11 Facts You May Not Know About a Business Working Capital Loan

Working Capital Loans - 3 Min Read

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Qualifications: In business for at least 9 months with at least $120K in sales over the past 9-12 months

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At Mulligan Funding, we have the pleasure and privilege of speaking with small- and mid-sized business owners each day.

We’re pleased to offer our customers easy access to the working capital they need and support them with a helpful team along the way.

Whether you’re looking to expand your operations or simply need more cash flow, a business working capital loan through Mulligan Funding** may be a great fit! So long as the funds are used for any business purpose, a working capital loan allows you to make improvements wherever you’d like1.

To help you decide whether a business working capital loan is the best option for you, consider these 11 facts from the Mulligan team.

11 Things to Know About Business Working Capital Loans

1. When compared to large, traditional banks, approval rates for working capital loans can be higher. For many business owners, these types of loans can be a great option and a means to help them find the support they need for their business.

2. Business working capital loan applications are often more simple than traditional loans. When applying through Mulligan Funding, our application is seamless and available online to complete at your convenience.

3. Working capital loan approvals for businesses can often be faster than traditional funding. At Mulligan Funding, our team is speedy! After submitting your application, your loan may be approved in a few hours and funding can be available as soon as the business day after approval*.

4. You don’t need to have perfect credit to get approved for a working capital loan. For example, some lending providers encourage potential customers to apply for a loan even if they have imperfect or damaged credit.

5. Working capital loans often have lighter requirements for your business than traditional lending. At Mulligan Funding, we only require around 9 months of business history, which is particularly useful for newer businesses who have been turned down by other lenders, or who feel they may not qualify.

6. Most working capital loans do not require any collateral. But, be sure to familiarize yourself with the loan requirements before signing the dotted line.

7. Instead of large monthly lump-sum payments, a business working capital loan is typically paid back through small fixed daily amounts. For many business owners, smaller payment amounts are helpful in helping them pay back their loan at a speed that fits their needs.

8. Depending on the lender, convenient payment options may also be available to you. In addition to manageable payment amounts, some funding providers also offer automatic payment options, so you don’t have to worry about missing a payment date.

9. If you wish, you may pay your business working capital loan back ahead of time to save interest. However, this isn’t required and may not be an option with all lenders.

10. Depending on the loan terms and the partner you’re interested in working with, a past bankruptcy may not disqualify your application. To find out whether you qualify for a loan despite a past bankruptcy, be sure to check with the lender first.

11. If you need more funds, you may be able to apply for a second business working capital loan while your first is active. If you choose to pursue this option with Mulligan Funding, the funds from your second loan won’t be used to pay down the amount you own on your first loan, which would leave you with less cash-on-hand than you need or expect if you’re approved for an additional loan2.

Learn More About Business Working Capital Loans Through Mulligan Funding

Depending on your unique goals, a small business working capital loan could be the perfect fit! And with our team of skilled loan advisors, we have you covered with friendly and speedy solutions*. Interested in learning more about your financing options through Mulligan Funding? We’d love to chat! Call our team at 855-326-3564 to speak with us today.

The information shared is intended to be used for informational purposes only and you should independently research and verify.

Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.