Approval for business start up loans, even when your credit is good, can be difficult. The good news is there are many funding programs at Elan Capital.

Business Start Up Loans

Sally wants to open a banner printing business. The printer will cost $50,000. She does not own a home, but has a credit score in the low 600’s. She finds that banks are not fond of making a loan to start up businesses.

Equipment Leasing

This is a perfect example of how Elan Capital can help.

Because your Elan Capital Consultant works with many leasing companies nationwide they can help you determine if leasing your equipment is right for your business. If you should decide to lease, they can usually get the equipment you need with just a simple, one page credit application. In many cases they can have the new equipment on site in as little as a few days.

In addition to the initial cost and obsolescence, leasing your equipment can also provide your business with a substantial tax advantage. While you should always consult with your tax adviser first, most equipment leases can be structured so that you can write off 100% of the annual lease payments.

Many business start ups don’t realize that virtually any equipment can be leased.

An SBA Loan

Although the SBA is better known for providing loans to established businesses, they have programs that target business start up loans; the Community Advantage Program, the Microloan program and the 7(a) Program.

The Community Advantage program lets your startup borrow up to $250,000, and the Microloan program provides loans up to $50,000. For both of these programs, the lender is not a bank. Rather, the lender is an SBA-approved intermediary.  Generally, these loans are available to partially self-financed startups and startups where the owners have some prior experience in the industry. The SBA 7(A) loan is a loan available to both existing businesses and startups. This loan may be used for real estate, equipment, or working capital.The primary benefit of an SBA loan is the lower interest rate that it offers.

There is much more cumbersome red tape, but SBA loans have very low rates.

Cash Loans

Depending on your credit score, Elan Capital may be able to secure cash loans and lines of credit. The deregulation of the banking industry has made new choices available that never existed before. One of these is the availability of money through new lending sources. The types of business loans vary to your specific business needs.

With one phone call you, can have dozens of lending sources competing for your loan.

These are just a few ideas. Elan Capital has hundreds of programs. At Elan Capital, Inc., we provide funding to help our clients achieve their commercial and personal goals. We work on all levels: small business to multinationals; public and private companies; and individuals. To do our job properly, as we always have, we need to know our clients’ business, because we treat your business as our own business.