As a small business owner there are so many things to think about, it’s a bit like one of those circus acts where someone is rushing around spinning plates. No sooner has one been saved then another is about to crash!
As well as your actual product or service, there are all the logistics of running your business, such as premises and suppliers, then all your marketing activity, not to mention staffing issues. Of course you also need to make sure that you are aware of and complying with all the legal regulations and tax demands, then there’s all the business planning and financial management on top of all that!
One step removed from all the above issues that affect your business directly is the economy. No matter how hard you are working and how well your business is doing, there are always national and global developments occurring that could have an impact. One of these is interest rates. When interest rates rise it can affect your business in several ways, but two of the main ones are:
- sales can fall because customers are paying higher rates of interest on other things so have less disposable income
- costs can rise because you have to pay more interest on loans
Fortunately the latest reports from the Bank of England indicate that an imminent rise in interest rates is unlikely. They have been on hold for over 6 years and are still being held at 0.5%. Indications are that they will not rise again until at least the second quarter of next year and possibly even later.
So if you are thinking about taking a small business loan to grow your business, now is still a good time to do so while rates are low. At Fair Business Loans our interest rates and charges are transparent and up front so that you can see exactly how much you will be paying and can plan accordingly. Which leaves you one less plate to spin! Why not contact us today to discuss your needs in more detail, and take advantage of the current economic climate.