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Business Funding In Annapolis, Maryland

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    About Annapolis, Maryland

    AnnapolisMaryland’s capital city, is on Chesapeake Bay. Its historic district includes 18th-century brick houses and the domed 1700s Maryland State House. On Church Circle, the Romanesque-style St. Anne’s Episcopal Church has Tiffany glass windows and a historic cemetery. The sprawling waterfront grounds of the United States Naval Academy feature beaux arts architecture, monuments and a naval history museum.

    Annapolis is also home to charming, bricked streets lined with one-of-a-kind shops and restaurants. Over 55 local homes were constructed before the Revolutionary War, including vast mansions with ballrooms and ornate architecture. Visitors can tour many of these buildings, such as the William Paca House and the James Brice House. 

    Annapolis has a long and inspiring past, and the seaport’s history dates back to the colonial era. Maryland’s capital played significant roles in America’s creation and development, and hosted important political conventions that produced vital plans for the nation’s future. The coastal city first appeared on maps when it was a small settlement with a different name, known as Providence in 1649.

    Maryland’s captial city has helped shape the future of Maryland, the United States and the world. It gives travelers a rare opportunity to walk colonial-era streets and to tour buildings that the nation’s founding fathers visited. The city’s cherished traditions and centuries-old structures truly bring history to life.

    Want to grow a business in Annapolis? We’re here to help! First Down Funding is servicing small business owners in Annapolis with all their capital needs. Whether it is a long term funding package or a short term cash funding, apply online or contact us so we can expedite your request. We are your Annapolis Business Funding source. Apply today for business funding in Annapolis.

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    Small Business Funding in Annapolis, Maryland

    Annapolis: Maryland’s Capital City

    Rich history on Chesapeake Bay

    Once known as Providence, when it was first a small settlement, Maryland’s capital city has come a long way and is now a gorgeous center of history and commerce. Located on Chesapeake Bay, Annapolis is known for its 18th-century brick houses, the State House, and the United States Naval Academy on the waterfront.

    Annapolis is also chock-full of restaurants, shops, and historic sites for visitors, and it is a major convention destination as well. As well as the Naval Academy, there are numerous other educational institutions in Annapolis too, including St. John’s College. As the center of state government, the city also provides a steady stream of business clients in the form of government employees.

    Just 25 miles from Baltimore and 30 miles from Washington, DC, the capital is perfectly positioned to take advantage of both cities. Multiple interstate and local highways provide auto access, and Annapolis also receives bus traffic from other nearby metro areas.

    People flock to Annapolis to enjoy its many seafood eateries, quaint taverns, museums, monuments, parks, festivals, community theater productions, and sports events, creating a desirable customer base for small businesses there. It is therefore not surprising that fledgling small businesses are eager to take advantage of the city’s many opportunities.

    However, small business owners can sometimes find themselves blocked by their inability to obtain the funding they need to launch and establish themselves in Annapolis. This is a shame, as the capital city relies on small businesses to attract visitors and contribute to the Maryland economy.

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    Alternative Financing Small Businesses in Annapolis

    Issues with conventional lenders

    Some small business owners have unfortunately discovered the hard way that it can be next to impossible to obtain conventional funding for their enterprises in Annapolis. They cite numerous reasons for these hurdles:

    • In some cases, big banks prefer to deal with big businesses rather than small ones.
    • Conventional lenders tend to impose rigid guidelines when lending to small businesses.
    • Most traditional lenders know next to nothing about how small businesses run, how much they give to the economy, and how much room for growth they have.
    • Small businesses tend to be lumped into a group or considered a statistic, rather than valued for their unique contribution to the community.
    • Traditional lenders often believe that a startup business should be financed by venture capital or private funding like grants, and they frown on startups funded by bank loans only.
    • As the economy has experienced a downturn, some lenders have become more stringent in their requirements and have become less willing to finance small businesses.
    • Big banks and traditional lenders maintain a major presence on the lending scene, meaning many small business owners are left unaware of other options.

    If your small business lacks the credit score, cash reserves, collateral, high income, or ability to present a lengthy business plan, as is often required by conventional lenders, you can find yourself left in the cold when it comes to business financing. A lot of small businesses find this a chicken-and-egg situation. How do you establish yourself enough to meet lending requirements without having the financing to get established in the first place? Perhaps you have been challenged by some of the issues listed below.

    Poor credit

    Traditional lenders have a credit score threshold for funding small businesses. This is similar to applying for a personal loan or home mortgage. Typically, small businesses must have a credit score of 700 or higher, which can be difficult to achieve, especially in today’s economic climate.

