MARYLAND SMALL BUSINESS RESOURCES AND FUNDING OPTIONS DURING COVID-19
October 23rd at 10:36pm Published by firstdownadmin
The COVID-19 pandemic has brought changes and disruptions to daily life all across the country, and some of those impacted the most are our very own small and local businesses in Maryland. Many companies are coming up with innovative ways to increase or pivot production and provide support to those in need while keeping up with the coronavirus.
Keeping Maryland clean
The demand for quality disinfectants and sanitizers has never been more relevant. Sterilex, a Hunt Valley-based company, has been at the forefront of sanitizer and disinfectant production in Maryland. The company is currently working at full capacity to keep up with increased demands for products, with a special focus on keeping essential workers and food establishments safe.
The “masked crusaders” of Annapolis
Some businesses and organizations are completely pivoting their daily operations to keep up and are providing much needed personal protective equipment (PPE) to Marylanders. The Annapolis Opera started doing just that, when one of the organization’s volunteer seamstresses began creating and sewing masks in March. Soon enough, other volunteers joined her, forming the group “Positively Precious Extraordinaires (PPEs) Making PPE’s.” The group now consists of 22 people total who are making masks in Annapolis, Bowie, and Crofton.
The group has made more than 2,000 masks over the course of five weeks, supplying them to healthcare workers at Anne Arundel Medical Center, University of Maryland Medical Center, Johns Hopkins Hospital, Baltimore Washington Medical Center Foundation, and various assisted living facilities and dental offices.
Shooting for the stars in Baltimore
In small neighborhoods across the state, many businesses are struggling with long-term closures, putting bar, restaurant and retail employees out of work for extended periods. Luckily, some innovative new programs are reaching for the stars and putting out-of-work residents in Baltimore’s Hampden neighborhood back on the job.
The Hubble Image Similarity Project, a project of Baltimore’s Space Telescope Science Institute, are the brains and operations behind the famous Hubble Space Telescope. The project needed extra eyes to search and categorize the mass database of images and photos taken by the telescope. Recognizing this need, astronomer Joshua Peek turned to the neighborhood of Hampden to recruit volunteers who could help sort and categorize the images.
Lending a helping hand
Many local businesses are also lending a helping hand to community and charitable organizations. During these tough times, food insecurity is still a very real part of many people’s lives. Basys, a local technology company, has graciously raised more than $14,000 in donations for the Maryland Food Bank. The Maryland Food Bank’s main focus is to help end hunger in Maryland, a goal that has become increasingly more difficult during the pandemic.
The fundraising campaign was an internal effort to give back and started with a modest goal that quickly grew as more and more employees and board members participated. In total, the company raised $14,114 to help put food on the table for Marylanders in need.
Maryland Department of Commerce
Maryland COVID-19 Emergency Relief Fund Programs for Businesses.
Maryland Emergency Management Agency (MEMA)
Information for small businesses.
Maryland Department of Labor
Layoff Aversion Fund for COVID-19.
Comptroller of Maryland
Clarification on the Tax Extension for Maryland.
Maryland Department of Health
Updates on the COVID-19 response in Maryland, as well as a documentation of cases in the state.
Maryland Department of Education
Information for COVID-19, including state-funded childcare for essential personnel.
Maryland Manufacturing Network
TEDCO applauds the efforts of MD manufacturers to make their resources available to help address the urgent COVID-19 crisis, but does not endorse any of the goods or services they may supply.
Maryland Business Relief Wizard
Resources to help entrepreneurs in Maryland.
Find resources and loans available to businesses enacted through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
US Chamber of Commerce
Center For Disease Control and Prevention (CDC)
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019.
US Small Business Administration (SBA)
COVID-19 Guidance and resources for small businesses.
LOOKING FOR FUNDING FOR YOUR SMALL BUSINESS IN MARYLAND?
FIRST DOWN FUNDING IS YOUR LOCAL SMALL BUSINESS FUNDING COMPANY.
UNSECURED BUSINESS FUNDING IN MARYLAND
Continual growth is the key to success in business. The single best reason to grow is to give others the opportunity to grow and flourish. If you want more opportunity for your employees, you need to grow. That’s why growth is important in business. Nothing stays the same.
Healthy businesses need funding too. Businesses that utilize good time and funding management are better positioned to consistently deliver their product, or service, on-time. Good time and funding management also means that a business is able to solve problems that arise without it significantly impacting day-to-day operations.
If you need help getting this started contact us at First Down Funding, we can tell you what finance options are available for you.
Types of business financing options in Maryland
FIRST DOWN LONG TERM FUNDING
It can be incredibly challenging and frustrating for small businesses in America to secure the financing they need to grow and succeed — but it doesn’t have to be.
