This is Derek Miller Speaking on Business. With interest rates starting to move up, it’s important for companies to connect with their lenders. Wells Fargo Utah Commercial Banking Market Executive Nate Callister has 20 years of experience and is here with three recommendations.
Businesses across the state are accelerating their capital needs now to take advantage of current rates. That’s smart. It’s important to be proactive and get ahead of rate increases, but there are other factors to evaluate.
First, consider the big picture. Today’s rates remain historically low and borrower friendly. Although more increases are anticipated this year, they are expected to be gradual and remain modest.
Secondly, avoid knee jerk borrowing. If you have specific borrowing needs, now’s the time to lock it in. However, if you don’t need the capital, don’t borrow just to take advantage of low rates.
Finally, remember that it’s not all or nothing. Depending on what makes sense for your business, you might acquire capital now to fund projects at the current rate, and plan to borrow more later as the need arises. We’re here to help, so Google “Wells Fargo Commercial Banking” for more.
A good lender will help ensure that your company’s financial future is deliberate and well planned, so consider making bankers, like those at Wells Fargo, a part of your “business brain trust,” along with your attorney and accountant. I’m Derek Miller with the Salt Lake Chamber, Speaking on Business.