The rebounding of the economy — however slow it may feel at times — means now is the time for small businesses to borrow any money needed for improvements, according to smallbiztrends.com.
The article said large banks are lending small businesses more loans now, and that banks want to meet their quotas before the year ends.
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Competition is another reason to consider taking out a loan. The improving economy means businesses “are looking to invest in their own growth.” Instead of falling behind, carwash owners can take the opportunity to improve their businesses with any expansion plans they’ve been considering, noted the article.
The third reason the article gives for a small business to borrow money before 2015 arrives is to take advantage of historically low interest rates.
The fed has kept rates low to encourage small companies, but as inflation climbs, so will interest rates, which could happen next year, stated the article. Competition in the small business loan marketplace also contributes to the currently low rates.
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