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How many times in life have we said to ourselves: “if only I knew then what I know now?”
Well, when it comes to seeking a business loan to drive your small or mid-sized business forward, the impact and gravity of this reflection can be more than a lament – it can be a profound regret.
To help you avoid that scenario and empower you with insights and advice before you apply for a loan, we’re pleased to provide you with these valuable — or perhaps, invaluable – business loan do’s and don’ts. We’ll start with the former, and then wrap up with the latter in our next blog post.
1. DO ensure that you get the timing right.
When it comes to applying for a business loan, timing isn’t just important: it’s everything. That’s because opportunities to expand, boost revenues, or take advantage of a significant cost savings don’t last for long. If you don’t have the cash you need to exploit a profitable opportunity, then it will pass you by; and may never come back. As such, ensure that you work with a lending partner that can expedite your loan application and, upon approval, have cash in your account in a matter of days – not months.
2. DO borrow the right amount.
It’s important to work with your lending partner to choose the optimal amount to borrow, which is based on your average monthly cash flow and spending objectives. Otherwise, if you borrow too much, you’ll needlessly pay interest on funds that you have no immediate or imminent profitable use for. Furthermore, if you choose the right lending partner, you can apply for a second loan if your first loan does not fully cover your spending or investment needs (i.e. your initial loan does not need to be fully paid back).
3. DO partner with an experienced lending firm that has in-house experts.
Many firms in the lending marketplace are little more than websites, staffed by call center agents who have virtually no experience or knowledge. Ensure that you partner with an experienced firm that has in-house, experienced funding experts who will thoroughly and professionally provide the support you need before, during and especially after you receive your business loan. There is no substitute for experience!
Stay Tuned for More Business Loan Advice
In our next blog post, we’ll look at 3 business loan DON’Ts that could mean the difference between a highly successful experience – and a regrettable lament. Stay tuned!
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.