Current SBA 504 Rates
25-Year
5.85%
20-Year
5.91%
10-Year
5.67%
The November 2025 SBA 504 debenture pricing was completed on November 6, 2025. The SBA offers a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to the CDC, SBA, and central servicing agent; based on SBA FY26 fees.
Current SBA 504 Rates for Manufacturers (primary NAICS Code in sectors 31, 32, and 33)
25-Year
5.60%
20-Year
5.66%
10-Year
5.37%
The SBA also reinstituted an upfront guaranty fee of 50 basis points for non-manufacturing projects in FY26. Rates for manufacturing businesses (primary NAICS Code in sectors 31, 32, and 33) are approximately 25 basis points lower than non-manufacturing projects due to the waiver of the annual service fee in FY26.
Current REFI SBA 504 Rates
25-Year
5.87%
20-Year
5.93%
10-Year
5.69%
The SBA 504 loan program operates as zero-subsidy. This means that no taxpayer dollars are appropriated to fund these loans. Instead, the 100% SBA-guaranteed debentures, backed by the full faith and credit of the United States, are sold to investors monthly. The effective interest rate on the SBA portion of a 504 loan is not determined until the debenture has been sold. Typically reflective of 10-year U.S. Treasury bond rates, the effective interest rate for an SBA 504 loan includes principal, interest, and fees.