See How Much You Qualify For
Qualifications: In business for at least 9 months with at least $120K in sales over the past 9-12 months
Hopefully It’s clear that business financing partnerships need to be personal to be their best. When you have a personal rapport with your lender, you get the benefit of fast and easy funding every time you find a new financial opportunity.
You also benefit from a strong partnership, where you can communicate openly about your business and be sure that you’re on the same page. But how do you develop such a strong partnership with your lending partner? It’s simple: you take action now, before you have a critical need for such a partnership.
1. Start Now
Start by seeking out a relationship now, before you need business funding. It’s never too late to start, even if your business is long-established. Spend time mapping out your business needs, future plans, and build a preliminary roadmap of where your journey might take you in terms of needing financing solutions. This way, when you reach out to a lending partner, you’ll already have a clear idea of what you want to accomplish, and how they fit into the future of your business.
Remember that in some ways, the relationship you have with your lending partner is the same as the one that you have with your doctor. Your doctor helps you navigate your own healthcare by having a solid handle on your health history, and helping you to define your healthcare goals. This is why you have one primary care physician and don’t go “doctor-shopping” every time you get sick.
At the same time, your lender suggests financial solutions based on what he knows about your business history and your goals, so why wouldn’t you choose a lender who’s going to be there for the long haul?
2. Be Candid
Let your business financing partner understand the ins and outs of your business from day one. That kind of candid sharing is what sets the right financing partner apart from the rest. Your lending partner should have a genuine interest in knowing what makes your business tick, especially if you run a niche business, such as HVAC maintenance, auto repair, or a restaurant.
And to that end, you should be as open as possible when it comes to sharing information about your daily operations and quarterly finances. Honesty from the start allows your lending partner to have a deeper level of understanding around your situation, so they can propose solutions that will work for you based upon your circumstances and goals.
3. Lean on Them
Your lending partner is one of the most valuable tools in your arsenal, so let them provide support when you need it. Keep their number on speed dial and reach out whenever you have questions about an outstanding loan, need a quick financing solution to a short-term problem, or aren’t sure how much funding you should be seeking.
- Facing down late payments with your vendors? Talk to your lender about it.
- Want to expand? Share your goals and opportunities for growth.
- Having trouble understanding your balance sheet analysis and how it affects your loan eligibility? Call your lender today.
- Struggling to find the loan type that works for your situation? Allow your lender to help you choose the product that’s the best fit for your business.
No matter how complex the problem, your lending partner should be happy to support you by talking through the details and finding the right solution.
4. Maintain Communication
Your business lending parter is here to help you succeed, so give them the tools they need to make that happen. That means no holding back when it comes to candid, honest communication about your finances, your quarterly analyses, your vendors, and other factors that affect your cash flow and day-to-day operations.
Keep your lending partner alerted to changes in your financial operations as they occur, not after the fact. That holds especially true when financial changes affect your ability to repay an outstanding loan. If you let your lending partner know before the fact that you’re going to be delayed in making a payment, then they can work with you to find a mutually beneficial solution, and you get relationship-building points for honesty.
Through prosperous quarters and slow months alike, it’s important to have a business financing partner on speed dial who you can trust to provide the right advice in a pinch. Follow these four simple steps and you’ll be on your way to a long-term relationship that repays itself in dividends.
At Mulligan Funding, we’re committed to helping you succeed. 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.