Alternative Lenders Are Not Last Resort Small Business Lenders

While we’re an upbeat and positive-thinking team here at Mulligan Funding, we must admit that there are a few things that really get under our skin from time to time.

For instance, we have a big problem with lenders that advertise themselves as “partners in small business growth”, while they make it virtually impossible for small businesses to get a business loan.

We’re also not fans of business loan “brokers” who essentially scam unsuspecting business owners into paying for bogus services such as an application fee, credit check, and so on.

And rounding out our Trio of Pet Peeves is something that really drives us crazy: when the industry (and media companies that get a lot of advertising from banks) refers to alternative lenders as “small business lenders of last resort”.

What we find so frustrating here is that this messaging keeps some small business owners from exploring the alternative lending market and doing their own research and fact-finding. Whether they ultimately choose to apply for a small business loan is another matter – but at least they would be able to make an informed decision.

Whereas the alternative lending space is sometimes made to be seen as the “Wild West” full of shady, shiftless companies and punitive interest rates, many lending partners in the space are legitimate organizations that help thousands of small business owners across the country each year get the funding they need to succeed – or in some cases survive.

What’s more, many small business owners don’t just obtain one business loan from an alternative lending provider – they have an ongoing relationship that is mutually rewarding. For example, at Mulligan Funding, some of our customers have received access to dozens of loans from us over the years. These customers could certainly go to their bank if they wanted to. But they choose to partner with us, because we offer advantages and benefits that banks may not be able to.

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.