Three things moved this week that could change what an owner does over the next month or two.
First, platform funding keeps growing. Intuit reported that QuickBooks Capital originated $1.9 billion in business loans in the quarter ending July 31, up 54% from a year earlier, with the growth driven by working capital — the shorter-term money you use to cover payroll, inventory and the gap between finishing a job and getting paid. If you keep your books in software, there's a decent chance an offer will show up in your dashboard. That's a genuine option, and it's convenient because the funder already sees your numbers. It's still worth putting next to a bank facility or an SBA product before you sign, because convenience and cost aren't the same thing.
Second, the rate conversation has turned around. Barclays now expects two Federal Reserve rate increases following a speech by Kevin Warsh, and mortgage rates hit their highest level since June 2025 as new Middle East attacks pushed oil prices up. Coming into this year, most people expected rates to fall. If you've been waiting for cheaper money before you buy the equipment or the building, that wait no longer has the consensus behind it. Pricing your options now costs you nothing and tells you a lot.
Third, pandemic-era relief cases are still being filed. In the last two weeks alone, a Seattle startup agreed to pay $1 million to settle allegations tied to a pandemic-era loan, an Illinois man was charged in a tax and pandemic loan fraud case, and a state representative was indicted over roughly $700,000 in relief funds. If you took PPP or EIDL money, put your application, statements and forgiveness paperwork somewhere you can find them in ten minutes.
One more note worth your time: the discipline of an SBA application — building the projections, cleaning the books, writing down exactly what the money is for — tends to help owners whether or not the funding closes.
If you'd like a second set of eyes on an offer you've been sent, we're glad to look at it with you.