    Many small business owners have lower credit scores for legitimate reasons not related to their credit-worthiness. They may have credit dings for reasons outside their control or for reasons related to decades past:

    • Past illness
    • Divorce
    • Student loans
    • Unfavorable debt-to-income ratio
    • Predatory lending
    • Credit bureau errors
    • COVID-19 opening restrictions
    • Living on cash instead of credit
    • Unfair algorithms used to generate credit scores

    If you have arrived in the United States fairly recently, you may not have had a chance yet to establish a credit history. Likewise, if you’re on the younger side as a small business owner, you may not have built up a credit profile either and may have low or no credit.

    Cash flow problems

    Cash flow problems are another problem faced by small businesses, although this is totally normal. However, it can make your debt-to-income ratio look unappealing to conventional lending institutions.

    Perhaps you are being responsible and paying off another loan or a debt you have incurred. Or your business is new, and you’re still working to bring your revenue up to speed. If your business was affected by COVID-19 closures, your cash flow might also be tight. It’s a dilemma: you need funding to make adjustments to improve your income, and yet low income is keeping you from getting the funding you need.

    Lack of collateral

    Collateral is something valuable you put up for a lender in case you ever default on a loan. With business loans, this is typically real estate or business property. If you are unable to make good on your loan, the lender is entitled to the collateral. The problem with this for small businesses is that newer businesses don’t usually have the type of collateral that satisfies traditional lenders. You may be asked to put up your personal residence, but that is a risky move and is generally not advised.

    No capital investors

    ome conventional business lenders want to see capital investment in small businesses they are funding. A capital investor is a third party who has put up some cash for your business because they believe in it. This may be someone you know, or it may be a group whose business is to invest in startup businesses. It can be challenging for young businesses to find capital investors, however, and that can hurt a funding application. Many lenders don’t like financing businesses that rely solely on bank loans and insist you have capital investors as well.

    Too many loan applications

    Has your small business applied for a bunch of loans all at once, thinking it would enable you to pick and choose from the best to get the right loan for you? This can be a mistake, although it seems like a smart move at the time.

    Conventional lenders frown on multiple loan applications submitted within a short period of time. They can see these multiple applications on your credit report. While you may think you’re being efficient in seeking funding, they see it as a sign that you may not be worth financing or that you’re even desperate for funding. It’s counterintuitive, but that’s the way the system works with these big lenders.

    Startup business status

    If you are a startup company, you may face extra hurdles when it comes to obtaining financing. Conventional lenders see startups as a risky investment. Therefore, if your business is younger than two years old, you’ll face another catch-22. You need to be established to get funding, but how do you get established without the money to do so?

    Pressed for time

    Being a small business owner is a lot harder than it looks. If it were easy, everyone would do it! You wear all the hats at your company: CEO, CFO, COO, and Director of Human Resources. In larger companies, these positions are filled by multiple people, but you’re doing these jobs yourself, plus juggling whatever is going on in your personal life.

    How does that impact loan applications with conventional lenders? Most of these lenders require small businesses who are candidates for funding to submit a heavy load of documentation, like business forecasting, business plans, and profit-and-loss statements. These reports are time-consuming to write and may involve digging through years of old paperwork. It’s next to Impossible for most small business owners to find the time to put together this documentation on top of running a business.

    First Down Funding: what Annapolis small business owners need

    There is an alternative, however, for small businesses to fund their enterprises in Annapolis. First Down Funding would love to serve as your funding alternative to get your small business where it needs to be. If you have struggled to get the financing you need, we encourage you to look at all the different types of loan products we offer across a huge array of industries:

    • Bridge financing
    • Business funding for women
    • Restaurant financing
    • Business expansion funding
    • Hotel and motel funding
    • Business line of credit
    • Unsecured business funding
    • Retail store funding
    • Beauty business funding
    • Financing for bad credit
    • Business equipment funding
    • Business working capital
    • Short-term financing
    • Commercial truck funding
    • Merchant cash advances
    • Revenue-based business funding
    • Invoice and receivables financing
    • Gas station funding

    First Down Funding is here to make financing for small businesses more accessible. Unlike conventional lenders, we realize that small businesses are an integral part of the American economy.

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    Annapolis Business Financing Options for the Real World

    Have you already been pulling out your hair trying to find a traditional lender for your small business in Annapolis? Skip the stress, and increase the odds you’ll get approved for a loan with First Down Funding. Whether you need financing to launch a new business or bridge funding to improve cash flow for an established business, we at First Down Funding are here to help you in whatever way we can with your Annapolis small business.

