{
 "title": "GLZR Group small-business valuation inputs",
 "version": "2026-09",
 "as_of": "2026-09-23",
 "publisher": "GLZR Group",
 "url": "https://glzrgroup.com/valuation-multiples/",
 "license": "Mixed, per section. country_risk.countries[].adjusted_multiples_q2_2026 (GLZR Group's derived estimates) and sba_7a (compiled from U.S. government documents): CC BY 4.0, credit GLZR Group. multiples and deal_financing_q2_2026: figures reported by IBBA and M&A Source, reproduced with attribution; cite IBBA and M&A Source Market Pulse as their source. rates and fx: their publishers.",
 "cite_as": "GLZR Group, Small business valuation multiples 2026, version 2026-09, https://glzrgroup.com/valuation-multiples/",
 "multiples": {
  "source": "IBBA and M&A Source, Market Pulse Q2 2026 Highlights (chart 'Business Value: Multiples Q2 2023 - 2026')",
  "url": "https://www.ibba.org/wp-content/uploads/2026/08/mp-highlights-q2-2026.pdf",
  "released": "2026-08",
  "license": "Figures reported by IBBA and M&A Source; reproduced with attribution. Cite IBBA and M&A Source as the source.",
  "basis_note": "Purchase price under $2M expressed as a multiple of SDE (seller's discretionary earnings); $2M-$50M as a multiple of EBITDA. IBBA does not state in the highlights whether the figure is a median or a mean; it is reported here as 'reported multiple'.",
  "reading_method": "values printed on the chart bars, read from the rendered PDF page",
  "bands": [
   {
    "id": "lt500k",
    "label": "Under $500K",
    "lo": 0,
    "hi": 500000,
    "basis": "SDE",
    "q2_2023": 2.0,
    "q2_2024": 2.0,
    "q2_2025": 2.3,
    "q2_2026": 2.0
   },
   {
    "id": "500k_1m",
    "label": "$500K-$1M",
    "lo": 500000,
    "hi": 1000000,
    "basis": "SDE",
    "q2_2023": 2.8,
    "q2_2024": 2.8,
    "q2_2025": 2.8,
    "q2_2026": 2.8
   },
   {
    "id": "1m_2m",
    "label": "$1M-$2M",
    "lo": 1000000,
    "hi": 2000000,
    "basis": "SDE",
    "q2_2023": 3.0,
    "q2_2024": 2.8,
    "q2_2025": 3.0,
    "q2_2026": 3.1
   },
   {
    "id": "2m_5m",
    "label": "$2M-$5M",
    "lo": 2000000,
    "hi": 5000000,
    "basis": "EBITDA",
    "q2_2023": 4.5,
    "q2_2024": 3.5,
    "q2_2025": 3.9,
    "q2_2026": 4.0
   },
   {
    "id": "5m_50m",
    "label": "$5M-$50M",
    "lo": 5000000,
    "hi": 50000000,
    "basis": "EBITDA",
    "q2_2023": 4.8,
    "q2_2024": 5.3,
    "q2_2025": 5.5,
    "q2_2026": 5.8
   }
  ]
 },
 "deal_financing_q2_2026": {
  "source": "IBBA and M&A Source, Market Pulse Q2 2026 Highlights (chart 'Deal Financing Q2 2026')",
  "url": "https://www.ibba.org/wp-content/uploads/2026/08/mp-highlights-q2-2026.pdf",
  "unit": "% of purchase price",
  "note": "Cash at close includes senior debt and buyer equity. The $2M-$5M bar sums to 94% as printed.",
  "bands": {
   "lt500k": {
    "cash_at_close": 88,
    "seller_financing": 11,
    "earnout": 1,
    "retained_equity": 0
   },
   "500k_1m": {
    "cash_at_close": 92,
    "seller_financing": 6,
    "earnout": 1,
    "retained_equity": 0
   },
   "1m_2m": {
    "cash_at_close": 91,
    "seller_financing": 7,
    "earnout": 1,
    "retained_equity": 0
   },
   "2m_5m": {
    "cash_at_close": 84,
    "seller_financing": 9,
    "earnout": 1,
    "retained_equity": 0
   },
   "5m_50m": {
    "cash_at_close": 83,
    "seller_financing": 6,
    "earnout": 7,
    "retained_equity": 4
   }
  }
 },
 "country_risk": {
