At the beginning of November, the Bank of England confirmed that the interest rate would rise again for the eighth time in a row to 3%, a record high since the financial crises in the autumn of 2008.
Since the summer of 2022, the interest rate has tripled from 1.00% in May to 3.00% in November, meaning that the interest that your business will have has significantly increased when borrowing funds from now compared with only a few months ago.
Despite this, we strongly recommend that if you need finance to purchase assets, increase cash flow or to protect your business for the near future, NOW really is the time to act before the interest rate continues to rise as predicted. If you choose to put off your finance needs, your business will be vulnerable to further rate increases and the cost of finance being more expensive than it is today.
If you would like to contact a member of our team to discuss your finance, then please do not hesitate to get in contact at 01908 429888, email Info@approved-finance.co.uk or click on the link to download our finance guide PDF for more information: https://lnkd.in/ePHAgzn9