While time is always of the essence on the business landscape, the stakes are much higher for small businesses. Delays and setbacks can be damaging or catastrophic, and ultimately even fatal to your business.
Below we’ve highlighted 3 excellent ways to increase your small business working capital in a matter of days! Each of these options allow you total flexibility. Some of the most common reasons for a working capital loan are to cover expenses, investment in equipment, staff, vehicles, marketing campaigns, repairs etc. Unlike traditional financing, the use of funds from a working capital loan is never restricted as long as your business can support the payback schedule. This freedom allows you to meet your immediate needs and goals and to take advantage of opportunities for growth, while firmly positioning you for future success and profitability.
Apply for a Working Capital Loan
A working capital loan provides your small business with a cash infusion that can range from under $10,000 to over $500,000. There is no collateral required, and neither great credit nor a long credit history are necessary. Mulligan Funding provides small business working capital loans to businesses with as little as a 6 month track record of sales. You’ll make a small daily payment instead of a large (difficult to make) monthly obligstion. Plus you can pay it back early if you wish to reduce your financing costs.
Additionally, there are no restrictions on the use of your loan proceeds. That is a huge advantage for business owners that desire total flexability to use their funds with unlimited restrictions to grow their business in whatever way they choose to.
Apply for a Business Line of Credit
A business line of credit gives you instant access to a pre-approved amount of cash. When you need funds, you simply draw down the line of credit.
Interest only starts accumulating when you draw down, and of course it’s only based on the amount that you draw down. Similar to a working capital loan, there’s no collateral required, and it’s typically fine if you have poor credit or a limited credit history. You’ll also pay a bit of the loan back each day, or you can speed up the process if it’s beneficial for you to do so.
Here again, there’s no collateral required, less than perfect credit and a limited credit history are fine. We say yes, when banks say no.
To learn more about any of these ways of increasing your small business working capital in days – not months – contact the Mulligan Funding team today. Your consultation with us is friendly and free, and there’s never any obligation to start an application. When you need a business loan fast, we are here to help!
*The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 22, 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.