There’s the “speed of business” – and it’s pretty darn fast — and then there’s a velocity that is even faster and more frenetic: and it’s called the “speed of small business.” That’s because life on the small business landscape doesn’t merely change day to day – it changes hour to hour, and sometimes moment to moment!
And so in light of this relentlessly rapid pace, you’d think that any company offering small business loans would naturally provide them as quickly as possible, right? Unfortunately, that’s not the case when dealing with banks.
ASAP = As Slow As Possible?
We all know that the acronym ASAP stands for “as soon as possible.” However, when it comes to assessing small business loan applications, banks operate on a rather different plane: one where the “S” stands for SLOW.
Indeed, most banks typically take at least a month to assess small business loan applications; and some take several months. What’s more, we’re only referring to assessing here. Approval is another matter entirely.
So what’s behind the banks’ laid-back pace? It’s not because they don’t have the staff or resources to speed up the process. It’s that they have very little interest in providing small business loans, and haven’t since the Great Recession struck in 2008.
Of course, banks will tell you that the reason for their excessively long process is that they have to carry out comprehensive due diligence. But guess what? Most of that burdensome due diligence is being mandated by the banks themselves! Yet even still, as noted earlier, banks could easily shorten the small business loan assessment period if they wished to. But they don’t, because it’s not part of their business vision at this time – and isn’t likely to be for many more years.
Mulligan Funding: Understanding the Speed of Small Business
At Mulligan Funding, we come from a small business background – and intimately understand that golden opportunities come and go in a matter of days, and expenses need to be covered ASAP where the S stands for SOON, not SLOW.
That’s why our standard is to review your small business loan application within 48 hours; though sometimes it’s the same day or the next business day. And if we approve your application and you’re happy with the numbers, we’ll have the funds in your account within a matter of days. There’s no collateral, you can use the funds however you wish, and pre-payment is possible (though certainly not required) with no penalty of any kind.
Basically, we understand what the banks don’t: on today’s business landscape, there is only one kind of small business loan: a fast small business loan!
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!