Austin Small Business Loans – With over 75 conventional banks and alternative lenders, Elan Capital, a Texas-based lenders, has a solution for small business loans in Austin.
Austin Small Business Loans
When your banks says no… we can say YES.
How is Elan Capital Different From All The Online Lenders?
First and most importantly, Elan has direct relationships with over 75 traditional banks and alternative lenders. So while one bank may not want to make a small business loan, another bank in the US, Canada, or the UK may say yes. And if that doesn’t pan out, there are dozens of alternative lenders who will bid for your business.
Case and point. Recently a small business owner here in Austin called us because their bank doesn’t typically loan in amounts under a million or more. All they wanted was $150k. We found a loan with great terms at a great rate and DONE.
What can we do for YOU?
Austin Small Business Loans – Elan Capital
Unlike the online vendors, Elan Capital has access to dozens of different lenders, all with different products for different needs. For instance we have products specifically designed for insurance agencies. Get the picture?
While Elan has 100’s of different programs, our small business loans in Austin, can be broken down to four main “categories”.
- 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 where there is a big one-time expense
- A merchant cash advance offers a way to get an advance on future credit card/debit card sales.
General Types of Business Loans in Austin that Elan Offers;
- 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 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.
- Franchise and Business 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. Elan has New Business Startup Loans and funding here in Austin.
Elan Capital has direct access to over 75 conventional and alternative lenders in the US, Canada and the UK.
There is a very good chance that one of them is looking for a customer just like you.
Elan Capital, Inc.