Here are some of the top business loan news for the first week of September 2023:
- Mortgage rates continue to rise. The average rate on a 30-year fixed mortgage was 7.09% as of August 2, according to Bankrate’s weekly national survey of lenders. This is up from 6.38% a month ago and 3.11% a year ago. The rising mortgage rates are making it more expensive for homebuyers to finance their purchases.
- Small business grants available for moms. Lowe’s Companies Inc. is offering $10,000 grants to mothers who are entrepreneurs. The grants are part of the company’s High Five Grantor Moms program, which also includes mentoring and shopping credits. The deadline to apply is September 30.
- SBA launches new loan program for minority-owned businesses. The Small Business Administration (SBA) has launched a new loan program to help minority-owned businesses. The program, called the SBA Microloan Program, offers loans of up to $50,000 to businesses that are owned by African Americans, Hispanics, Native Americans, and other minorities.
- Banks tighten lending standards for small businesses. As the economy continues to slow, banks are tightening their lending standards for small businesses. This means that it is becoming more difficult for small businesses to get the financing they need to grow.
- Small business owners are facing challenges accessing capital. The rising cost of borrowing, tightening lending standards, and economic uncertainty are all making it more difficult for small business owners to access capital. This is a major challenge for small businesses, as they rely on capital to grow and expand.
These are just a few of the top business loan news for the first week of September 2023. If you are a small business owner, it is important to stay up-to-date on the latest lending trends so that you can make informed decisions about your business financing.