08
January
2019

How Long Does it Take to Get a Small Business Loan?

Picture a potential customer calling you up and inquiring about your products or services.

Now, imagine that instead of answering the call or phoning back within a few hours or the next business day, you instead created a voicemail message that said: “Hi, thanks for your call. Please fill out a multi-page application and I’ll let you know within 60-90 days if I am available to take your call.

Conventional Bank Loans: Months in the Making

As absurd as this scenario is, this is essentially the stance that banks take when it comes to fielding small business loan inquiries. And remember: we’re talking inquiries here; not approvals. In other words, it takes months just for banks to decide if they’ll approve a small business loan application. Indeed, many small business owners are shocked to discover that “no news” on their application status months after they submitted it was definitely not “good news.” Rather, it was bank bureaucracy at its finest (that is, at its worst!). In fact, it’s not unusual for more than a dozen bank officials and employees to review a single small business loan application. For many SBA-facilitated loans, the number can be even higher norm.

Of course, all of this begs the question: why are banks working on such an unacceptably slow timeline? The answer is that since the Great Recession erupted in 2008, banks frankly aren’t interested in having small business loans on their books. They’re interested in large and enterprise organizations that have deep pockets and millions in collateral. In other words, they’re content with helping the “very rich get much richer.”

Mulligan Funding: Operating at the Speed of Small Business

At Mulligan Funding, we come from a small business background ourselves, and personally know that waiting months for a business loan to possibly materialize isn’t just unreasonable: it’s flat out unacceptable!

That’s why we promise to review each working capital loan application or merchant cash advance application within 24 hours of receipt. What’s more, after we approve your application, we’ll have the funds in your account in a matter of hours. This way, you can use the funds when you need them most – i.e. NOW – to take advantage of a golden opportunity, cover emergency or unexpected expenses, and help keep your small business on track and heading in the right direction.

Call Mulligan Funding at 855-326-3564 to discuss your financing options today!