For the SBA, the pricing can adjust monthly, quarterly, annually, every 3 years, or every 5 years. All of the prior mentioned adjustment periods constitute a variable rate loan. A fixed rate loan is exactly that: fixed for the life of the loan with no rate adjustments possible. The USDA will allow the adjustment period to be set by negotiation between the lender and the borrower. For lenders interested in selling the guaranteed portion, the secondary market prefers a monthly or quarterly adjustment period.