  "source": "Damodaran, Country Default Spreads and Risk Premiums, January 2026 update (ctryprem.xlsx, sheet 'ERPs by country', rating-based)",
  "url": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html",
  "as_of": "2026-01",
  "license": "adjusted_multiples_q2_2026: CC BY 4.0, GLZR Group (derived). crp: Damodaran, cited as source.",
  "mature_market_erp": 0.0423,
  "us_crp": 0.002334,
  "adjustment": "DERIVED by GLZR Group: capitalization-rate build-up. Implied cap rate = 1 / US multiple; add the country's risk premium in excess of the US premium (floored at 0); adjusted multiple = 1 / (1 / US multiple + CRP excess). Same earnings basis, same growth assumption, no currency or inflation adjustment.",
  "countries": [
   {
    "iso": "US",
    "name": "United States",
    "currency": "USD",
    "region": "north-america",
    "moodys": "Aa1",
    "crp": 0.0023,
    "crp_vs_us": 0.0,
    "fx_per_usd": 1.0,
    "adjusted_multiples_q2_2026": {
     "lt500k": 2.0,
     "500k_1m": 2.8,
     "1m_2m": 3.1,
     "2m_5m": 4.0,
     "5m_50m": 5.8
    },
    "loan": {
     "rate": 9.5,
     "basis": "prime",
     "policy": null,
     "wb": {
      "rate": 3.25,
      "year": "2021",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "U.S. prime 7.00% (Federal Reserve H.15, 22 Sep 2026) + 2.50 points"
    }
   },
   {
    "iso": "CA",
    "name": "Canada",
    "currency": "CAD",
    "region": "north-america",
    "moodys": "Aaa",
    "crp": 0,
    "crp_vs_us": 0.0,
    "fx_per_usd": 1.405443,
    "adjusted_multiples_q2_2026": {
     "lt500k": 2.0,
     "500k_1m": 2.8,
     "1m_2m": 3.1,
     "2m_5m": 4.0,
     "5m_50m": 5.8
    },
    "loan": {
     "rate": 6.95,
     "basis": "prime",
     "policy": null,
     "wb": {
      "rate": 2.7,
      "year": "2017",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Canadian prime 4.45% (Bank of Canada, 16 Sep 2026) + 2.50 points"
    }
   },
   {
    "iso": "MX",
    "name": "Mexico",
    "currency": "MXN",
    "region": "latam",
    "moodys": "Baa2",
    "crp": 0.0246,
    "crp_vs_us": 0.0223,
    "fx_per_usd": 17.283601,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.91,
     "500k_1m": 2.64,
     "1m_2m": 2.9,
     "2m_5m": 3.67,
     "5m_50m": 5.14
    },
    "loan": {
     "rate": 12.0,
     "basis": "policy",
     "policy": {
      "rate": 6.5,
      "as_of": "2026-08",
      "bank": "Banco de México",
      "src": "BIS central bank policy rates",
      "url": "https://stats.bis.org/api/v1/data/WS_CBPOL/M.BR+CL+CO+MX+PE+AR+CA+US/all?lastNObservations=2&format=csv",
      "official": true
     },
     "wb": {
      "rate": 8.79,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco de México policy rate 6.50% (2026-08) + 5.50 points"
    }
   },
   {
    "iso": "GT",
    "name": "Guatemala",
    "currency": "GTQ",
    "region": "latam",
    "moodys": "Ba1",
    "crp": 0.0324,
    "crp_vs_us": 0.0301,
    "fx_per_usd": 7.635989,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.89,
     "500k_1m": 2.58,
     "1m_2m": 2.84,
     "2m_5m": 3.57,
     "5m_50m": 4.94
    },
    "loan": {
     "rate": 9.0,
     "basis": "policy",
     "policy": {
      "rate": 3.5,
      "as_of": "2026-08-26",
      "bank": "Banco de Guatemala",
      "src": "Decision reported by Prensa Libre",
      "url": "https://www.prensalibre.com/economia/tasa-lider-sigue-en-3-50-mientras-mejora-la-perspectiva-de-crecimiento-economico/",
      "official": false
     },
     "wb": {
