As a small or mid-sized business owner, you know that cash flow is the lifeblood your business, because it enables you to pay your staff, purchase inventory, and cover all other operating expenses associated with running a successful, growing business.
However, you may find yourself in a situation where in order to take advantage of a golden opportunity, expand your operations, hire new staff, purchase new technology, or take care of any other investment or expense, that you need access to more cash flow than you have on hand, or that you anticipate will be available to you in the near future.
Well, guess what? Some lenders that offer working capital loans may not approve your loan application! This could happen for a variety of reasons, but one reason could be that they dictate that their customers use their working capital loan to ONLY purchase long-term assets or investments. If that’s not your goal, your application may be rejected.
At Mulligan Funding, we respect that business owners are in a far better position to decide how to spend their money than we are. That’s why we empower our customers to use their working capital loan in any way that they wish. Of course, this can certainly include purchasing long-term assets or investments; but it by no means has to.
For example, our customers can use their working capital loan to:
- Launch a marketing and advertising campaign to promote their offerings.
- Exhibit at an important and influential industry conference.
- Hire a consultant to help them optimize their business processes.
These are just some of the ways that our customers can use their working capital loan to achieve their business goals.
What’s more, if they wish to and are in a position to do so, our customers can pay their working capital loan back earlier than scheduled. While this is never required or even requested, it is nevertheless an option that some of our customers choose to take advantage of, because it allows them to save on interest costs.
What happens if our customers discover that they need additional funds? Well, with many other lending companies, they must wait until their first loan is fully paid back before they can apply for new funding. However at Mulligan Funding, we routinely provide approval for second loans to customers who find that they either underestimated the amount they need, or that a new expense or opportunity has emerged.
As you can see, not all working capital loans are created equal. Some are quite rigid and limiting, while others – such as the ones we offer access to – are designed to empower our customers, and give them the resources they need to keep their business strong and successful.
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.