Small Business Loans in Texas – The business lending world has changed since the 2007 crash. There are many new ways to get Small Business Loans in Texas.
Small Business Loans in Texas
Bank Said No? First a little background on the simple fact that when your bank said “no”, you are not alone.
The 2007/2008 “Crash”
The small business lending landscape today bears little resemblance — functionally, structurally or even in terms of customer service — to what it was back in 2007.
For decades, if you needed a small business loan, you walked into your bank and sat across the desk from a banker. Then the paperwork (and lot’s of it) got started.
When the Great Recession hit in 2008, traditional banks and credit unions quickly changed their lending standards, making it very difficult for small business owners to get any funding.
This created what is now referred to as the Main Street Credit Gap.
The Main Street Credit Gap
Chances are good that as a small business owner, you are probably familiar with the concept of the “Main Street Credit Gap”, even if the term itself is unfamiliar. The Main Street Credit Gap refers to the fact that since the great recession of 2007/8, small business loans are still quite scarce nearly a decade later.
Now banks, even some of smaller regionals, don’t even bother with small business loans of under $1M. They won’t even think about processing an application for a $25,000 loan. They just hand you a credit card application.
Why give you a small business loan, when they can reap the much higher percentage and the extra fees they charge for a “cash advance” on your bank credit card?
But it’s hard to make payroll on a Visa. Oh…get a cash advance? If you have outstanding credit, you won’t be paying 9.99% on cash advances or checks drawn against the Visa card. You’ll pay more for that. Much more. That 9.99 APR is for purchases. Depending on your bank and your credit history, if you write a check against your credit or get cash at an ATM or bank teller, the cash advance rate jumps up an additional 5%-13% on top of your base purchase rate.
Unfortunately, additionally the banks have also now realized that loan processing costs are the same on a small loan of $200,000 are the same as on a $2 million loan, and the latter has tons more profit for shareholders.
The reality is that even if you could apply for a small business loan at a bank, know that only the very best customers get approved, as only 20% of small business loans go through at the big banks, and less than half get approved a community banks and credit unions.
So first, it was a recoil from the near crash of the century, then it was the realization that there are other profit centers other than issuing small business loans.
Alternative lenders stepped in to fill the void. They helped small business owners when the banks would not.
Online Lending Takes Off
With all the changes over the last 8-9 years. the biggest change is we now carry the internet in our pockets and purses. We are always “online” and online business lending exploded. It filled a void left by the banking industry. Additionally, online lending is more flexible, easier to apply for, and has far more solutions that work for small business owners.
The deregulation of the banking industry has made new choices available that never existed before the crash of 2007. One of these is the availability of money through alternative lending sources. The types of business loans vary to your specific business needs. There are many different loans that can be arranged by a Elan Capital.
But if you are looking for small business loans in Texas, how do you choose from so many online vendors and platforms? How do you research the most trusted sources, how do you avoid hidden fees? What are the customer service issues?
Small Business Loans in Texas – Elan Capital – Lending Redefined
With offices in Dallas/Fort Worth, San Antonio, Austin, Houston, El Paso, and Lubbock, Elan Capital provides small business loans in Texas with a personal touch not found online.
At Elan Capital, we provide simple and direct answers and totally transparent pricing. Elan appeals to today’s entrepreneurs because we offer the widest variety of alternative lending in Texas:
- A Term Loan is a lump sum you borrow and repay on set terms, including the annual percentage rate. This is generally the least expensive type of financing.
- A Line of Credit gives you access to a set amount of cash that you can tap when necessary. This is generally used by businesses that need short-term financing to bridge cash flow gaps (ex. seasonal businesses).
- Invoice Factoring, also known as invoice financing or accounts receivable financing, is an option for small businesses that deal with unpaid invoices. Instead of just waiting to be paid, you can get an advance on those invoices, which you then pay back along with a fee when customers settle their accounts. This is popular option.
- A Merchant Cash Advance offers a way to get an cash advance on future credit card/debit card sales.
Elan Capital Inc, has many subsets including;
INVENTORY LOANS- UNSECURED BORROWING
- FACTORING RECEIVABLES
- WAREHOUSE FINANCING
- ACCOUNTS RECEIVABLE LOANS
- AGRICULTURAL LOANS
- FLOORING LINES
- MACHINERY LOANS
- INSURANCE AGENCY LOANS
- MEDICAL PRACTICE LOANS
- WORKING CAPITAL LOANS
- GOVERNMENT GUARANTEED LOANS
- INTERNATIONAL LOANS
- ACQUISITION LOANS
- EQUIPMENT LEASING
- BUSINESS START-UP LOANS
- COMMERCIAL PROPERTY LOANS
- SBA LOANS
- AND MUCH MORE
Small Business Loans in Texas – Elan Capital Inc.
If you are looking for small business loans in Texas, how do you choose from so many vendors and platforms? How do you research the most trusted sources, how do you avoid hidden fees? What are the customer service issues?
We’ve done the research for you.
Unlike the many online vendors, Elan Capital is not beholden to one or two financing companies. Oh, no. Elan has has direct access to dozens of alternative financing sources with hundreds of different lending programs.
Because there is no one size fits all here in Texas. Every business is different, even in the same industry.
Some financing companies specialize in low credit scores, while others focus on start-ups, specific industries, etc. Because Elan Capital has so many financing sources, we have the right solution at the right time for virtually any business owner.
The best of both worlds.
Back in the day, your bankers handled you checking account, savings, car loans, business and personal loans, college loans and more. They knew your name and had lollipops for your children (who they also knew by name). While those day have largely disappeared, Elan keeps the personal, human touch and applies it to the new online world of alternative lending.
Most importantly, wouldn’t it be nice if you could talk with a local professional here in Texas?
You Can!
Because having a solid understanding of all the options available and how they meet your business needs is key to determining the lending option that is best for your small business here in Texas.
With offices in Dallas/Fort Worth, San Antonio, Austin, Houston, El Paso, and Lubbock, Elan Capital provides small business loans in Texas.
The increased demand for quick and easy access to working capital has sparked fierce competition among lenders to provide alternative lending options that meet the needs of small businesses. Elan Capital has access to some of the best options available for small business loans in Texas.
Elan Capital has a multitude of options available for small businesses to obtain the capital they need to start up, sustain operations, expand a business and ultimately succeed. We look forward to a long, beneficial relationship.
Maybe you need a working capital loan, or a less than perfect credit loan, or a general cash advance, or a loan for new equipment…you get the idea.
You need to talk to a financing expert.
Looking for Small Business Loans in Texas? You need to talk to Elan.
With offices in Dallas/Fort Worth, San Antonio, Austin, Houston, El Paso, and Lubbock, Elan combines small business alternative lending in Texas with a personal touch not found “online”.
Additionally, as an independent entity, Elan is not tied to one lender and instead, we can have many lenders working their hardest, to gain your business.
All your questions answered.
No hidden fees.
