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Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they're getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
Approval rates of small business loan requests at big banks have fallen for nine consecutive months.
An overall tightening of credit will help slow down the economy and ease inflation, which is what the Federal Reserve hopes to achieve by hiking interest rates
Small businesses are seeing the already-tough process of getting business loans get even tougher.
Small business owners are feeling the credit crunch caused by rising interest rates and turmoil in the banking business.