Small Business Lending in Texas – Banks don’t lend under $500k, so where do you go to get the best advice and options? Elan Capital.
Small Business Lending in Texas
Elan Capital is an alternative small business lender with a different philosophy. Combine the in-person service you’d expect from a banker, with the new global financial technology.
And with offices in Dallas, Houston, El Paso, San Antonio, Austin and Lubbock, Elan is a leading provider of small business lending in Texas.
There is no doubt that the last 10 years have brought many changes to the world of small business lending. For more on how lending has changed.
The small business lending climate has changed substantially in the past decade. Banks have cooled considerably when it comes to small business working capital in Texas and across the nation.
Despite the importance to the economy, since the “almost depression” of 2008, many small businesses continue to have a hard time securing the funding they need to grow and thrive through traditional bank loans. If you’re a small business owner, you may have already learned this the hard way.
Additionally, Elan Capital is the only lender in Texas with unsecured startup loans available.
The Landscape Has Changed
- The business lending landscape has changed more in the last 10 years than the last 100 years
- The Great Recession of 2008 permanently changed small business lending
- Banking Deregulation allowed the introduction of Alternative Lending Sources
In retrospect, many small businesses would have been closed had it not been for banking deregulation. Alternative lending has saved the day, time and time again.
One fact says it all.
In 1995, 51% of traditional bank loans were to small business. In 2012 it was 29% and smaller studies since then suggest it’s fallen below 25%. Meanwhile the average loan amount has increased tremendously. In short, banks are loaning to big business, not small.
Small Business Lending in Texas – 2.o
Elan Capital, Inc. combines the best aspects of online lending with personal service here in Dallas and the surrounding area. Elan has direct access to dozens of small business funding sources for working capital in Dallas.
Let Elan Capital find the best solution for your specific needs today.
Elan has access to dozens of lenders offering;
- 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 alternative lenders offer their own types of equipment loans. Equipment leases and loans 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.
- Franchise and Business Startup Loans: Franchise loans and business startup loans are designed for entrepreneurs who need financing to help open their own business or franchise business. These loans, can be used for working capital, or to pay franchise fees, buy equipment, build restaurants and stores, and more.
- Merchant Cash Advance: This type of loan is made to a business 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: Like working-capital loans, lines of credit provide small businesses money for day-to-day cash-flow needs. These are not recommended for larger purchases (like vehicles and machinery), and are available for as short as 90 days to as long as several years. With a business 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, veterinary fields, and more. 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.
And it doesn’t stop there. Elan has construction loans, inventory loans, factoring loans, agricultural loans and so much more. Elan Capital has a small business loan for virtually every need;
- 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
Growth capital should enhance your cash flow, not cut into it.
Call Today and get the capital you need to grow.