      "rate": 12.85,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco de Guatemala policy rate 3.50% (2026-08-26, as reported) + 5.50 points"
    }
   },
   {
    "iso": "SV",
    "name": "El Salvador",
    "currency": "USD",
    "region": "latam",
    "moodys": "B3",
    "crp": 0.0841,
    "crp_vs_us": 0.0818,
    "fx_per_usd": 1.0,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.72,
     "500k_1m": 2.28,
     "1m_2m": 2.47,
     "2m_5m": 3.01,
     "5m_50m": 3.93
    },
    "loan": {
     "rate": 9.5,
     "basis": "dollarized",
     "policy": null,
     "wb": null,
     "text": "Dollarized economy: loans are in U.S. dollars. U.S. prime 7.00% + 2.50 points"
    }
   },
   {
    "iso": "HN",
    "name": "Honduras",
    "currency": "HNL",
    "region": "latam",
    "moodys": "B1",
    "crp": 0.0583,
    "crp_vs_us": 0.0559,
    "fx_per_usd": 26.88695,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.8,
     "500k_1m": 2.42,
     "1m_2m": 2.64,
     "2m_5m": 3.27,
     "5m_50m": 4.38
    },
    "loan": {
     "rate": 11.5,
     "basis": "policy",
     "policy": {
      "rate": 6.0,
      "as_of": "2026-09-21",
      "bank": "Banco Central de Honduras",
      "src": "Decision reported by La Tribuna and Infobae",
      "url": "https://www.latribuna.hn/2026/09/19/el-bch-sube-la-tasa-de-politica-monetaria-a-6-0-para-garantizar-estabilidad-economica/",
      "official": false
     },
     "wb": {
      "rate": 18.58,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central de Honduras policy rate 6.00% (2026-09-21, as reported) + 5.50 points"
    }
   },
   {
    "iso": "CR",
    "name": "Costa Rica",
    "currency": "CRC",
    "region": "latam",
    "moodys": "Ba2",
    "crp": 0.039,
    "crp_vs_us": 0.0366,
    "fx_per_usd": 447.269571,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.86,
     "500k_1m": 2.54,
     "1m_2m": 2.78,
     "2m_5m": 3.49,
     "5m_50m": 4.78
    },
    "loan": {
     "rate": 8.5,
     "basis": "policy",
     "policy": {
      "rate": 3.0,
      "as_of": "2026-07",
      "bank": "Banco Central de Costa Rica",
      "src": "Decision reported by Infobae",
      "url": "https://www.infobae.com/costa-rica/2026/07/25/banco-central-de-costa-rica-reduce-la-tasa-de-politica-monetaria-al-3-en-medio-de-menor-inflacion-y-desaceleracion-economica/",
      "official": false
     },
     "wb": {
      "rate": 6.88,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central de Costa Rica policy rate 3.00% (2026-07, as reported) + 5.50 points"
    }
   },
   {
    "iso": "PA",
    "name": "Panama",
    "currency": "USD",
    "region": "latam",
    "moodys": "Baa3",
    "crp": 0.0285,
    "crp_vs_us": 0.0261,
    "fx_per_usd": 1.0,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.9,
     "500k_1m": 2.61,
     "1m_2m": 2.87,
     "2m_5m": 3.62,
     "5m_50m": 5.04
    },
    "loan": {
     "rate": 9.5,
     "basis": "dollarized",
     "policy": null,
     "wb": {
      "rate": 6.91,
      "year": "2022",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Dollarized economy: loans are in U.S. dollars. U.S. prime 7.00% + 2.50 points"
    }
   },
   {
    "iso": "DO",
    "name": "Dominican Republic",
    "currency": "DOP",
    "region": "latam",
    "moodys": "Ba2",
    "crp": 0.039,
    "crp_vs_us": 0.0366,
    "fx_per_usd": 59.264034,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.86,
     "500k_1m": 2.54,
     "1m_2m": 2.78,
     "2m_5m": 3.49,
