30% down.
Low Long Term Fixed Rates
Long-term (up to 25 years), below-market, fixed interest rates can help your business save on expenses.
Long amortization for better cashflow
Loan amortizations up to 25 years can reduce monthly payments and help your business preserve cash flow.
Capital to grow small business
SBA 504 loans provide business owners access capital at attractive terms when most traditional lenders would not be interested.
Historical SBA 504 Loan Rates
2024 SBA 504 Loan Rates
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 10 Year | 6.53% | 6.53% | 6.59% | 6.59% | 6.89% | 6.89% | 6.48% | 6.48% | 5.87% | 5.82% | 6.46% | 6.46% |
| 20 Year | 6.42% | 6.45% | 6.36% | 6.76% | 6.65% | 6.44% | 6.27% | 6.11% | 5.83% | 6.10% | 6.35% | 6.16% |
| 25 Year | 6.36% | 6.38% | 6.28% | 6.69% | 6.55% | 6.35% | 6.20% | 6.04% | 5.76% | 6.03% | 6.28% | 6.09% |
2023 SBA 504 Loan Rates
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 10 Year | 6.43% | 6.43% | 6.77% | 6.77% | 6.04% | 6.04% | 7.06% | 7.06% | 7.05% | 6.94% | 7.21% | 7.21% |
| 20 Year | 6.28% | 5.98% | 6.33% | 5.95% | 6.07% | 6.38% | 6.63% | 6.60% | 6.86% | 7.18% | 7.02% | 6.61% |
| 25 Year | 6.31% | 6.01% | 6.33% | 5.88% | 6.02% | 6.33% | 6.58% | 6.55% | 6.81% | 7.13% | 7.01% | 6.59% |
2022 SBA 504 Loan Rates
| 2022 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 10 Year | 3.07% | 3.07% | 3.81% | 3.81% | 4.92% | 4.92% | 4.96% | 4.96% | 5.32% | 5.60% | 5.60% | 6.53% |
| 20 Year | 3.07% | 3.45% | 3.76% | 4.62% | 5.06% | 5.13% | 5.05% | 4.89% | 5.34% | 6.36% | 6.23% | 6.03% |
| 25 Year | 3.21% | 3.59% | 3.93% | 4.68% | 5.12% | 5.19% | 5.11% | 4.98% | 5.44% | 6.43% | 6.53% | 6.11% |
2021 SBA 504 Loan Rates
| 2021 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 10 Year | 2.25% | 2.25% | 2.70% | 2.70% | 2.62% | 2.62% | 2.60% | 2.60% | 2.69% | 2.69% | 2.79% | 2.79% |
| 20 Year | 2.50% | 2.56% | 3.00% | 3.02% | 2.85% | 2.77% | 2.70% | 2.75% | 2.86% | 3.02% | 2.77% | 2.88% |
| 25 Year | 2.54% | 2.60% | 3.05% | 3.08% | 2.94% | 2.89% | 2.82% | 2.87% | 2.98% | 3.16% | 2.92% | 3.02% |
2020-2015 SBA 504 Loan Rates
| 2020 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 20 Year | 3.63% | 3.39% | 2.80% | 2.96% | 2.68% | 2.52% | 2.34% | 2.21% | 2.37% | 2.40% | 2.36% | 2.43% |
| 25 Year | 3.71% | 3.46% | 2.88% | 3.03% | 2.76% | 2.60% | 2.41% | 2.27% | 2.41% | 2.43% | 2.40% | 2.47% |
| 2019 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 20 Year | 4.75% | 4.64% | 4.58% | 4.36% | 4.26% | 3.98% | 3.91% | 3.53% | 3.36% | 3.40% | 3.68% | 3.58% |
| 25 Year | 4.88% | 4.767 | 4.74% | 4.53% | 4.39% | 4.09% | 4.01% | 3.63% | 3.46% | 3.48% | 3.74% | 3.64% |
| 2018 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 20 Year | 4.64% | 4.94% | 4.92% | 5.02% | 5.21% | 5.31% | 5.25% | 5.29% | 5.24% | 5.15% | 5.25% | 4.92% |
| 2017 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 20 Year | 4.58% | 4.60% | 4.83% | 4.62% | 4.66% | 4.59% | 4.76% | 4.53% | 4.37% | 4.57% | 4.51% | 4.50% |
| 2016 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 20 Year | 4.82% | 4.31% | 4.54% | 4.30% | 4.31% | 4.22% | 4.08% | 4.09% | 4.08% | 3.99% | 4.35% | 4.59% |
| 2015 | ||||||||||||
| January | February | March | April | May | June | July | August | September | October | November | December | |
| 20 Year | 4.59% | 4.53% | 4.79% | 4.58% | 4.84% | 5.05% | 4.95% | 4.89% | 4.89% | 4.76% | 4.74% | 4.86% |
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