As debt ceiling talks continue and default looms for the U.S. government, Main Street business owners are worried about the economic damage.
A 2013 estimate from Fed economists undertaken given a prior debt ceiling showdown projected a 30% decline in the stock market, a 10% drop in the value of the dollar, and a "mild" two-quarter recession. But mild still likely means millions of jobs would be lost and real GDP would take a big hit, according to the Brookings Institution.
In April of 2022, Goldman Sachs found that 77% of small business owners were confident in their ability to access capital. However, this past April, it found a full reversal, with the same percentage now worried about access to capital. "It's a bit of a tightrope really that small business owners are trying to navigate. They want inflation to go down, but obviously they don't want to have to pay more to access capital," Pompey said.All small businesses can do is prepare for the economic uncertainty that lies ahead. Control what they can control — i.e. not the debt ceiling talks — and Pompey says that means shoring up financial relationships and financial knowledge.
It's critical to know your banker and have an established connection with them in case there comes a time where you need to access funding, Pompey said. Calling your banker and updating them on what's going on with your business are small efforts that can go a long way if the economy takes a turn for the worse.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Two hurt after house fire near Main Street and Sossaman Road in East ValleyTwo people are hurt and a third person is possibly unaccounted for after a house fire in the East Valley Thursday.
Read more »
Don Your Monocle for MAINopoly, a Tasty Celebration of Santa Monica's Main StreetLook to vibrant Main Street in Santa Monica, that eatery-lined, shop-strong, super-strollable thoroughfare. And gaze upon the final Saturday in May, which is when MAINopoly: A Taste of Main Street returns for its appetizing eighth outing.
Read more »
One dead, two hurt after house fire near Main Street and Sossaman Road in East ValleyOne person is dead and two people are hurt after a house fire near Sossaman Road and Main Street in Mesa Thursday. MORE ⬇️
Read more »
Father pleads for driver to come forward after son dies in South LA hit-and-runThe fatal hit-and-run occurred April 13 around 10:40 p.m. near the intersection of Main Street and 43rd Street.
Read more »
Water main break damages multiple operating rooms at URMCA nearby water main was punctured during construction work outside URMC, resulting in a 'significant volume of water' reaching the hospital and seeping into operating rooms in the basement, including some where surgeries were taking place.
Read more »