     "5m_50m": 4.78
    },
    "loan": {
     "rate": 10.75,
     "basis": "policy",
     "policy": {
      "rate": 5.25,
      "as_of": "2026-08",
      "bank": "Banco Central de la República Dominicana",
      "src": "Decision reported by Diario Libre and Infobae",
      "url": "https://www.infobae.com/america/agencias/2026/08/31/la-republica-dominicana-mantiene-en-525-su-tasa-de-politica-monetaria/",
      "official": false
     },
     "wb": {
      "rate": 15.25,
      "year": "2024",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central de la República Dominicana policy rate 5.25% (2026-08, as reported) + 5.50 points"
    }
   },
   {
    "iso": "JM",
    "name": "Jamaica",
    "currency": "JMD",
    "region": "latam",
    "moodys": "Ba3",
    "crp": 0.0466,
    "crp_vs_us": 0.0442,
    "fx_per_usd": 157.776108,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.84,
     "500k_1m": 2.49,
     "1m_2m": 2.73,
     "2m_5m": 3.4,
     "5m_50m": 4.62
    },
    "loan": {
     "rate": 11.0,
     "basis": "policy",
     "policy": {
      "rate": 5.5,
      "as_of": "2026-08-19",
      "bank": "Bank of Jamaica",
      "src": "BOJ monetary policy press release, August 2026",
      "url": "https://boj.org.jm/monetary-policy-press-release-august-2026/",
      "official": true
     },
     "wb": {
      "rate": 12.14,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Bank of Jamaica policy rate 5.50% (2026-08-19) + 5.50 points"
    }
   },
   {
    "iso": "TT",
    "name": "Trinidad and Tobago",
    "currency": "TTD",
    "region": "latam",
    "moodys": "Ba2",
    "crp": 0.039,
    "crp_vs_us": 0.0366,
    "fx_per_usd": 6.785559,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.86,
     "500k_1m": 2.54,
     "1m_2m": 2.78,
     "2m_5m": 3.49,
     "5m_50m": 4.78
    },
    "loan": {
     "rate": 9.0,
     "basis": "policy",
     "policy": {
      "rate": 3.5,
      "as_of": "2026-06-26",
      "bank": "Central Bank of Trinidad and Tobago (repo rate)",
      "src": "CBTT monetary policy announcement",
      "url": "https://www.central-bank.org.tt/monetary-policy-announcement-central-bank-maintains-repo-rate-at-3-50-per-cent/",
      "official": true
     },
     "wb": {
      "rate": 7.5,
      "year": "2024",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Central Bank of Trinidad and Tobago (repo rate) policy rate 3.50% (2026-06-26) + 5.50 points"
    }
   },
   {
    "iso": "CO",
    "name": "Colombia",
    "currency": "COP",
    "region": "latam",
    "moodys": "Baa3",
    "crp": 0.0285,
    "crp_vs_us": 0.0261,
    "fx_per_usd": 3200.183068,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.9,
     "500k_1m": 2.61,
     "1m_2m": 2.87,
     "2m_5m": 3.62,
     "5m_50m": 5.04
    },
    "loan": {
     "rate": 17.5,
     "basis": "policy",
     "policy": {
      "rate": 12.0,
      "as_of": "2026-08",
      "bank": "Banco de la República",
      "src": "BIS central bank policy rates",
      "url": "https://stats.bis.org/api/v1/data/WS_CBPOL/M.BR+CL+CO+MX+PE+AR+CA+US/all?lastNObservations=2&format=csv",
      "official": true
     },
     "wb": {
      "rate": 14.31,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco de la República policy rate 12.00% (2026-08) + 5.50 points"
    }
   },
   {
    "iso": "EC",
    "name": "Ecuador",
    "currency": "USD",
    "region": "latam",
    "moodys": "Caa3",
    "crp": 0.1295,
    "crp_vs_us": 0.1272,
