Cofounder / Partner at Lendzi.
The past two years have been something of a gut check for small businesses in so many ways. From shutdowns caused by the pandemic, to the “Great Resignation,” to “quiet quitting,” businesses have had to be nimble to navigate both macroeconomic factors and staffing issues.
But perhaps the greatest upheaval has come in the form of skyrocketing interest rates. As inflation raced towards four-decade highs coming out of the pandemic, the Federal Reserve has raised the fed funds rate from essentially zero toward the 5% range—with indications the hikes could slow down soon.
What this means for small businesses is that the cost of financing has similarly exploded to the upside, all in the midst of an inflationary environment that some say may trigger a recession—and may already have.
To navigate all of these challenges, it is important that small businesses…