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It’s a good time for small business owners to reevaluate their borrowing power, Inc. Magazine reports.
The same day that the Federal Reserve made its half-point cut to interest rates, presidential candidate Donald Trump suggested he would like to temporarily limit credit card interest rates.
The Fed’s move could address some of Trump’s concerns and prompt some credit card companies to lower their rates.
For entrepreneurs who’ve been holding off on investing in new projects—like opening a second location—because the finances haven’t been making sense, now is a good time to reconsider, says Levi King, chief executive and co-founder of the small business credit and finance platform Nav.
“It’s time to pick up the old projects that are gathering dust and see, does this make the difference on whether or not something pencils out,” King tells Inc. “For those that have borrowed money who had to borrow money because they didn’t have a choice—they’re keeping the lights on—they’re probably heads down, trying to dig out of whatever hole they got in … it’s time to look to refinance.”