    The advantages of working with First Down Funding

    Our happy clients could tell you about the many benefits of obtaining financing from First Down Funding:

    • A higher loan approval rate than you’ll find with most traditional lenders and mainstream banks
    • Loan experts who understand that your business is unique and who take the time to hear about your vision and what makes your enterprise one of a kind
    • A quick turnaround on application decisions and fast delivery of funding for approved loans
    • Minimum required documentation, which means no sifting through piles of bank statements and old tax returns
    • Flexible repayment options that don’t break the bank from the start
    • The choice to do what you want with your funding in most cases, since you’re most knowledgeable about your business
    • An enormous menu of funding products so you can tailor options to meet your needs

    In contrast to traditional lenders, First Down Funding won’t force you to meet arbitrary financial metrics or provide collateral for every financing solution. Instead, our innovative philosophy offers small businesses realistic tools that help them take off and grow. We look at future projects and income when considering your funding application, and we strive to find repayment plans that we know will work for you.

    We have built our business on six tenets: passion, respect, integrity, innovation, support, and results. You’ll find small businesses working with us not only in our home state of Maryland but across the United States. We fund businesses in all 50 states, as well as in Washington, DC.

    Step 1

    Apply online in just a few minutes

    Step 2

    Our system evaluates your business and typically provides a decision in minutes

    Step 3

    Sign your contract and receive money in as fast as 24 hours

    Apply Now! – Quick Approval Small Business Funding

    Small Business Loans That Help Your Business Thrive

    Do you feel like your business is not achieving the goals that you dreamed about when you set out on your journey? We want to solve that problem for you. Our small business funding lets you take your business from just surviving to thriving, and our loan options are designed to solve real problems faced by real small businesses every day.

    Simple application

    We don’t want to eat up your time with endless paperwork. You’ll love our simplified application process that lets you spend your time where it’s needed most: running your business. First Down Funding lets you prequalify online, and we only use a soft credit pull, so your credit score is not affected, and your application with us is not visible to other lenders.

    Quick decisions on loans and post-approval funding

    We don’t know too many small business owners who can wait 30 to 90 days for loan approval and funding. With us, complete your application for financing online and receive a decision within 24 hours. If you are approved for funding, you’ll have money in the bank between 24 and 72 hours later. We don’t want you to miss rare business opportunities that need you to act quickly.

    Tailored lending for unique businesses

    Feel like you’re getting the cookie-cutter treatment with other lenders? At First Down Funding, we know your business is truly unique. That’s why we offer solutions like business lines of credit, bridge financing, a range of lending terms, flexible repayment schedules, and funding for every industry you can think of. With this approach, you’re certain to get a tailor-made funding package.

    Short-term financing options

    Sometimes a short-term loan is better than a long-term one. For that reason, we offer short-term financing options with terms from three to 18 months. Our clients who need quick cash for a business opportunity that can’t wait or who have less than ideal credit scores love this option. The minimum required credit score is just 525.

    Equipment funding for multiple industries

    If you need funding for equipment to get your business going or to expand, try First Down Funding’s special financing for equipment purchases. This plan allows you to borrow up to 100 percent of the equipment’s value and take advantage of a loan funding term up to the expected life of the equipment.

    Lines of credit for flexibility

    For a variety of reasons, many small businesses prefer a line of credit over a loan. The prime reason they select this type of financing is that they only pay interest on the money they have used. With a line of credit, you don’t pay interest on funds you’re not using, but they’re there to rely on should you need them.

    Bridge financing for short-term needs

    In some cases, bridge funding is all your small business needs. This type of financing provides a quick infusion of cash when you have a temporary lull in income. Whether you’re in between funding rounds or waiting for a major revenue stream to kick in, bridge financing lets you keep your small business going without disruption.

    Alternatives for poor credit

    At First Down Funding, we understand that sometimes small business owners have lower credit scores than they would like, perhaps because of events in the past or things outside their control. We offer many funding options for troubled credit, so you can get the funding you need without your credit score standing in the way.

    Help with COVID-19 resources

    The coronavirus pandemic has created a challenge for the business community. Even though our times are unpredictable at present, we want your business to stay healthy and safe. Use our COVID-19 Resource Center to stay up to date with news and improve the resiliency of your small business.

    Eager to start funding your small business in Annapolis? Call First Down Funding at (833)-FDFUNDING, or start an application online today. It couldn’t be easier.

    Apply for Business Funding in Annapolis

    Maryland Business Resources

    The State of Maryland

    The official website of the state of Maryland.

    Comptroller of Maryland

    Find all tax-related information and services.

    Maryland Secretary of State

    Certify your documents with the Secretary of State and find other resources.

    Maryland Department of Commerce

    Find business resources and information here to establish and grow your business.

    See also in Maryland

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