Why do business loan interest rates vary that much? (opens in new tab)

this might be a very basic and stupid question, but I've just recently started considering bank loans for my business (Covid...) and I have no experience with this world whatsoever. I've noticed that some banks offer non-Covid-related loans at interest rates as low as 1.2%, whereas others won't go below 2.5%. The loans I'm checking are not special loans, rather basic business loans, so I can't understand why the difference would be so wide. Does anyone know where the trend comes from? Is it l...