    "fx_per_usd": 1.0,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.59,
     "500k_1m": 2.06,
     "1m_2m": 2.22,
     "2m_5m": 2.65,
     "5m_50m": 3.34
    },
    "loan": {
     "rate": 9.5,
     "basis": "dollarized",
     "policy": null,
     "wb": null,
     "text": "Dollarized economy: loans are in U.S. dollars. U.S. prime 7.00% + 2.50 points"
    }
   },
   {
    "iso": "PE",
    "name": "Peru",
    "currency": "PEN",
    "region": "latam",
    "moodys": "Baa1",
    "crp": 0.0207,
    "crp_vs_us": 0.0184,
    "fx_per_usd": 3.371378,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.93,
     "500k_1m": 2.66,
     "1m_2m": 2.93,
     "2m_5m": 3.73,
     "5m_50m": 5.24
    },
    "loan": {
     "rate": 9.75,
     "basis": "policy",
     "policy": {
      "rate": 4.25,
      "as_of": "2026-08",
      "bank": "Banco Central de Reserva del Perú",
      "src": "BIS; BCRP series PD04722MM",
      "url": "https://estadisticas.bcrp.gob.pe/estadisticas/series/mensuales/resultados/PD04722MM/html",
      "official": true
     },
     "wb": {
      "rate": 12.6,
      "year": "2022",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central de Reserva del Perú policy rate 4.25% (2026-08) + 5.50 points"
    }
   },
   {
    "iso": "BO",
    "name": "Bolivia",
    "currency": "BOB",
    "region": "latam",
    "moodys": "Ca",
    "crp": 0.1554,
    "crp_vs_us": 0.153,
    "fx_per_usd": 11.049445,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.53,
     "500k_1m": 1.96,
     "1m_2m": 2.1,
     "2m_5m": 2.48,
     "5m_50m": 3.07
    },
    "loan": {
     "rate": 10.19,
     "basis": "wb",
     "policy": null,
     "wb": {
      "rate": 10.19,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "World Bank average bank lending rate, 2025: 10.19%. Bolivia's central bank does not publish a conventional policy rate."
    }
   },
   {
    "iso": "BR",
    "name": "Brazil",
    "currency": "BRL",
    "region": "latam",
    "moodys": "Ba1",
    "crp": 0.0324,
    "crp_vs_us": 0.0301,
    "fx_per_usd": 5.112197,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.89,
     "500k_1m": 2.58,
     "1m_2m": 2.84,
     "2m_5m": 3.57,
     "5m_50m": 4.94
    },
    "loan": {
     "rate": 19.5,
     "basis": "policy",
     "policy": {
      "rate": 14.0,
      "as_of": "2026-08",
      "bank": "Banco Central do Brasil (Selic)",
      "src": "BIS central bank policy rates",
      "url": "https://stats.bis.org/api/v1/data/WS_CBPOL/M.BR+CL+CO+MX+PE+AR+CA+US/all?lastNObservations=2&format=csv",
      "official": true
     },
     "wb": {
      "rate": 45.33,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central do Brasil (Selic) policy rate 14.00% (2026-08) + 5.50 points"
    }
   },
   {
    "iso": "PY",
    "name": "Paraguay",
    "currency": "PYG",
    "region": "latam",
    "moodys": "Baa3",
    "crp": 0.0285,
    "crp_vs_us": 0.0261,
    "fx_per_usd": 5934.618438,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.9,
     "500k_1m": 2.61,
     "1m_2m": 2.87,
     "2m_5m": 3.62,
     "5m_50m": 5.04
    },
    "loan": {
     "rate": 11.0,
     "basis": "policy",
     "policy": {
      "rate": 5.5,
      "as_of": "2026-09-22",
      "bank": "Banco Central del Paraguay",
      "src": "Decision reported by La Nación (Paraguay)",
      "url": "https://www.lanacion.com.py/negocios/2026/09/22/bcp-mantiene-invariable-la-tasa-de-politica-monetaria-en-550/",
      "official": false
