There are many reasons why a business owner like you may need a small business loan fast.
For example, a competitor may be winding things down and offer you a chance to pick up some of their inventory at a fraction of the cost. Or perhaps you’ve heard through a trusted source that you’re the preferred vendor for a huge (and hugely profitable!) project, and the only thing that’s holding you back is that you aren’t using a specific – and somewhat pricey – project management software solution. Or maybe you’re at risk of becoming the “best kept secret” in your marketplace, and want to launch a targeted marketing campaign to connect with new customers. In any of these cases, a fast business loan is essential for the growth of your business.
Regardless of your reason or reasons, the fact is that you need a small business loan fast. And so, you may think that the next logical step is to contact your bank, right? Think again!
The Bank Business Loan Application Maze
Several years ago, applying for a small business loan from banks was a relatively quick process. That’s not to say it was ever fast (we’re talking about banks here!). But it wasn’t prohibitively slow.
However, since the Great Recession in 2008, banks have completely re-invented the small business loan application process, to the point that it probably can’t even legitimately be called a “process” anymore. It’s more like an ordeal. Fast business loans simply aren’t available at banks anymore.
That’s because the application process/ordeal takes MONTHS to wind its way through the bank’s maze, going from loan officer to loan officer to loan officer. In fact, it’s not uncommon for some Small Business Administration loans (which are facilitated in conjunction with banks) to go through more than 30 different people during the application process!
What’s more, it’s not as if the process is a “set it and forget” it one. There are a multitude of documents that must be provided to the bank along with the application – everything from business plans, tax returns, P/L statements, resumes and more. If these documents are deemed to be incorrect or incomplete (and applicants should expect either or both to be the case), then they’ll have to submit updated documents; which further delays the application process.
As you can see, there’s no such thing as fast business loans from banks. They refer to this as “due diligence”, but some people and experts think it’s more a form of passive aggression. Banks don’t want to lend to many small businesses, and so imposing an incredibly long and convoluted application process is one of the ways they demonstrate this mandate, but without having to come out and say: “look, we’re focusing on large and enterprise organization right now; can you re-apply in say, 10 years when we might be back in the small business lending market?”
Mulligan Funding: Delivering Small Business Loans Fast
The good news is that fast business loans do exist, just not at banks! So how do you find the best lender for your circumstances? At Mulligan Funding, we understand that the “speed of business” for small business owners like you is rapid and dynamic, and the idea of waiting months for a business loan to materialize is unacceptable – and completely unjustified as well. Working capital loans shouldn’t be that hard to get!
That’s why we take 48 hours (or less) to review your application, and upon our approval and your acceptance of the terms, we’ll have the funds in your account within a matter of days. You can come to us to get a loan fast.
What’s more, you can use the funds in any way that you wish – unlike bank loans, which typically mandate how, when, and why the funds must be used. We feel that the best person to determine how to keep your business strong and successful is YOU. After all, isn’t that how it should be?
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!