5 Tips for Getting a Business Loan for Your Female-Owned Business

Small Business Loans - 2 Min Read

As a woman entrepreneur and business leader, you know that more opportunities to succeed exist across the business landscape than ever before. And that is great news!

There are millions of talented and hard working women that are business owners just like you. In fact, they are the future of the country’s economy. According to the US Census Bureau, there are more women than men in the country (165.3 million to 160.4 million). Obstacles to their business success will directly and indirectly translate into obstacles for the country’s economic success. And acquiring a business loan and be difficult as well. With this in mind, Mulligan Funding provides 5 tips for getting a business loan for your female-owned business:

Analyze and identify how you’ll use your business loan.

Traditonal lenders such as banks demand to know exactly how borrowers will use their loan proceeds. And if they agree to approve the loan (which is very rare) they restrict the use of funds to the stated use in the business plan that you submitted to them. At Mulligan Funding, we allow you to make the best decision for your business and no business plan is needed. You can use the proceeds of your small business loan any way you choose.

Determine how much you need to borrow.

We provide small business loans for women of varying amounts from $10,000 to well over $500,000. They key is to indentify how much working capital you need to either solve a problem or grow your business to new levels of profitability.

Determine your business loan duration.

Choosing the right duration ensures that you pay as little interest as possible, while having the working capital you need to cover expenses, make investments, and grow your business. Our business loans range from a few months, to in some cases over a year.

Prepare your documents.

Unlike banks, we don’t require an elaborate application package that includes everything from comprehensive business plans, to resumes, to supplier and customer agreements, and more. We also don’t require assigned collateral. All we usually need is a simple one page application and a few months of bank statements. Approval is usually within hours and funding takes place in a couple of days.

Give us a call!

When you’re ready to learn more or start your application, give us a call! Our friendly and experienced Funding Experts will gladly answer all of your questions.

Be assured there is no “sales pressure” of any kind. We don’t operate that way. We’re professional, respectful and believe that our role is to help female-owned business owners get to the next level.

Not just because it’s the right thing to do (which it is!), but because as we noted above, our communities, cities and country needs more women at the helm so they can generate economic activity, create quality jobs, and inspire other women and girls to follow their lead.
Call Mulligan Funding at 855-326-3564 to discuss your financing options 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.