Interest Rates and Small Businesses

The Federal Reserve increased interest rates by 0.5% on 12/14/2022. The significance of this action for owners of small businesses is that the cost to borrow money went up for you and customers who use credit cards and carry balances.

As a business owner now is the time for you to plan for a decrease in sales, depending on your business, and adjust your spending habits as needed. Knowing about the actions like this that the Fed is taking enables you to plan and thrive during all economic times.