Phil Powell highlighted that small business owners are entering a promising phase, most likely benefitting from anticipated Federal Reserve interest rate cuts.
Powell stated, "There are bright days ahead, but it's not going to be frantic. It's going to be a nice, steady, incremental improvement." This underscores the gradual nature of the expected economic uplift for small businesses.
He urged small business owners to remain hopeful, saying, "Falling interest rates are going to make credit easier to acquire… it's going to be easier to acquire, steadily." This indicates a positive shift in financing conditions for them.
Powell's expectations for a Federal Reserve rate cut signal opportunities for small businesses, noting, "Whether you need a loan for a capital investment or a loan for working capital, it's going to be easier to acquire, steadily." This reflects the anticipated easing of financial pressures.
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