The Federal Reserve raised its benchmark interest rate by 50 basis points in December, which sends small business loans to the double-digits percentage range for the first time in decades.
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The Federal Reserve raised its benchmark interest rate by 50 basis points in December, which sends small business loans to the double-digits percentage range for the first time in decades.
Small business loans are based on the Prime Rate, which will now be 7.5%, the highest since 2007 and pushing most SBA loans to a 10.5% interest rate. In less then a year, business loan interest rates doubled. For many business owners, this is the first time seeing rates this high in the double digits. CNBC says that entrepreneurs believe that access to financing is a top problem headed into 2023.
"By the time the Fed stops raising rates, business loans could be at 11.5% or 12%, based on current expectations for Q2 2023." (CNBC, 2022).
As the economy recovers, it is important for every business owner to have access to working capital. There is now more focus on cutting costs amid changing expectations for revenue and profit growth.
US Credit Source has successful created one easy online application to save business owners time and money. With no application fee and credit check, 75,000+ businesses have chosen us as their primary source of Business Financing. We have the ability to get the best rates in the market and will work with other funding.
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US Capital Source makes the application process seamless and available to every Business owner.
Submit all the necessary information to a number of potential lenders in one place! We eliminate the need to fill out multiple applications and allow you to compareloan options from different lenders. Reduce the risk of errors and time to secure a loan, as all the necessary information is collected in one application.
By submitting all the required information in one place, businesses can speed up the loan application process and receive a loan decision much faster so you can start to grow your business, more quickly.
Interest rates and repayment timeline tailored to your chosen offer. Help finance the expansion of your business.
With relationships across the country, US Credit Source is able to provide quick Lines of Credit less than two points above WSP Prime
Access working capital quick and on short-terms so you can pay back your financing sooner. Use what you need, when you need it. US Credit Source has various options for all Business Owners
Upgrade your Business with financing for Business Equipment. Equipment keeps the busy running and US Credit Source has access to fast capital for all your equipment financing needs
Receive invoice factoring and provide your business with a source of working capital to fund operations and growth.
A Government Grant program under the CARES Act. US Credit Source has helped thousands of Business Owners receive employee tax credit from 2020 and 2021