Live business lending rates
Business lending rates in the U.S. and Canada, pulled live from the Federal Reserve, the U.S. Treasury and the Bank of Canada.
United States
Canada
How to use these rates
Benchmark rates tell you what money costs the institutions lending it, not what your business will be quoted. The practical use is comparison: if a variable offer is quoted at prime plus a spread, the numbers above let you check the spread you are being charged and whether it is reasonable for your credit profile and term.
Price a specific scenario with the loan payment calculator, convert an advance offer with the factor rate to APR calculator, size a realistic amount with the qualification estimator, or browse all free tools. Product-by-product detail is on the products pages.
Sources: Federal Reserve Economic Data, U.S. Department of the Treasury , the Bank of Canada Valet API and Statistics Canada , with U.S. jobs data from the U.S. Bureau of Labor Statistics.
Benchmark history and trend
The direction of a benchmark usually matters more than its level. A prime rate that has been falling for several quarters tends to pull variable bank and SBA pricing down with it over the following quarter, while a flat or rising benchmark means the spread you negotiate is the only part of the cost you can still influence.
2024-09-30 · 8.00% → 2026-09-02 · 6.75% (1.25 points lower). Source: Federal Reserve Economic Data (DPRIME).
2024-09-25 · 6.45% → 2026-09-02 · 4.45% (2.00 points lower). Source: Bank of Canada Valet.
2024-09-30 · 4.83% → 2026-09-03 · 3.63% (1.20 points lower). Source: Federal Reserve Economic Data (DFF).
2024-09-30 · 4.25% → 2026-09-03 · 2.25% (2.00 points lower). Source: Bank of Canada Valet.
Charts show the last observation of each month for the past 24 months. Where a source has not published, the chart is omitted rather than estimated.
What a benchmark change means for your business borrowing
Variable bank and SBA pricing. Quoted as prime plus a spread, so a 0.25-point move in prime moves your rate by the same 0.25 points at the next reset. In the U.S. that is the SBA loan and bank-style end of the market.
Fixed-rate term debt. A business term loan or equipment finance agreement is priced at signing. Later benchmark moves do not change an existing contract, which is why timing matters most for multi-year commitments.
Revenue-based funding. Merchant cash advances and short working capital facilities are priced on cash-flow risk and remit structure rather than the cost of funds, so factor rates move far less than bank pricing in either direction. Convert any factor-rate offer before comparing it — see how to read a factor rate.
Revolving credit. A business line of credit is usually variable, so a benchmark move changes what an idle or drawn balance costs you. Model both with the line of credit calculator and check affordability with the debt service calculator.
Choosing between structures rather than pricing one? Compare line of credit vs term loan, MCA vs term loan, or, in the U.S., SBA vs conventional business loans. Canadian borrowers should start with how Canadian business funding differs — SBA programs are U.S.-only and do not apply in Canada.
Frequently asked questions
What is the current prime rate?
The U.S. bank prime loan rate shown on this page is pulled live from the Federal Reserve's FRED series DPRIME, and the Canadian chartered bank prime rate comes from the Bank of Canada Valet API. Both update as soon as the source publishes.
How does prime affect my business loan?
Most variable-rate bank and SBA pricing is quoted as prime plus a spread, so a change in prime moves your rate directly. Fixed-rate term loans and revenue-based advances are priced at signing and do not move with prime afterwards.
Do MCA and working capital rates follow prime?
Only loosely. Revenue-based pricing is driven primarily by risk, term and remit structure rather than the policy rate, so factor rates move far less than bank pricing when central banks cut or raise.
Where does this data come from?
The Federal Reserve Economic Data service, the U.S. Treasury, and the Bank of Canada Valet API — all official public sources, fetched directly and cached for up to 24 hours.
Does a Bank of Canada cut change U.S. business loan pricing?
No. Canadian and U.S. policy rates are set independently by the Bank of Canada and the Federal Reserve. A Canadian business is priced off Canadian prime in Canadian dollars; a U.S. business is priced off U.S. prime in U.S. dollars. Read each country's column on its own.
Are the rates on this page what I would be offered?
No. These are central bank and government benchmarks, not offers. Your cost depends on product, time in business, deposit consistency, existing debt service, industry and credit, and it is set by the funding provider after full underwriting. We do not publish provider-specific pricing.
Should I wait for rates to fall before borrowing?
It depends on the use of funds. Rate-sensitive, long-horizon borrowing can be worth timing; funding a purchase order, payroll gap or seasonal inventory buy usually is not, because the cost of the missed opportunity exceeds the rate difference.
Last reviewed: by the Simply Approved Business Loans editorial team.
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