If you are searching for Dallas Business Funding, Elan Capital is here to help. The deregulation of the banking industry has made new choices available that never existed before.
Dallas Business Funding
The friendly folks at Elan Capital provide fast, professional, informative alternative business funding services here in the Dallas / Fort Worth area. We specialize in establishing and facilitating relationships between our vast marketplace of experienced alternative small business lenders and small business owners just like you.
No one likes rejection. Whether it’s a “no” for your dream job, the person you love or from the bank, it stings.
And if you’re a small business owner, you might know the feeling all too well.
Apart from the need to be in business for many years, other reasons traditional banks say no;
- So-So Credit
The most common reason business owners get turned down for business funding here in Dallas is having no credit history or a low credit score. Banks generally look at both personal and business credit scores to make lending decisions.
- Lack of Collateral
Banks often require collateral. Traditional banks require physical property that can guarantee a loan if it’s not repaid before they agree to lend. However, new businesses may not have equipment or real estate to offer as collateral, or they may not be willing to use their personal assets such as their home, as collateral.
- Cash Flow
Traditional banks want to see that a business has enough money to make monthly loan payments in addition to covering rent, payroll, inventory, utilities and other costs. However, many small businesses struggle to keep enough cash in the bank even if they’re profitable. In fact, many small businesses have to pay third-party suppliers upfront before they get paid for their product or service, due to a weaker credit report.
- Smaller loans – Less profit
Most small businesses seek loans of less than $100,000, according to Karen Mills, a former SBA administrator. However, bankers like to underwrite larger loans because it’s more profitable for them. And the costs are the same. It costs a bank about the same amount to process a $50,000 small business loan as it does a $1 million large business loan, but they can make much more money by underwriting the million dollar loan.
Since the 2009 crash, banks have become risk-averse. “Post-recession, banks became more risk-averse and unfortunately, small business loans are inherently riskier than large business loans or even consumer loans,” says Rhea Aguinaldo, manager of entrepreneurship for the Small Business Majority, a national advocacy group for small business owners.
Elan Capital – We make funding easy!
Unlike traditional bank loans, at Elan Capital, our small business funding partners offer legitimate, alternative small business loans. Banks require massive amounts of paperwork and make you jump through many hoops to apply, typically catering to older, established businesses. Traditional bank loan approval rates for small businesses have hovered below 20% over the last three years. Additionally, it can take weeks, if not months, to approve you at a traditional bank.
Our small business funding partners approve the vast majority of our applicants. You can receive funding in as little a week, sometimes as fast as 48 to 72 hours. Elan Capital focuses on all small businesses including women-owned and veteran-owned businesses. Whether you are in need of line of credit working capital, asset-based funding, merchant cash advances, or receivables factoring, we work hard to find a home for your Dallas business funding needs.
Toll Free: 888.615.1418