GITNUX MARKETDATA REPORT 2024

Statistics About The Average Business Loan Term

The average business loan term is typically between 4 to 7 years.

Statistic 1

"SBA microloans have interest rates ranging from 8% to 13%."

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Statistic 2

"29% of small business owners say their financing needs were not met over the past year."

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Statistic 3

"The default rate for small business loans is around 3.3%."

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Statistic 4

"Women-owned businesses receive around 31% of all small business loans."

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Statistic 5

"Minority-owned businesses are 2.5 times as likely to be denied loans as non-minority-owned businesses."

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Statistic 6

"Online lenders provide funding within 1-2 days, compared to some banks which may take weeks."

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Statistic 7

"The Small Business Administration (SBA) offers loans up to $5 million with terms up to 25 years."

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Statistic 8

"The average monthly payment for a small business loan is around $3,500."

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Statistic 9

"SBA 7(a) loans have an average term of up to 10 years for working capital."

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Statistic 10

"About 48% of small business loan applications are rejected by banks."

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Statistic 11

"The average interest rate for small business loans ranges between 2.5% and 7%."

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Statistic 12

"Small business loans from online lenders can have terms as short as 12 months."

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Statistic 13

"Microloans, typically under $50,000, usually have terms up to 6 years."

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Statistic 14

"The average loan size for small businesses is about $633,000."

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Statistic 15

"The average business loan term for small businesses typically ranges from 5 to 10 years."

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Statistic 16

"The approval rate for small business loans at big banks is about 27%."

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Statistic 17

"Small business loans for veterans have favorable terms and rates."

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Statistic 18

"The Paycheck Protection Program (PPP) loans have terms of 2 or 5 years."

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Statistic 19

"Around 60% of small businesses use some form of financing every year."

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Statistic 20

"Over 50% of small businesses rely on bank loans to fund their operations."

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