A question that the experts here at Mulligan Funding get on regular basis is “what’s the best way to get a small business loan?” This is a very important question, and while the answer isn’t complicated, it takes a bit of explaining.
The best way to begin answering this question is to identify your options. If you’re like millions of small business owners across the country, contacting your bank may not be the best option. Here’s why:
If you have dinged or bad credit, less than two years of credit history, and don’t have collateral – or don’t want to offer it up as security – then there’s a good change your loan application will be denied.
“Excuse Me, Do You Have the Time?”
The other factor to consider is that one commodity that in many ways is more valuable than anything else: TIME!
The banks’ small business loan application process is typically relatively very long. The minimum time you should expect to hear back (and there’s no guarantee of approval) is a month, though several months is not unheard of. In fact, some small business loans administered by banks in partnership with the Small Business Administration (SBA) can take over 6 months to be approved, and be vetted through various loan officers and administrators!
As such, even if you happen to meet the bank’s stringent requirements, you may not find that applying for a small business loan from your bank makes sense – since by the time your application is evaluated and (hopefully) approved, the opportunity you wanted to take advantage of will probably be gone, or the expense you wanted to cover has grown bigger.
If Banks are Your BEST Option…
So with the above in mind, we can get down to answering the question “what’s the best way to get a small business loan?” Here’s our answer:
If you have plenty of collateral at your disposal (e.g. properties, vehicles, equipment, etc.), have perfect credit and years of P/L statements with many more Ps than Ls, and can withstand a long application process, then you’ll probably find that applying for a small business loan from your bank is the best move. You may be able to leverage all of your advantages into a lower rate or more advantageous repayment terms.
However, if you don’t want to go through the red tape and simply want a fast, transparent small business loan that (upon our approval and your acceptance) puts cash in your account in a matter of days, then the answer you’re looking for is Mulligan Funding.
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.