     },
     "wb": {
      "rate": 12.51,
      "year": "2021",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central del Paraguay policy rate 5.50% (2026-09-22, as reported) + 5.50 points"
    }
   },
   {
    "iso": "UY",
    "name": "Uruguay",
    "currency": "UYU",
    "region": "latam",
    "moodys": "Baa1",
    "crp": 0.0207,
    "crp_vs_us": 0.0184,
    "fx_per_usd": 40.227866,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.93,
     "500k_1m": 2.66,
     "1m_2m": 2.93,
     "2m_5m": 3.73,
     "5m_50m": 5.24
    },
    "loan": {
     "rate": 11.25,
     "basis": "policy",
     "policy": {
      "rate": 5.75,
      "as_of": "2026-04-21",
      "bank": "Banco Central del Uruguay",
      "src": "BCU press release (unchanged in September 2026 reporting)",
      "url": "https://www.bcu.gub.uy/Comunicaciones/Paginas/Detalle-Noticia.aspx?noticia=504",
      "official": true
     },
     "wb": {
      "rate": 10.06,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central del Uruguay policy rate 5.75% (2026-04-21) + 5.50 points"
    }
   },
   {
    "iso": "AR",
    "name": "Argentina",
    "currency": "ARS",
    "region": "latam",
    "moodys": "Caa1",
    "crp": 0.0971,
    "crp_vs_us": 0.0947,
    "fx_per_usd": 1513.6838,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.68,
     "500k_1m": 2.21,
     "1m_2m": 2.4,
     "2m_5m": 2.9,
     "5m_50m": 3.74
    },
    "loan": {
     "rate": 46.02,
     "basis": "wb",
     "policy": null,
     "wb": {
      "rate": 46.02,
      "year": "2025",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "World Bank average bank lending rate, 2025: 46.02%. Argentina has had no central-bank policy rate since mid-2025 (the BIS series ends in June 2025)."
    }
   },
   {
    "iso": "CL",
    "name": "Chile",
    "currency": "CLP",
    "region": "latam",
    "moodys": "A2",
    "crp": 0.011,
    "crp_vs_us": 0.0086,
    "fx_per_usd": 947.822364,
    "adjusted_multiples_q2_2026": {
     "lt500k": 1.97,
     "500k_1m": 2.73,
     "1m_2m": 3.02,
     "2m_5m": 3.87,
     "5m_50m": 5.52
    },
    "loan": {
     "rate": 10.0,
     "basis": "policy",
     "policy": {
      "rate": 4.5,
      "as_of": "2026-08",
      "bank": "Banco Central de Chile",
      "src": "BIS central bank policy rates (held at 4.5% on 8 Sep 2026)",
      "url": "https://stats.bis.org/api/v1/data/WS_CBPOL/M.BR+CL+CO+MX+PE+AR+CA+US/all?lastNObservations=2&format=csv",
      "official": true
     },
     "wb": {
      "rate": 4.18,
      "year": "2018",
      "url": "https://data.worldbank.org/indicator/FR.INR.LEND"
     },
     "text": "Banco Central de Chile policy rate 4.50% (2026-08) + 5.50 points"
    }
   }
  ],
  "excluded": [
   "Cuba",
   "Venezuela"
  ]
 },
 "lending": {
  "method": "Default business-loan rate: published prime + 2.50 points in the U.S. and Canada; elsewhere the central bank's policy rate + 5.50 points, the same spread the U.S. default carries over the Fed's upper target (prime is target + 3.00). Without a policy rate (Argentina, Bolivia) the World Bank average lending rate is used; dollarized economies (Ecuador, El Salvador, Panama) use the U.S.-dollar rate. Every default can be overridden.",
  "usd_loan": {
   "rate": 9.5,
   "text": "Borrowing in U.S. dollars: U.S. prime 7.00% + 2.50 points"
  },
  "as_of": "2026-09-23",
  "license": "Policy and lending rates: their publishers, cited. Default-rate method: GLZR Group, CC BY 4.0."
