The percentage of total bank business loans that go to small businesses has steadily declined over the last two decades, from just over half in 1995 to well under 1/3 currently. As banks lend less and less to small businesses, other alternative options are filling the gap.
Two decades ago, “non-traditional” business loans really were not needed for most businesses. Today, alternative loans are most often the best way to go for a variety of reasons.
Alternative Financing For Small Business
It’s no secret that the last 10 -15 years have been especially tough for bankers. Traditional banking for small business is pretty much dead.
Why are businesses utilizing alternative funding?
While it’s always been true to some degree, and it even more true since 2009, alternative lenders look for reasons fund the deal, while banks look for reasons to decline. Far too many business bankers decline the deal before they ever have any communication with the business. They see a bad statistic or find a small red flag and kill it before a discussion even begins. Alternative lenders work with the business owner to learn about their business, understand their challenges, and then look for ways to help them succeed, even if they can’t fund the deal today.
Alternative Financing For Small Business
Elan Capital knows the alternative funding world. Elan Capital knows the ways of these lenders and has the contacts to secure financing for virtually any type of business.
The deregulation of the banking industry has made new choices available that never existed back in 1995. 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. Elan Capital can give your business access to all of these types of financing and more.
Today, with one phone call, you can have dozens of lending sources competing for your loan.