Banks Hike Prime Rates to 8.50% Impacting Small Business Borrowing

Avatar Posted by lyceum under News
From https://smallbiztrends.com 424 days ago
Made Hot by: NolanGreen on August 13, 2023 8:09 am
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.





Comments


Written by Inspiretothrive
416 days ago

That's for sure Martin, a downturn for most. I hope you are right :) Thanks Martin.



Written by lyceum
415 days ago

Lisa: I hope that too! :) Good times will come...

All the Best,

Martin



Written by Inspiretothrive
417 days ago

Hi Martin, I'm really concerned about the economy - not only are interest rates are going up but gas is going up several times a week now. Along with groceries. The only price I've seen going down on is on eggs here. How about there?



Written by lyceum
417 days ago

Lisa: It is a downturn period, and due to the fiat system, the inflation is eating up the real value of goods and services. Eggs are going down as you have more supply of it again. The purchasing power of the dollar is almost zero now, since it moved away from the gold standard in 1971.

The good is that I have a solution for this situation regarding certain areas in life.

The prices for groceries have risen a lot, but the good thing is that we see some alternatives are getting stronger, and are pressing the prices in different ways.

Best Premises,

Martin



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