 },
 "sba_7a": {
  "rulebook": "SBA SOP 50 10 8.1, effective 2026-10-01 (replaces SOP 50 10 8, effective 2025-06-01)",
  "url": "https://legacy.sba.gov/sites/default/files/2026-08/SOP%2050%2010%208.1%20effective%2010.1.2026_0.docx",
  "max_loan": 5000000,
  "max_loan_source": "https://www.sba.gov/funding-programs/loans/7a-loans",
  "min_equity_initial_acquisition": 0.1,
  "min_equity_quote": "Initial Acquisition: 10%. For Initial Acquisitions, the required equity injection cannot be reduced or eliminated.",
  "limited_equity_max_share": 0.5,
  "limited_equity_quote": "The following sources, whether individually or in the aggregate, may provide no more than half of the required Equity Injection.",
  "standby_seller_debt_quote": "Seller debt that is subordinated to the Lender and on full standby (no payments of principal or interest for the term of the 7(a) loan) may be considered as equity for SBA's purposes.",
  "min_dscr": 1.15,
  "min_dscr_quote": "The Applicant's debt service coverage ratio (DSC) must be equal to or greater than 1.15 on a historical and/or projected cash flow basis and 1:1 on a global basis.",
  "max_amortization_years": 10,
  "max_amortization_quote": "7(a) loans that facilitate a change of ownership must not have an amortization that exceeds 10 years.",
  "max_spread_over_base_gt_350k": 0.03,
  "max_spread_quote": "Greater than $350,000: Base rate plus 3.0%",
  "max_spread_source": "https://www.sba.gov/partners/lenders/7a-loan-program/terms-conditions-eligibility",
  "qoe_threshold": 3000000,
  "qoe_quote": "For Business Expansion and Initial Acquisition transactions where the Purchase Price ... is equal to or greater than $3 million, the Lender must also obtain a Quality of Earnings (QoE) in addition to the required Business Valuation.",
  "valuation_gap_quote": "If the amount paid for the business exceeds the business valuation, the difference must be made up by equity.",
  "debt_cap_quote": "The total debt eligible to support a change of ownership transaction (including seller debt that is not on full standby) is limited to the business valuation amount",
  "seller_note_refi_months": 36,
  "seller_note_refi_quote": "Seller debt structured in conjunction with a 7(a) change of ownership transaction is eligible to be refinanced after it has been in place and current for 36 months.",
  "changes_vs_sop_50_10_8": [
   "Quality of Earnings report newly required for initial acquisitions and business expansions at $3M+ (SOP 50 10 8 contains no QoE requirement).",
   "Price above the business valuation must be covered by equity; SOP 50 10 8 allowed the shortfall to be financed with capital subordinate to the 7(a) loan.",
   "Seller-note refinancing eligibility after 36 months, up from 24."
  ]
 },
 "rates": {
  "us_prime": {
   "value": 7.0,
   "date": "2026-09-22",
   "source": "Federal Reserve H.15 Selected Interest Rates, bank prime loan",
   "url": "https://www.federalreserve.gov/releases/h15/"
  },
  "ca_prime": {
   "value": 4.45,
   "date": "2026-09-16",
   "source": "Bank of Canada, prime rate (series V80691311)",
   "url": "https://www.bankofcanada.ca/valet/observations/V80691311/json"
  }
 },
 "fx": {
  "base": "USD",
  "date": "Wed, 23 Sep 2026 00:02:31 +0000",
  "source": "ExchangeRate-API open access",
  "url": "https://www.exchangerate-api.com",
  "note": "Snapshot used for size-band classification only."
 }
}