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The interest rate doesn't tell the whole story. Origination fees, closing costs, and other charges increase your effective APR significantly. Always compare loans using APR, not just the stated interest rate.
SBA 7(a) loans offer terms up to 10 years (25 years for real estate) with competitive rates, but require SBA approval and collateral. They're best for established businesses with strong financials. SBA 504 loans are specifically for major fixed assets like real estate and equipment.
Lenders typically look for 2+ years in business, $100K+ annual revenue, and a credit score above 680 for favorable terms. Improving these metrics before applying can save tens of thousands in interest over the loan's life.