What the economic crisis means for small businesses

Lending to small businesses will become tighter, borrowing costs will rise and imports could become more expensive thanks to the current economic crisis.

by | 2 Oct, 2022

The Federation of Small Businesses (FSB) has expressed its concern that interest rate rises could “pile financial pressure on thousands of small businesses who are mired in debt.” This includes those with debt from emergency Covid loans and commercial mortgages, Craig Beaumont, the group’s chief of external affairs, said in The Times.

The cost of borrowing is set to rise alongside interest rates sparked by Kwasi Kwarteng’s mini Budget on September 23.

Read more at  smallbusiness.co.uk

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