Small Business Lending Holding Up

Small Business Lending Holding Up

July 13 (Reuters) - U.S. small businesses are paying the most for loans in 16 years as borrowing costs have skyrocketed under the Federal Reserve's aggressive interest rate hikes, but new data shows they have yet to face a widely predicted credit crunch.

The average rate paid on short-term loans for small businesses shot up to 9.2% in June, up 1.4 percentage points from May's reading - marking the largest increase in short-term borrowing costs since December 2006, according to data this week from the National Federation of Independent Business (NFIB).

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