Financial analysts with a number of media outlets are predicting the Federal Reserve will raise interest rates in the summer of 2015. This move is designed to help protect the growing economy. As an analyst for CBS News explained, raising the interest rate can increase the value of the dollar and help avoid inflation.

The interest rate has not been raised in eight years. A survey of economists, strategists and fund managers conducted by CNBC predicts that the rate increase will likely occur in the summer of 2015.

What does an increase mean for business owners?

An increase in interest rates can hurt a business' bottom line. An increase in interest rates translates to an increase cost to complete investment projects. As a result, it is beneficial to complete capital needs financing while the interest rates remain relatively low. This risk can be mitigated with proper planning. Both entrepreneurs looking to start a business in the near future and business owners with established enterprises can benefit from a proactive approach.

How likely is an increase?

The information provided by analysts is projections and speculations. However, the bigger question appears to be not if an increase will occur, but when. Forbes explains that the Federal Reserve must keep time lags in mind. Essentially, it takes approximately one year for an inflation increase to impact spending and employment numbers and an additional year for the rate to have a real impact on price changes. This means the feds are making a decision based on projections for the economic state during 2017.

As a result, a raise rate is likely. Doves, or those in favor of increasing the interest rate at a later date, point to current low inflation rates and weak wage growth numbers. In contrast, inflation hawks who are pushing for raising the rates as soon as possible

Ultimately, analysts with Forbes predict the rates will begin to rise in June and fully "tighten" in August.

How can I protect my business?

It is important for business owners and entrepreneurs to take the time to review their capital needs financing. This includes reviewing the business plan and obtaining necessary funding to help better ensure any upcoming ventures are funded at reasonable interest rates.

Business owners in this position are wise to seek the counsel of an experienced business development attorney and ongoing advisor. This legal professional can help guide you through the process, working to better ensure your long-term success.