Financing is a challenge for small businesses. Elan Capital Inc provides innovative alternative business loans in Dallas – Get the funding you need – fast.
Alternative Business Loans in Dallas
First a little background on the simple fact that when your bank said “no”, you are not alone.
The small business lending climate has changed considerably in the past decade. Banks have cooled considerably when it comes to small business funding in Dallas and across the nation.
Despite of the importance to the economy, since the massive recession in 2008, many small businesses continue to have a hard time securing the funding they need to grow and thrive through traditional banking. If you’re a small business owner, you may have already learned this the hard way.
This has happened for two reasons.
- Banking boardrooms have shied away from small business lending since the great recession of 2008. The percentage of total bank business loans that go to small businesses (typically defined by the SBA as having less than $10 million in annual sales) has steadily declined over the last two decades, from just over half of their loans in 1995 to well under 1/3 currently. As banks lend less and less to small businesses, other alternative options are filling the gap.
- Secondly, take the example of a small business retail shop owner who needs a loan but has little to offer in assets to secure it. “Sally” goes to her local bank and applies for a $25,000 loan. The odds are pretty good she won’t get a loan approval, but instead, she is more likely to walk away with a credit card application. This is because from a bank’s perspective, that’s about all they can do. Small business loans are simply are not profitable. The cost and considerable manpower required to process them don’t really move the needle for the bank, compared to other, more profitable revenue streams.
This Has Created “The Main Street Credit Gap”
Now banks, even some of smaller regional banks, 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. They have 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.
Enter Elan Capital Inc – The Experts in Alternative Business Loans in Dallas
Alternative Business Loans in Dallas
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.
While Elan has 100’s of different programs, alternative business loans in Dallas can be broken down to six main “categories”.
- Working Capital Loans: Working-capital loans are designed as short-term solutions for businesses in need of money to help run their operation. Working-capital loans are available from most alternative lenders. The advantage of a working-capital loan is that it gives small businesses the ability to keep their operations running while they search for other ways to increase their revenue. Some downsides of a working-capital loan are that they often come with higher interest rates and may have shortened repayment terms.
- Equipment Loans: Many alternative lenders offer their own types of equipment loans. Equipment loans and leases provide money to small businesses for office equipment, such as copy machines and computers, or things such as machinery, tools and vehicles. Instead of paying for the large purchases all at once up front, equipment loans allow business owners to make monthly payments on the items. One benefit of equipment loans is that they are often easier to obtain than some other types of loans because the equipment being purchased or leased serves as collateral. Equipment loans preserve cash flow since they don’t require a large down payment and may offer some beneficial tax write-offs.
- Merchant Cash Advance: This type of loan is made to a business based on the volume of its monthly credit/debit card transactions. Businesses can typically receive an advance on their monthly transaction volume, sometimes even more. The terms for repaying a merchant cash advance vary by lender. Some alternative lenders take a fixed amount of money out of a business’s merchant account every day, while others take a percentage of the daily credit card sales. The best candidates for merchant cash advances are businesses with strong credit/debit card sales, such as retailers, restaurants and service type businesses. The advantages of merchant cash advances are that they are relatively easy to obtain, funding can be received in as quickly as a few days, and the loan is paid back directly from credit card sales.
- Business Lines of Credit: Like working-capital loans, lines of credit provide small businesses money for day-to-day cash-flow needs. These are not recommended for larger purchases (like vehicles and machinery), and are available for as short as 90 days to as long as several years. With a line of credit, you take only what you need and pay interest only on what you use, rather than the entire amount. These loans are usually unsecured and don’t require any collateral. They also have longer repayment terms and give you the ability to build up your credit rating if you make the interest payments on time.
- Professional Practice Loans: Professional practice loans are designed specifically for providers of professional services, such as businesses in the insurance, health care, accounting, legal, engineering, architecture and veterinary fields. These types of loans are typically used for buying real estate, purchasing an existing practice, renovating office space, buying new equipment and refinancing prior debt.
- Franchise Startup Loans: Franchise startup loans are designed for entrepreneurs who need financing to help open their own franchise business. These loans, can be used for working capital, or to pay franchise fees, buy equipment and build restaurants and stores.
And it doesn’t stop there. Construction loans, inventory loans, factoring loans, agricultural loans and so much more.
Elan can also help you get an SBA loan if needed, though that takes some time and effort, and if you need financing quickly, we have plenty of other options.
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
Elan Capital, Inc, serves the Texas small business market by providing commercial and small business financing in Dallas, Fort Worth, Houston, San Antonio, El Paso, Austin and Lubbock for virtually any project or need; start-ups, business acquisitions, real estate, expansion, construction, remodels, refinance, franchises, equipment, inventory, furniture, fixtures and working capital.
How Elan Capital is Different
Unlike the many online vendors, Elan Capital is not beholden to just one or two financing companies.
We have done the research. Elan has has direct access to dozens of differing 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.
Flexible Alternative Business Loans in Dallas and beyond to support your business needs
With offices in Dallas/Fort Worth, San Antonio, Austin, Houston, El Paso, and Lubbock, Elan combines Small Business Funding in Dallas with a personal touch not found “online”.
At Elan, our expert funding advisers can help you determine which of the many types of small business loans will best support your needs.
Above all, you’ll be dealing with a company that values honesty, integrity and transparency. But most of of all…
Each member of our team truly cares about your success. We have a passion for changing the lives of every day people in our community.