There was a time when the best way to get a small business loan was to walk into your friendly neighborhood bank, meet with a friendly loan officer, and presuming that “everything was in order”, most likely have your friendly application approved within a few weeks (and perhaps get a friendly bank calendar while you were at it).
Well, things have changed A LOT in the last few years, and for millions of small business owners across the country, banks are no longer friendly allies. They’re more like angry enemies.
Where did the Small Business Loan Love Go?
So, when and how did the small business loan love turn into hate?
The when is around 2008 when the Great Recession erupted – and event that, ironically, many banks themselves helped trigger by selling convoluted “asset backed securities” (many of which proved to be liabilities and insecure).
The how is that banks decided to use the Great Recession as an opportunity to dramatically change course on small business loan policies and procedures, and make it virtually impossible for applicants with flawed credit and/or less than 2 years of credit history to apply.
On the surface, banks still claim that this shift is driven by the need to be “prudent” and “fiscally responsible”. But behind the scenes, as anyone familiar with the lending marketplace will confirm, this move is primarily about profit. It costs banks roughly the same amount of time and money to underwrite a $50,000 loan as it does a $2 million dollar loan – which is far more than most small businesses want, need or would qualify for.
And so banks win because they make more profit, big business win because they get low-cost loans — and millions of small business owners lose. That is, unless they do what the banks, in their astonishing greed and arrogance, never saw coming: choose a better alternative.
The Mulligan Funding Advantage
At Mulligan Funding, we proudly provide small business owners around the country with transparent, simple-to-manage and competitively-prices small business loans.
Unlike banks, we specialize in serving the needs of small business owners, and so our approach is respectful and reasonable, and our approval rates are high. While we welcome clients with great credit and years of credit history, we also serve clients who have bad credit or a limited credit history. A past bankruptcy is also not an obstacle, provided that it has been discharged at the time of application.
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!