First Down Funding is a business funding company in Maryland that makes long term business funding accessible to small and medium-sized businesses throughout America.
We offer long term business funding in amounts up to $150,000 to help businesses achieve their long term goals. These funding can be used for investing in new equipment, marketing campaigns, hiring, and more.
Through transparent and secure processes, we provide a range of efficient business financing solutions. Learn more about our long term funding program today.
Long Term Funding with First Down Funding in Maryland
It’s time to secure the financing your business needs. Work with our long term funding experts who will support you along the way
At First Down Funding, we put our knowledge and skills to good use. We provide professional guidance and consultancy services throughout the process to ensure that you get the financial solutions you need.
Even if you’ve applied for financing and been denied elsewhere, you can apply for our long term funding packages. You may find our long term funding to be the right business financing solution for your company.
Our long term funding options include:
- Funding Approvals up to $150,000
- 10-year fully amortized business funding to help you manage your cash flow
- SBA guarantee fees waived for 2019
Alternative Long Term Funding VS. Traditional Institutions
Traditional institutions are no longer the only channel available for obtaining small business funding. First Down Funding is a Small Business Funder in Maryland, Baltimore committed to supporting the financial needs of American small businesses.
Our funding process is straightforward, prompt and compassionate. Our funding company will work with you to understand your business goals, whether that be new equipment or new office space.
Compare the lengthy, convoluted funding processes of traditional institutions like banks to that of our alternative small business funding company:
|BANK FUNDINGS||FIRST DOWN FUNDING|
|FUNDING||$100,000+||$1,000 – $300,000|
|PROCESS||Long Application Credit Inspection Business Plan Industry Specific||Prequalify Online Soft Credit Pulls Same Day Approval All Industries Accepted|
|APPROVAL||20-30 Days+||Same Day|
|FUNDING TIME||30-60 Days+||24-72 Hours|
|APPROVAL CRITERIA||Credit Score & Collateral||Overall Business Health|
Getting Funding with Bad Credit
Long term business funding are geared towards established businesses with good credit history. That said, if your business has poor credit, you still have business funding options. In fact, our financing company provides bad credit funding to help small businesses get back on the right track.
If you are a small business with less than stellar credit and are in need of financing, consider the following:
Signing a Personal Agreement: In the case that your personal credit is better than your business’s credit, consider signing a personal guarantee. This way, your funding application will be assessed based on your personal ability to pay off a funding, rather than your business’s ability.
Pledging a Cash Down Payment: If your business has adequate cash flow, you can use that cash to cover a percentage of your funding costs. This cash can help you secure the funding that you need.
Applying for a Smaller Amount: Long term funding can be challenging for less established businesses to attain. That said, even with poor credit, your business can still get accepted for a smaller funding amount. After successfully repaying a short term funding, you will be better equipped to take on more substantial funding.
Providing Assets or Collateral: Leverage assets like unpaid invoices, future transactions, or collateral like equipment to allow your revenue to demonstrate your capability to pay back a funding.
About First Down Funding: Your Alternative funding Company in Marylad
First Down Funding is a financial funding company in Maryland committed to supporting small and medium-sized businesses in America. We understand how challenging it can be for small businesses to attain long term business funding through traditional channels.
We’ve created a streamlined process that makes financing options like long term business funding quick, easy and attainable. Our speedy and straightforward process means no waiting around, quick responses, and prompt approvals and funds. This way, you can get the funds you need to invest in new equipment, hire a team of employees, you name it.
At First Down Funding, we pride ourselves on being honest and transparent every step of the way. We don’t present any surprises or hidden fees; we work with you personally to ensure realistic expectations, and to gauge the unique needs of your business.
By working with you, we are able to understand your business’s capabilities and processes, which helps us to develop fair and flexible repayment terms.
We take an innovative approach to funding by leveraging data science, cutting edge technology, strategic partnerships, and in-depth consultations. Learn more about our business financing solutions today!
Apply online for your long term funding with First Down Funding.
Apply For Your Long Term Business Funding Today
First Down Funding’s process is designed to take the stress and strain out of getting financing for businesses in the USA. This is why we have streamlined our process to make obtaining funds as efficient as possible:
1. Fill Out The Application. Our application can be completed in as little time as one or two minutes when you apply online.
2. Wait for Approval: Our approval process takes less than one day in most cases.
3. Get Your Funds: If we approve your application, you can expect your funds within 24 – 72 hours. No need to wait!
4. Continued Support: We continue to provide support and consultation so you have the financing you need going forward. Our business experts can make sure that your needs are looked after in the right way. We offer flexible repayment schedules so that you can repay your funding without ending up with bad credit or crippling your organization with rigid repayments.