Businesses are bracing for a possible rail strike that could create massive supply chain disruptions. About 60,000 freight railroad workers are set to go on strike after midnight on Friday if no agreement is reached between the railroads and leadership of two unions. A rail strike could cost the economy $2 billion a day, according to the Association of American Railroads. Railroads are already curtailing shipments of hazardous materials and perishable goods ahead of Friday’s deadline. Amtrak has already canceled several long-distance trains because there wouldn’t be enough time for them to reach their destinations if the strike occurs. NJ Transit says it’s not anticipating any impact on commuter rail service.
The New Jersey Economic Development Authority is tweaking a financial program for micro businesses, making it easier for business owners to get a loan from the state. The EDA’s board Wednesday approved a revision to the Main Street Micro Business Loan, removing a collateral requirement for business owners. The agency says removing that barrier gives more owners of micro businesses access to financing. Eligible businesses and nonprofits will be able to apply for loans of up to $50,000, starting early next month.
Demand for mortgages and refinancing has dropped sharply as conventional mortgage rates climb above 6%. According to the Mortgage Bankers Association, its latest weekly data shows mortgage demand has dropped 29% compared to a year ago.
