If we’re talking about the year-over-year climb in profits for a small business, then this number is something to celebrate. Or, if we’re talking about the amount of money that a business saved by switching from a manual to an automated inventory management system, then it’s definitely reason to cheer.
Unfortunately, we aren’t talking about either of those things, or anything else good for that matter. That’s because, according to the Administrative Office of the US Courts, 23,106 is the number of business bankruptcy filings for the year ending December 31, 2018. That’s nearly 2,000 a month!
Getting a Loan After Bankruptcy
If you’re among the hundreds of thousands of business owners who have filed for bankruptcy in the last handful of years, then as you can see here, you’re definitely not alone. The Great Recession wreaked unprecedented havoc on the business landscape – and some industries and marketplaces are still in fragile recovery mode. Many businesses had no choice but to declare bankruptcy in an attempt to control the damage and stay afloat, while others shut down altogether.
But that was then, and this is now! You’re back on your feet with a dynamic business to run, and you need an infusion of working capital so that you can purchase inventory, hire staff, launch an advertising campaign, take advantage of a golden opportunity, or cover some other important expense or investment.
Banks Loans: An Exercise in Frustration and Futility
However, as you may have experienced already, trying to get a business loan from your bank after bankruptcy is an exercise in frustration and futility. And this is especially the case if your bankruptcy was recent (i.e. within the last 2-3 years). Your application will go straight into the shredder, because banks are taking on ZERO risk these days. They’re barely handing out loans to business owners without a bankruptcy on their credit history.
Mulligan Funding: The Future is More Important than the Past!
The good news is that at Mulligan Funding, a past bankruptcy will NOT prevent you from receiving a business loan, provided that it has been legally discharged at the time of your application. We’re much more interested in what your business is going to do tomorrow, than what happened months or years ago.
What’s more, unlike banks, with our business loans:
- You don’t need to have perfect or good credit – damaged or bad credit is OK
- You don’t have to have years of credit history – 2-3 months is usually sufficient
- You don’t have to secure your business loan with collateral
- You can pay back your business loan early (if you wish) without incurring any penalties
- You can take out a second business loan while your first is still active, and you won’t pay any double-fees
To learn more, contact us today and schedule your free, no obligation consultation. Or, get started now by completing our 1-page online application. It usually takes less than 15 minutes to complete, and we’ll assess your application and get back you in 24 hours or less.
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!