Should You Take Out a Loan For Your Business?
Audio version available here:
Length: approx. 1 min. 15 sec.
Many new business owners may consider taking out a loan to help cover startup costs. However, with interest rates continuing to rise, business loans may not be as accessible as before. In addition, investors’ trust in the country’s ability to pay back its debt in the future is perceived to be low, hence the demand for a higher yield return. This results in rising mortgage rates, more expensive student loans, car loans, and business loans, as well as a grim outlook of the future economy.
Because of this, many wonder if now is the time to borrow from the bank. While every financial situation for individual businesses is unique, and the one size fits all approach may not benefit everyone, a few tenets are essential to any business. Maintain positive cashflow and make sure your business is profitable. These practices have become more important for long-term survival under the current economy.
Don’t know where to start? Contact our XQ CPA team today to find out more about how you could utilize our adaptive insights to better equip you in making informed decisions. Reach out to us by calling the number below, or make an appointment through our online booking page.
And remember, XQ CPA and OneSelfClub have teamed up to host a $10,000 giveaway to the winner of our video contest for small businesses. Find more details and how to enter at www.oneselfclub.com
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