FROM THE DESK OF FADI MALOUF | NOVEMBER 2026
Small business owners are paying more for money and asking for less of it.
A net 8% of owners paid a higher rate on their most recent loan in September, up 4 points from August and the highest level since June 2025, per the NFIB Small Business Economic Trends report. Only 3% named financing and interest rates as their single most important problem.
The loans did not dry up. A net 3% said their last loan was harder to get than before, unchanged from August.
Here is my read. Access is holding. Appetite is not.
I have owned companies since 1999. A banker who already knows your numbers moves faster than one meeting you the week you need the money.
The Signal
Two things moved at once this fall.
The price of credit. The average rate on short maturity loans was 8.2% in September, up 0.7 points from August, per NFIB.
The rules. SBA SOP 50 10 8.1 took effect October 1, 2026, and change of ownership lending rules are now found in Appendix 15. If you plan to buy a business with an SBA loan, that appendix is now the part that matters.
An operator in motion treats a lender like a key supplier: known, current and lined up before the order. The one standing still calls the bank the week the opportunity shows up, then waits while the file gets built. If a deal or a slow quarter could need financing in the next twelve months, then the conversation starts now, while you do not need it.
Put one lender meeting on the calendar this month, before you have an ask.
The Number
22%.
That is the share of small business owners who reported borrowing regularly in September, per NFIB. The historical average is 34%.
What it means for an owner. Fewer regular borrowers can mean more lender time for the owners who show up prepared. If your books are clean, that is a good room to walk into. If they are not, a quiet room will not help you.
The Move
Build your bank file this week, before anyone asks for it.
Three years of business tax filings. A trailing twelve month profit and loss statement. A current balance sheet. A list of every debt you carry, with rate, balance and payoff date.
Then read it the way a credit officer would. Does the cash flow cover every payment on that list with room to spare? If not, that is the work. Fill the gaps before the meeting, not during it. If it does, bring the file to that lender meeting and ask what they would need to see to say yes.
The Door
Before that lender meeting, take the FM Capital Quiz and see where you stand.
Forward motion,
Fadi
This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, financial instruments, or investment products. FM Enterprises and Fadi Malouf do not provide legal, tax, investment, or financial advice. Any business, acquisition, or capital related discussion is subject to further review, appropriate due diligence, and applicable professional guidance.