Aug 26, 2022

What the Federal Reserve's Prime Rate Hike Means for Small Business Owners

In December 2017, the Federal Open Market Committee (FOMC) voted to raise the Federal prime rate from 1.00 - 1.25 percent to 1.25 - 1.5 percent. Any decision to increase interest rates has an effect on business owners. Small business owners must be especially vigilant about any source of increased