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(This article originally appeared in NextIdea, a weekly newsletter on the pursuit of side hustle and financial independence. Sign up using the box below.)

It’s Federal Reserve week and interest rates are rising again to combat heated inflation.

When federal debt gets higher, banks and creditors often respond by raising interest rates on their products, such as credit cards and loans, to preserve profits. In addition, when business funding becomes more expensive or less accessible, there is a direct burden on small business owners and entrepreneurs.

if you’re reaching out sublease economy — Businesses, large and small, that rent out existing private property to generate semi-passive income streams — this is significant news. Here’s why: To make money in your car, pool, or backyard, you must first secure a big purchase. If you don’t have assets yet, you’ll need a significant upfront investment. Also, if you are using debt or other forms of financing to cover your assets, you should keep an eye on interest rates in the coming months.

Marcus Gram couldn’t afford real estate on his $30,000 salary, so instead of generating semi-passive income, he bought a refurbished vending machine.

This was the predicament of Marcus Gram. The 31-year-old wanted to get into investment real estate, but didn’t have enough initial capital to close a viable deal.

So he bought a refurbished vending machine for just $2,000, stocked it in bulk with Costco snacks and drinks, and installed it in a high-traffic local small business.

After his first attempt fell through, one tweak helped the young entrepreneur find his groove and his small sideline grew into a full-fledged business. NextAdvisor contributor Chi Odogwu has the scoop.

The new Hotside Hustle is… Do you own a vending machine?How this 31-year-old used to make $340,000 last year

You can also start with funds

But while we’re talking about the topic of fundraising, it’s important to note that Minority- and Women-Owned Businesses (MWBEs) encounter more obstacles in getting their ideas off the ground. They are more likely to be given higher interest rates on business loans and are also more likely to be denied financing outright.

Black-owned businesses are 20 percent less likely to get a loan from a big bank than white-owned businesses, even if they have similar “characteristics and performance.” Data from the Federal ReserveWomen also receive, on average, 33% less business loans than men, even though the average FICO scores for women and men are similar.

bridging the gender gap

Women-owned businesses in the U.S. generate $1.9 trillion in annual sales, but women’s operational autonomy, both personal finances and start-up capital, is only recent.

of Equal Credit Opportunity Act In 1974, women were allowed to open their own credit card and loan accounts. However, the woman was still not allowed to receive her business funds due to the perception that she was an “unreliable” borrower. Until 1988, a woman had to have a man co-sign her business loan. HR 5050, Women’s Business Ownership Actwas signed into law.

Since the 1970s, the number of women-owned businesses has increased by more than 3,100%. However, most companies are still small, with 88% of these companies making less than her $100,000 annual revenue.

Fundraising resources dedicated to women entrepreneurs are available at: US Small Business Administration Community Development Finance Institution (CDFI) in your area. CDFI searchable database can be found here.

Many aspiring entrepreneurs rely on personal or corporate credit cards to get their small business off the ground, but there are more reliable financing options, such as Community Development Finance Institutions (CDFIs). . Learn more about.

Impact of Federal Reserve Rate Hike on Business Owners, Especially Minority and Female Entrepreneurs

Read up on financial options and be well prepared for making your next best money move. But don’t forget to also feel inspired and have fun along the way.

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