Wells Fargo Bank announced increases in their prime lending rates to 8.50 percent, up from 8.25 percent, effective July 27, 2023. The move signals an increasing cost of borrowing for individuals and businesses alike, particularly impacting small businesses reliant on bank financing.
With approximately $1.9 trillion in assets, Wells Fargo serves one in three U.S. households and over 10% of small businesses in the U.S., making it a critical player in the country’s financial landscape. The rise in the prime rate might increase the borrowing costs for these small businesses, which could affect their financial planning and growth strategies.
Banks Hike Prime Rates to 8.50% Impacting Small Business Borrowing
Posted by lyceum under NewsFrom https://smallbiztrends.com 269 days ago
Made Hot by: NolanGreen on August 13, 2023 8:09 am
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“Rachel: Great to hear! Thanks for your kind words! :)
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Martin...”
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262 days ago
261 days ago
All the Best,
Martin
263 days ago
262 days ago
The good is that I have a solution for this situation regarding certain areas in life.
The prices for groceries have risen a lot, but the good thing is that we see some alternatives are getting stronger, and are pressing the prices in different ways.
Best Premises,
Martin