It’s happening in big cities, small towns, and rural communities across the country, and it’s frankly like nothing the small business landscape has ever seen – at not least in recent memory.
And worse, this ongoing nightmare for millions of small business owners is taking place with precious little mainstream media coverage. In fact, if it weren’t for social media and blogs, we probably wouldn’t hear about it at all. And that stands to reason, because it’s a story that the banks DON’T want to publicize.
What are we referring to? It’s the unconscionable decision of many banks to unilaterally and without warning to dramatically reduce – or in many cases, outright cancel – lines of credit for their small business customers.
As far as the banks are concerned, the move is hardly unethical. In fact, it’s cheered by boards and shareholders. But for millions of small business owners, it’s literally putting them on the brink of bankruptcy, because their line of credit wasn’t a “nice to have” contingency or back-up option – it was a fundamental necessity for them to stay afloat.
And this isn’t whatsoever because these small business owners were somehow misusing their line of credit, or because there was some concern over the strength or viability of their business. Small business owners have ALWAYS relied on lines of credit to do everything from purchase inventory to pay salaries. That’s why the line of credit was called “revolving” – i.e. small business owners could use the money as they needed it vs. all at once. The banks knew this. Small business owners knew this. Everyone knew this, and nobody had a problem.
That is, until the Great Recession in 2008. All of a sudden, banks were called to the carpet for their reckless (read: irresponsible and greedy) lending practices. And so over the last 7 years, they’ve shut down – and shut off – the funding tap that used to keep millions of small businesses alive: a.k.a. their line of credit.
Well, at Mulligan Funding we have a categorically different view. We understand that small business owners don’t just want occasional funding to “make things easier” – they NEED it to stay alive.
That’s why we proudly offer our customers a transparent working capital loan to support their cash flow needs, and fill the gap that the banks have left behind. And since we know that time is of the essence, upon approval we provide funds to our customers within a matter of days.
If your bank has abandoned you by lowering or cancelling your line of credit, then Call Mulligan Funding at 855-326-3564 to discuss your financing options today!