Another question that our experts frequently get from business owners across the country is: “where is the best place to get a small business loan?” And frankly, most people are surprised by our answer!
The Surprising Answer…
The surprising answer isn’t in what we say – it’s in what we don’t say. This takes a bit of explaining, so please bear with us. It’ll all be very clear in a minute!
You see, when most people ask us “where is the best place to get a small business loan?”, they expect us to say: “why, of course the best place is Mulligan Funding!”
However, we DON’T say that – because we truly don’t know if we’re the best solution until we learn more about our customer and their specific needs. In fact, it may seem hard to believe, but over the years we’ve actually advised many business owners to talk with their bank before pursuing a relationship with us.
Could we have told them that “we’re the best” and encouraged them to apply for a business loan? Yes, we could have. But that would be unethical, and so it doesn’t even cross our minds. We’re not here to make a quick buck. This is our profession, and we take pride in our work. That’s why we’ve been around since 2008, and thousands of our competitors have come and gone. Yes, there are ways to be efficient and lean in this industry (and pass the cost savings to our customers!), but there is absolutely no justification for cutting corners, taking short-cuts, or compromising integrity. Deceiving customers by steering them in the wrong direction qualifies for all three.
Back to the Question
And so with this in mind, let’s return back the question that started us off: where is the best place to get a small business loan?”
Again, we always invest quality time with each customer to learn about their financial situation, needs and goals before we provide an answer. However, we can provide some general insights here in this blog post, which you can use to get a sense of what may lie ahead as you explore your business loan options.
When a Bank is the Best Place to Get a Small Business Loan
Generally speaking, a bank is the best place to get a small business loan if you have been in business for at least two years (though it may be longer with some banks), and have extremely good – and usually perfect – personal and business credit.
In addition, you should either have in-hand, or be prepared to compile, all required small business loan documents, such as P/L statements, business plans, contracts, licenses, etc. You should also have suitable and ample collateral for the loan, and should also be prepared to wait at least a month for your application to be assessed.
If all of the above apply to your business, then again generally speaking, the best place for you to get a small business loan will probably be your bank. And if that’s the case, we certainly hope that you DO get your loan, since it means your small business will grow, and you’ll make your community stronger and more prosperous. Small businesses are the engine of our economy!
When Mulligan Funding is the Best Place to Get a Small Business Loan
And that brings us to Mulligan Funding. We’re generally the best place to get a small business loan if you haven’t been in business for two or more years, if you don’t have perfect credit, and either don’t have or don’t want to allocate collateral for your loan.
We’re also generally a better option if you need your funds quickly, since we evaluate all applications within 48 hours. And speaking of applications: our online application is streamlined and can be completed online in a few minutes. No additional documents are necessary.
Sorry to be repetitive, but it bears repeating: the right answer to the question “where is the best place to get a small business loan?” ultimately depends on your unique business situation. There is no one-size-fits-all answer, and any lender who aggressively pushes you to apply with them should be avoided – because they’re looking out for their best interests, not yours.
Contact our experts today to learn more about our small business loan options and programs. We’ll gladly provide you with clear, honest answers and insights that empower you to make an informed decision.
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 22, 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.