Episode Notes

Hey everybody. This is Gene Marks and welcome to another episode of The Hartford Small Biz Ahead Podcast. Hope you're doing well and welcome to 2023. Listen, it's gonna be a tough environment for financing in 2023. Interest rates themselves are going up significantly already, and will continue to rise. I have some clients that are looking at some of their commercial loan interest rates, the double digits, and that's not gonna change anytime soon. A lot of that's being driven by the fed's actions to decrease inflation. With interest rates going up as much as they are, it's gonna make the financing environment very, very challenging. Not only for existing businesses that have good credit but it's gonna increase your costs of borrowing for sure. But for companies seeking growth and certainly for startups, the availability of capital is going to be more challenging because as these costs go up, banks and other lenders are gonna start retracting what they're making available.

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