Darell B.
Small Business Expansion Made Possible by Commercial Business Loan
I am a small businessman of many years working in the health and safety consultation industry. Unlike many, I was very fortunate for many years in that I was able to function without outside financial help and worked primarily on a cash basis. I used business debit cards instead of credit cards to rent cars, reserve hotels, and all the other things that require credit. After about 40 successful years of this type of operation I decided to expand into another business venture with my step-son. He grossly underestimated the amount of cash investment necessary to market a new product and after about 2 years I found that I had invested about 4 times what I had planned and had a somewhat precarious cashflow problem both for my established business and for the almost ready to market new venture. I had not established a credit rating and could not get a normal conventional loan. I contacted Mulligan Funding and within 4 working days they had approved me for a fairly large, unsecured loan that did not encumber my working assets. At the time the interest rate seemed really high but today both businesses are prosperous and doing well in all respects. Even at twice the interest rate that I paid, it would have been worth it. Business loans are expensive and high risk but in some instances, absolutely necessary.