BizSugar.com › News › Banks Hike Prime Rates to 8.50% Impacting Small Business Borrowing

Wells Fargo Bank announced increases in their prime lending rates to 8.50 percent, up from 8.25 percent, effective July 27, 2023. The move signals an increasing cost of borrowing for individuals and businesses alike, particularly impacting small businesses reliant on bank financing.
With approximately $1.9 trillion in assets, Wells Fargo serves one in three U.S. households and over 10% of small businesses in the U.S., making it a critical player in the country’s financial landscape. The rise in the prime rate might increase the borrowing costs for these small businesses, which could affect their financial planning and growth strategies.