For fast-growing small businesses, interest rates on new bank loans fell sharply in the first quarter, according to a Big Six accounting firm's survey.

Their new loans averaged 9.28%, 78 basis points less than for the first quarter of 1995, according to a just-completed Coopers & Lybrand study. The firm studied 434 fast-growing companies with annual revenues between $1 million and $50 million.

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