There are 3 choices for Dallas Business Funding Sources; Banks, Online Lenders and Elan Capital. Elan combines the best of banking and online together.
Dallas Business Funding Sources
When searching for Dallas business funding sources and options, it come down to 3 choices. Traditional Banks and Credit Unions, Online Lending and Elan Capital Inc.
Dallas Business Funding Sources – Banks and Credit Unions
Bank landing to small business has slid backwards every year since 2006. Back then, the 10 largest banks lent almost $73 billion to small businesses. In 2015, the last year figures are available, those same banks loaned a little over $40 billion to small business. Adjusted for inflation, it’s far less than half of what it was less than a decade ago.
And more then ever, small business owners get denied for small business loans. Worse, a 2015 study showed 47% were never even told why.
After the crash of 2007/8, banks severely tightened small business lending requirements. Now, they have learned to survive without them. While they continue to lend, they are now focused on bigger loans (generally $2 million and up) to large businesses. Small business lending is genuinely not on their plate anymore. In fact, if you walk into a bank seeking a loan of $100k, you are simply handed a credit card application.
Dallas Business Funding Sources – Online Lending
Former Small Business Administration head Karen Mills (now a senior fellow at Harvard Business School) reports that online lending is the fastest-growing segment of the small-business-lending market. Online Lending has exploded.
Why? In a word, Convenience.
Online loans are easier to apply for and the answer (and the funding if approved) are much faster than a bank could even dream of. One big problem is a business owner might take a day and apply to various online lenders, or maybe hit a site that checks various lenders all at once. Then, the next day you check your credit score and see it has dropped, because all those requests for your credit report can have negative effects on your credit score.
So how do you choose the right online lender for your specific needs? How do you talk to someone to get guidance and answers to your questions and concerns?
Dallas Business Funding Sources – Elan Capital
Here in Dallas, Elan Capital has taken the best of the banking world (personal service) and combined it with the new financial technology (FinTech). Elan has taken it one step further. Much the same as an “independent insurance agency” Elan Capital has direct access to dozens of different business funding sources and hundreds of different programs.
And when you connect with an Elan Capital Funding Specialist, you gain access to programs across the United States as well as Canada, Australia, South America, and the U.K. Most of all, these funding sources are monitored daily for the best interest rates and terms available to your business.
Dallas Business Funding Sources – It’s not just Dallas
Saving the best for last, it’s this personalized service that allows your Elan Capital Consultant personally walk you through our financing experience. Because when you engage an Elan consultant, now you have access to hundreds of lending programs, eliminating the need to search online night after night for the right internet lender, and at the same time worrying about the possible dings to your credit score, the fine print and contact issues of dealing with a company online. Even better, we even have products you can’t even find online.
And why such good care? We live and work here, and we want to grow with you. Many of our clients continue to work with us, even years later, and even when they actually could get a traditional bank loan.
And it’s not just the Dallas Area.
With offices in Dallas, Houston, San Antonio, Austin, Lubbock and El Paso, we work with just about any industry out there. This is because Elan is not tied to one lender. Elan Capital had direct access to dozens of the world’s leading business lenders. This translates into 100’s of programs for virtually any type of business, covering just about any type of need.
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