Bank Said No? There are Alternative Financial Services in Dallas and there is Elan Capital Inc. Elan has direct access to dozens of alternative lenders.
Bank Said No?
Alternative Financial Services in Dallas
First a little background on the simple fact that when your bank said “no”, you are not alone.
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.
This is happening because banks don’t even process small business loans under about $1M nationally and traditional lending channels have become difficult for the average small business. Today, many small businesses looking to borrow money find themselves looking skeptically at online ads, wondering if they can even get a loan in the first place. But then they find themselves overwhelmed with different vendors, with differing qualifications, then become wary of “online loans”.
They close the laptop, put it off for another day, and struggle on without the needed funding.
So what’s a small business to do?
Alternative Financial Services in Dallas 2.0 – Elan Capital, Inc.
Elan Capital, Inc combines the best aspects of online lending with personal service here in Dallas and Fort Worth. Elan has direct access to dozens of small business funding sources.
Let us find the best solution for your specific needs today.
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.
But that’s not why Alternative Financial Services are popular.
Sure, the approval rates are better…
But the choices are far better as well.
Elan has access to dozens of lenders offering;
- 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 has opened the door to alternative financial services in Dallas.
With offices in Dallas/Fort Worth, San Antonio, Austin, Houston, El Paso, and Lubbock, Elan combines Alternative Financial Services in Dallas with a personal touch not found “online”.
- You no longer have to spend time contacting individual direct lenders trying to find the best deal, as Elan has compiled all of that information for you.
- In less time than it takes for you to brew your morning pot of coffee at your office, you can be looking at real choices carefully tailored to address your specific needs.