Where it is now

The first sustained reading below 10% since FY2022

Quarterly average initial rate and variable-rate share, 2019 Q1 to 2026 Q1.

Annual averages conceal turning points. The climb through 2022 and 2023 was steep, and the retracement since the FY2024 peak is now visible in the quarterly series. Variable-rate share has risen throughout and now stands at 87.5%.

9.47%2026 Q1 average initial rate

87.5%of 2026 Q1 loans on variable terms

Quarterlythis index is recomputed and republished each quarter

Source: Analysis of SBA 7(a) FOIA loan-level data (as of 31 March 2026). Initial interest rate as recorded at approval; 86.6% of loans carry variable terms and the rate paid has moved since. Cancelled approvals excluded. Published by sba-feasibility-study.com.