Alternative Small Business Loans in El Paso – There was a time once where alternative loans were for businesses with bad credit – How times have changed.
Alternative Small Business Loans in El Paso
Once used only for business owners with marginal credit histories alternative loans, primarily over the internet, are the fast growing loans in the lending market.
Bank lending to small businesses has cratered.
Since 2006, small business loans at the 10 top traditional banks has dropped by over 50%. And if you go back 2 decades, and account for inflation, it’s a small drop in the ocean, compared to just a generation ago. Yet, we have more small businesses now. Go figure.
Worse, the average size business loan in the last 10 years has tripled to just shy of $1 million. Since most small businesses are defined by the fed as under $5 million and under 50 employees, we can’t think many small businesses need loans of that size.
Combine the falling interest in lending to small businesses with the increase in loan sizes (all loans have fixed underwriting costs) and you have a problem.
But when business owners turn to the internet, a crop of new problems crop up.
First, how do you choose the right lender? Are they real and trustworthy? Will they be there for questions or problems? And more importantly, how can you actually speak to them since virtually all of them have no phone number listed?
There is a better way.
Alternative Small Business Loans in El Paso – Version 2.0
From setting up loans for your startup, to equipment leases with major tax advantages, to help with consumer financing to increase ticket size, to consolidation loans and more, Elan Capital offers more types of alternative small business loans in El Paso than any other traditional bank or online service.
When your small business works with an Elan Capital Consultant you’ll gain access to hundreds of different funding sources across the United States as well as Canada, Australia, South America, and the U.K. These funding sources are monitored daily for the best interest rates and terms available to your business.
In short, we can match you with a lender that is looking for customers just like you.
And it’s not just the standard business loans you’ll find “online”.
Elan Capital has access to a multitude of small business financing options here in El Paso.
Alternative Small Business Loans in El Paso – Elan Capital Inc.
Elan Capital is the lender of choice for businesses throughout Texas. With offices in El Paso, Dallas, Houston, San Antonio, Austin and Lubbock, we work with local businesses, in person, so you can get the funding you need to start, grow, and expand your business.
- Franchise and Business Startup Loans: 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, purschase product for sale and more. Elan has New Business Startup Loans and funding here in El Paso that are not available from any online lender.
- 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 small business 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 of the alternative lenders Elan utilizes, offer their own types of equipment loans and leases. 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 is a common type of loan made to businesses 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: Much like working-capital loans, lines of credit provide small businesses money for their day-to-day cash-flow needs. These are not recommended for larger purchases (such as 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.
Elan Capital Inc, has many subsets of alternative small business loans in El Paso TX 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
Alternative Small Business Loans in El Paso TX From a Company You Can Trust
Elan Capital, Inc.