"The higher the price of anything, the less that will be taken, and this includes labor, " Dunkelberg said.

NPR: Obama, Business Groups Differ On Minimum Wage Plan

Mr Dunkelberg thinks banks will be ready to help them.

ECONOMIST: Credit in America

William Dunkelberg, chief economist for the National Federation of Independent Business, said the increase would hit businesses hard and only hurt low-wage workers by reducing demand for their services.

NPR: Obama, Business Groups Differ On Minimum Wage Plan