Fast Business Loans in El Paso – Fast loans with personal service, Elan Capital offers the benefits of FinTech with in-person service here in Texas.
Fast Business Loans in El Paso
Fact one – Banks lines are slow. Bank loans are even slower. Waiting for the answer on a small business loan can take months. Worse, it generally ends in a big fat “No”.
Now banks, even some of smaller regional banks, don’t even bother with small business loans of under $1M. They won’t even think about processing an application for a $25,000 loan. They just simply hand you a credit card application. They have realized that loan processing costs are the same on a small loan of $200,000 are the same as on a $2 million loan, and the latter has tons more profit for shareholders.
According to the Wall Street Journal, 10 of the largest banks issuing small loans to business lent $44.7 billion in 2014, down 38% from $72.5 billion in 2006.
And making things more difficult, the average small business loan has increased to over $900,000 from an average of just over $200,000 just 10 short years ago. Can you name a small business that needs a million dollar loan? Most would be happy with a fraction of that.
And worse…the average number of years in business you need to even think about applying for a bank loan has increased from 4 to 10.
So it’s no wonder why businesses have fled to online lenders using new FinTech underwriting guidelines.
Fast Business Loans in El Paso – Elan Capital
While online lending is much faster than banks could ever hope to be, and they will lend to businesses that are least 1 year old, provided they meet income requirements, there is a bigger problem.
Ever try to actually TALK to anyone?
Good luck even finding a phone number on these sites. And their customer service ranking as an industry is nearly as bad as cable TV providers.
What if….You could actually not only speak to an alternative FinTech lender, but even meet in person?
Well, then you’d have Elan Capital.
Fast Business Loans in El Paso – FinTech Lending with Personal Service
Primary Types Of Business Loans Available From Elan Capital
- Franchise and Business Startup Loans: Franchise loans are designed for entrepreneurs who need financing to help open their own franchise business. Business startup 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 El Paso Texas that you simply cannot find online. Only at Elan Capital.
- 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.
Elan Capital provides fast business loans in El Paso. You’ll get an answer in days, not months. We have direct access to dozens of different lenders in the US, Canada and the UK and hundreds of different programs. In short, we can match you with a lender that is looking for customers just like you.
And with offices in Dallas, Houston, San Antonio, El Paso, Lubbock and Austin, Elan Capital is ready to help you today.