Small Business Loans – Houston – Elan Capital, a Texas-based company, provides fast business funding options in Houston.
Small Business Loans – Houston
As banks lend less and less to small business owners, alternative sources of small business loans have gotten more aggressive with even more competitive loan rates.
Back when banks made most of their money lending to small business (pre-2008), alternative small business loans loans were primarily to business owners with less than perfect credit scores.
Today, studies are showing that the traditional banks are lending less than half of what they did just a few short years ago, instead focusing on lending larger amounts to corporate accounts.
The two big reasons small businesses turn to “alternative” lenders today?
- Small Business Loans are More Accessible
- The Paperwork is Easier and the Process is Much Quicker
Additionally, the new “Fin-Tech” underwriting algorithms focus less on credit scores, and more on other factors, generally resulting in more loans being approved for small business owners.
Small Business Loans – Houston – Elan Capital
One quick application. Dozens of lenders. Hundreds of programs. All competing for your business.
It’s Not Just You
It’s genuinely not about you. It’s not even about your credit score. Banks just don’t like to make small business loans. It’s not profitable. A loan for $250,000 costs as much to process as a $2 million loan. Prior to 2009, alternative lending was for small businesses with credit issues.
Today, it’s not about credit. The banks are lending less and less to any small business, good credit included.
Elan Capital Inc, has many subsets of small business loans in Houston TX including;
- 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
Today, with one free phone call, you can have dozens of lending sources here in the US, Canada and the UK competing for your loan.
Small Business Loans – Houston – Redefined – Elan Capital
General Types of Business Loans and Commercial Lending in Houston By Elan
- 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 business 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 slightly higher interest rates and may have shortened repayment terms.
- Equipment Loans: Many alternative lenders offer equipment loans. 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 many loans and leases may offer some beneficial tax write-offs.
- Merchant Cash Advance: This type of loan is generally 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 such as vehicles and heavy machinery which are better covered by leases, 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: These 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 even refinancing prior debt.
- Franchise and Business Startup Loans: Franchise startup loans are designed for entrepreneurs who need financing to help open their own franchise or small business. These loans, can be used for working capital, or to pay franchise fees, buy equipment and build restaurants and stores. While online lenders generally want to see a year or more in business, Elan Capital has access to several programs that lend to new business, even before you open your doors.
And with offices in Houston, Dallas, San Antonio, El Paso, Lubbock and Austin we can help you achieve your funding goals.
Finding the right source for quick capital and fast business loans in Texas is the first step in the process, the second step is to contact the experts at Elan Capital today to investigate all your options.
You might be surprised at what you’ll find when you work with the leader in small business lending in Texas.
Today, with one free phone call, you can have dozens of lending sources competing for your loan.