Every year, 8 out of 10 small business crumble within the first 18 months, with the main cause being a lack of cashflow. Unfortunately, this 80% bracket hits the ceiling on their capital before they can truly grow into a thriving place of commerce. So, what can you do to avoid the trumpet sounding “Taps” for your business?
Facing the issue
If a lack of capital to grow, promote, and expand is the number one killer of small businesses, than any entrepreneur getting their project off the ground is going to need cash assistance. There’s a sea of creditors out there filled with loan shark-like lenders just waiting to sink their teeth into your funds with astronomical fees and unreasonable payback rates. With banks making it near impossible to obtain a loan, where can anyone turn?
It might sound like something out of Ripley’s Believe It or Not at first, but there are companies out there who care enough to keep you from becoming a statistic in that large margin of failure. One company named Mulligan Funding has 5 ways to aid your small business with the perfect blend of traditional and out of the box thinking.
1: Working capital loans
When stacked side by side with the same type of loan from a bank, Mulligan comes out on top with a higher approval rate, a one page application, and no collateral required. Plus, they won’t turn you down if your credit is less than perfect, and you can have the money in just a few days. With their working capital loan, you can have the leeway you need to get the ball rolling without all the restrictions placed on you by the bank.
Not having the lender interfering with you spending choices is a big plus. After all, you are the business owner, and you know what’s best.
2: Merchant cash advance
This is by far one of the best options for any company that utilizes POS sales. You receive a lump sum of cash and pay it back through a percentage of your daily credit card sales. What makes Mulligan stand out here is the fact that their daily rate will never change, and there are absolutely no double fees unlike other companies who would charge you multiple times on the same money.
3: Business line of credit
A line of credit is a great option if you need quick cash to cover expenses or emergency costs. You’ll be able to take money from the amount you’ve been qualified for whenever you need it, and only have to pay the money you use. Not only that, you won’t have to pay your balance down to 50% to access more capital.
With only a daily fee when you are using the money, you can have an easy-to-pay-back line of credit that you only pay for when you need it. Every business owner has experienced a situation where money is coming in slowly even though the bills and expenses are due now. A line of credit lets you pay what needs to be paid, then pay back the money when your cash comes in.
4: Business loans for women
Recognizing that more and more successful businesses are owned by women, Mulligan goes the extra mile to ensure that they have access to the funds they need. More and more companies are adopting a progressive mindset, and it’s great to see that this one has empathy and compassion. There’s no need to worry about being underappreciated since women and men are considered equally valuable partners.
5: Personalized, caring service
It’s something you don’t see everyday, and the last thing you’d expect from a lending company, but Mulligan aims to be a trustworthy partner as opposed to just your lender. CEO David Leibowitz started off as the small business owner of Mulligan, and personally interacts with every client to ensure an equally level, transparent, personalized, and friendly business deal. The goal isn’t to shove more money than you need — or can pay back — at you just to turn a more lucrative profit..
With an outstanding business philosophy, progressive mindset, and loans designed to actually help small businesses, Mulligan Funding can really assist owners looking to increase their capital. Don’t become another statistic, there are options out there to help you succeed.