Craig came to Mulligan Funding as a referral from his CPA. He was experiencing cash flow issues and was considering some additional working capital as a way to maintain business operations without interruption. Funding through Mulligan Funding allowed him to not only maintain his staff, but invest in software that helped to put him ahead of the competition.
2013
Technology
Digital conversion solutions
Troy, MI
Core staff of about 12
Flex staff of about 42
2019
Maintaining positive cash flow
Craig is the kind of man who prefers to work for himself. After starting and selling another business in the ’80s, he went to work for the company that bought his business but realized what he knew all along – that running his own business was where he really thrived.
Originally specializing in converting paper to microfilm, Craig recognized that things were moving to digital and that was where the opportunity was for the future. In 1997, Craig and his partner started Express Management Services which eventually became the Innovative Processing Inc company that he runs today. Innovative Processing can take paper and microfilm records and convert everything to digital. They then provide their customers with a digital form compatible with their existing systems, eliminating the need for any additional software. They have a number of clients in the medical industry, helping to keep their clutter down and customer records organized.
Innovative Processing has occasionally run into the ever-present challenge that many small businesses can relate to – supporting staffing and capital needs while waiting for account receivables to be paid. If you’ve worked on a large contract, you understand that it can sometimes take months to get paid on a project, but you’re still responsible for paying your staff. Especially for Craig who sees his employees as an extension of his family, he wanted to make sure that he could continue to support his staff, deliver a quality project to his customers, and maintain a positive cash flow. That’s where Mulligan Funding came into the picture…
While talking with his CPA, Craig was given a few names of lending solutions to research. He had struggled with the cumbersome process of getting a loan from his traditional bank and missed the personal relationship aspect of the deal. That’s when he came upon Cody at Mulligan Funding. Craig submitted his application and was approved, but it took him a few weeks of crunching the numbers before committing. What he found, in the end, was that although he might well have paid a lower interest rate on a multi-year term loan from a traditional lender, he would end up paying fewer total dollars in interest through his Mulligan Funding loan – because its term was shorter and the loan would be repaid faster.
Not only did Craig fund through Mulligan Funding for his initial business needs in 2019, but he has continued to top-up and renew his loan to allow him the opportunity to build new proprietary software, maintain his payroll, and secure new, large contracts. The capital he has received through Mulligan Funding has allowed him to build a software that will do the same job as his competitors, but with very competitive pricing, providing the opportunity for increased revenue throughout the year.
Craig noted that his experience with Cody and Mulligan Funding was comparable to what his bank relationship was long ago, but something that’s hard to come by in today’s lending environment. When he called for another loan through Mulligan, he spoke with Cody on a Thursday and was approved on Friday. He noted “Had I tried to get a loan from my bank last Thursday, even if I had already gotten and paid off a loan with them before, I would be lucky to get that money by mid-September. You folks are more personal. I’m a small-business man – and I like it. You guys fill a very valuable void for the small business person.“
"Had I tried to get a loan from my bank last Thursday, even if I had already gotten and paid off a loan with them before, I would be lucky to get that money by mid-September. You folks are more personal. I’m a small-business man - and I like it. You guys fill a very valuable void for the small business person."- Craig
If you're in a similar position as Craig and could use additional capital to help with cash flow, talk with our loan advisors today.
