With the anticipated rise in the base rate of interest being postponed again, it may seem like the rise will never come. But in business it pays to be prepared. Especially when one considers that a rise in the interest rate of just 0.25% would cost British SMEs another £355m in interest payments in the first year alone.
With interest rates set to go up, issues around SME funding and the impact of rising in borrowing costs cannot be ignored. Business owners need to take a hard look at their medium term financial forecasts alongside the potential rises in the interest rate. We’d strongly suggest that SME’s should advantage of the current marketplace and look to re-finance their current arrangements.
It could make doing business faster, simpler and better for you. And for that, we strongly recommend you use a broker, someone who can make the whole process simpler, faster and better experience for all concerned.