SBA 504 loan rates, with nothing hidden
The actual monthly debenture rates, current and historical, plus how the blended rate on a complete 504 loan really works.
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Current SBA 504 debenture rates
These are the actual effective rates on the SBA portion of a 504 loan, published after each monthly bond sale. Current as of July 2026.
| January | February | March | April | May | June | July | August | September | October | November | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 25 Year | 5.85% | 5.80% | 5.72% | 5.94% | 5.95% | 6.12% | 6.17% | 6.27% | |||
| 20 Year | 5.91% | 5.86% | 5.78% | 5.98% | 6.01% | 6.17% | 6.20% | 6.27% | |||
| 10 Year | 5.67% | 5.67% | 5.61% | 5.61% | 5.88% | 6.06% | 6.19% | 6.19% |
| 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 |
The debenture rate is only part of the picture. Your complete 504 loan pairs it with a first mortgage from a private lender, so your true cost is a blended rate.
How the debenture rate works
- It is the fixed interest rate on the SBA backed portion of the loan (the CDC portion, typically 40% of the project).
- Funded through the sale of SBA guaranteed debentures in the bond market.
- The rate is locked when the debenture is sold, once a month.
- It includes the base rate set by the market at the time of sale plus a servicing spread for the SBA and CDC.
- The all-in rate is usually lower than conventional commercial fixed rates, thanks to the SBA guarantee.
| Interest Rates | 6.50%-8.00% |
|---|---|
| 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 |
The senior loan rate
The debenture rates above apply to the junior loan provided through the SBA. The rate on the senior loan, provided by a private lender, is negotiated between the borrower and each lender; it is not set by the SBA. The senior loan rate in a 504 transaction usually moves with the five or ten year US Treasury, and rates can vary significantly based on borrower credit, property type, and location. We have a full breakdown of how SBA 504 loans work here.
As a rule of thumb, the 10 year US Treasury constant maturity rate plus 2.50% to 4.00% is usually a good starting point.
Why borrowers choose the 504
- Finance up to 90% of your total project cost, where most conventional commercial real estate loans require 20% to 30% down.
- Long term, below market, fixed interest rates on the SBA portion.
- Amortizations up to 25 years keep monthly payments low and preserve cash flow.
- Access to capital at attractive terms when many traditional lenders would pass.
Historical debenture rates, 2015 to 2024
| 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% |
| 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 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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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- Your estimated blended rate and monthly payment
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- Estimated closing costs for your project
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SBA 504 rate questions, answered
What is the SBA 504 debenture rate?
It is the fixed rate on the SBA guaranteed portion of a 504 loan, typically 40% of the project, funded through a monthly bond sale. The tables on this page show the actual effective debenture rates.
Is the debenture rate the rate on my whole loan?
No. A 504 loan pairs the debenture with a first mortgage from a private lender, typically 50% of the project. Your true cost is the blended rate of the two.
How often do SBA 504 rates change?
The debenture is priced once a month when the bonds are sold. First mortgage rates vary by lender and move with the broader market.
Are SBA 504 loan rates fixed?
The debenture rate is fixed for the full 10, 20, or 25 year term. The first mortgage can be fixed or variable depending on the lender.
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