As a small business owner, you know that there are periods of smooth sailing — and periods of rough seas.
On top of that, you also know that, despite your hard work and dedication, these forces can be outside of your control. Yes, you can make smart, strategic and sometimes just plain lucky decisions that help you stay afloat. But there are other factors, such as recessions, surging competition, rising supplier pricing, and changing customer preferences, that you simply cannot predict or direct. At best you can “sense and respond” to these economic tidal waves – and do your best to ride out the storm.
Where Struggling Small Businesses SHOULDN’T Go for Help
If your small business is currently struggling, we’ll highlight how you can get the financial help you need. But before doing that, since time is of the essence, below we discuss where you may not want to go for support.
Banks and Credit Unions
Struggling small businesses don’t always get the experience from their bank or credit union that they expect. That’s because banks and credit unions are sometimes reluctant to approve loans for any small business – even those that aren’t struggling. It costs about the same to underwrite a $50,000 loan as it does a $3 million loan, so banks and credit unions make much more profit handing out loans to their larger clients.
Furthermore, even if a bank or credit union is willing to throw a financial lifeline to a struggling small business, the business owner will need to pledge significant collateral in the event of default. This can (and usually does) include both business assets and personal assets. If a business owner doesn’t have or doesn’t want to pledge these assets, it will be very difficult to get approved for a traditional bank loan.
Platforms such as Kiva are sprouting up on what seems like a weekly basis, and some small businesses have successfully raised funds.
However, these are the exceptions. For every business that achieves its fundraising goal, hundreds of others have failed to do so. Competition is fierce, and the average loan amount is typically small. It can take months to crack the 5-figure mark, and struggling small businesses in particular will have to make a very compelling case to outshine their sturdier counterparts who are trying to win over the same investors.
Where Struggling Businesses SHOULD Go for Help
Now, we can focus on where struggling businesses should go for small business financial help: Mulligan Funding!
At Mulligan Funding, we proudly provide all small businesses – both those that are currently struggling, and those that are firing on all cylinders – with affordable, transparent business loans.
Unlike traditional banks and credit unions, we don’t require collateral of any kind. And unlike peer-to-peer lenders, we don’t make applicants jump through hoops or hope that they’ll reach their funding goal. Once we approve an application, we forward 100% of the agreed-upon funds to our clients’ account within days – so they can get their small business back on track NOW, when it matters most! Mulligan Funding offers help for small business owners in trouble.
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.