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Business Funding In Carney, Maryland

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    About Carney, Maryland

    In 1880, Thomas Carney immigrated to the United States from Ireland and settled in Texas, Maryland. Soon after his arrival, he married the former Mary McDermot and bought forty and a half acres on the southeast side of the Baltimore and Harford Turnpike.

    Several years later (about 1885), the Carney family moved to what is now Harford and Joppa roads, where Thomas Carney opened a general store which is believed to have served as the Eight Mile House on the turnpike. The store was located on the site presently occupied by the Barn Restaurant. In the 1880s and 1890s the store also served as the Carney family home.

    When the family grew too large for the store, Mr. Carney built a new house on the hill behind the store. The house was completed in about 1898 and stood in the vicinity of what is now Thornewood Court. Thirty-five years later, the Carney house was moved to its present location at the corner of Joppa and Avondale roads and is now a real estate office.

    With the passage of time and the suburban growth of Baltimore County, the land once owned by the Carney family has been sold to individuals and developers. However, the Carney family name is now carried by area businesses and clubs. Two institutions, the Carney Library and the Carney Elementary School, also carry the name. Little did Thomas Carney, an industrious Irish immigrant, realize that his memory would live on by a community which bears his name

    The median income for a household in the CDP was $49,365, and the median income for a family was $57,079. Males had a median income of $40,265 versus $31,914 for females. The per capita income for the CDP was $24,428. About 2.8% of families and 5.4% of the population were below the poverty line, including 5.2% of those under age 18 and 7.5% of those age 65 or over.

    Carney offers numerous financial incentives to retain and attract business. At First Down Funding, we provide a quick and easy way to obtain funds for your Carney business needs, whether it is a long term funding package or a short term cash funding, our professional and experienced staff are here to help you promptly and accurately. Contact us if you have any questions or conveniently apply online for expedite processing. Need small business funding in Carney? call First Down Funding.

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    Small Business Funding in Carney, Maryland

    Carney: Easy Access from the Baltimore Beltway

    Small business opportunities near Baltimore

    Carney is a community in Baltimore County established in the late 19th century. An Irish immigrant, Thomas Carney, and his wife bought land in the area and opened a general store, which also served as their residence.

    The town became increasingly popular as Baltimore grew and suburbs expanded in all directions. Businesses in the region still carry the Carney name, as does the town itself, and it’s a popular location for mom-and-pop enterprises.

    Carney is easily reached via the 695 Baltimore Beltway. Other thoroughfares to Carney include Highway 1 to the southeast, Highway 147, which passes through town, Highway 41, and Cromwell Bridge Road. All of these small state roads run perpendicular to Interstate 695 and have Carney exits.

    Carney’s rich history, proximity to the city of Baltimore, and small town feel make it attractive for small businesses. However, some business owners have struggled to make their ventures a reality.

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    Alternative Funding for Small Businesses in Carney

    Problems with traditional lenders

    For small businesses in Carney, funding has been elusive, particularly when it comes to conventional lenders. They cite many different reasons for this difficulty:

    • Larger companies are favored over small businesses.
    • Small businesses can’t meet the inflexible loan guidelines of mainstream lenders.
    • Traditional lenders aren’t knowledgeable about small business operation, potential, or contribution to Maryland’s economy.
    • Conventional lenders don’t see small businesses as individuals and lump them all in one group.
    • Big banks like to see startups and small businesses funded by private sources, not bank loans.
    • Stricter lending requirements since the most recent recession have turned small businesses into “unpredictable” investments.
    • Mainstream lenders get all the attention, and small businesses may not know they have alternatives.

    It can be tough to get a loan when you lack all the things required by lenders these days: high credit, cash reserves, steady income, collateral, and a complex business plan. But this turns into a chicken-and-egg scenario. How do you get those things without being an established business? And how do you get established as a business without funding? Have you had to deal with these roadblocks to funding?

    Challenged credit

    To qualify for a business loan, you have to prove your creditworthiness to the lender. This is just like applying for an auto loan or a mortgage. You have to have a credit score of at least 700 in most cases.

    But it’s all too easy nowadays to see your credit score slide because of old issues or events outside your control, such as:

    • Slow reporting to credit bureaus
    • Mistakes perpetrated by credit bureaus
    • Past illness and high medical bills
    • Divorce settlement
    • Falling victim to predatory lending
    • Setbacks due to COVID-19
    • Student loans or high debt-to-income
    • Preferring to use cash to credit
    • Differing credit scoring algorithms

    If you’re very young or new to the United States, you may have a limited credit profile or no credit score at all.

    Unfavorable cash flow

    Big banks like to see steady, high cash flow. But your cash flow may be limited by debt or restricted income, making your debt-to-income ratio look undesirable.

    For example, you might be paying off old debt, but even though that’s the responsible thing to do, it reduces your net income. Maybe your business is just launching, and you haven’t hit your income stride yet. Or perhaps you had to shut down for a while during the height of the coronavirus pandemic, meaning your revenue took a hit.

    No collateral to offer

    For secured business loans, which is all you may qualify for as a small business, you will be required to produce collateral. This is something you offer the lender, like business property or real estate, in case you do not make good on your loan. If you stop making payments, the lender can take your collateral. Small businesses don’t usually have the kind of collateral mainstream lenders are seeking, though, and you don’t want to resort to putting up your own personal residence.

    Lack of capital investors

    Having capital investment in your small business makes it more attractive to lenders. It shows someone else is willing to have a little “skin in the game.” Capital investors might be a formal third-party firm, or they might be friends or family. It’s difficult for small businesses to nail down capital investors right now, though, in this business climate.

    Numerous simultaneous loan applications

    Many business owners make the mistake of thinking that submitting numerous loan applications simultaneously is a smart move. It seems like it would increase your odds for success and make the best use of your time, right? Sadly, conventional lenders don’t see it that way.

    They think it makes your business look less desirable, so you’re less likely to get approved. How do lenders know how many applications you’ve completed? It’s right there on your credit report, along with your credit score that takes a hit every time you apply for a loan. It’s not fair, but that’s the system you have to work with.

    Startup company

    Startup businesses are often seen as risky investments to big banks. This means that if your business is less than two years old, it can be harder to get a loan. Here’s another catch-22 for you: how do you get past the startup stage when you can’t get financing to start up in the first place?

    No time for daunting requirements

    Anyone who has filled out a loan application with a traditional lender lately knows the requirements are daunting. You have to provide loads of paperwork, including a business plan, tax returns, bank records, and other documents. Putting all this together takes time, and that’s one thing small business owners are short of.

    If you’re like most folks who run a small business, you’re doing the work of three or more people every day. Larger businesses have the luxury of full-time employees to cover all their jobs, but small businesses are stretched too thin for that. When time is so short, who has extra room in the schedule for all that paperwork associated with a bank loan?

    First Down Funding: A Competitive Alternative for Carney

    There are alternatives, fortunately, for small businesses in Carney. We hope you will consider First Down Funding as an option to finance your small business. Even if you have been unable to get funding elsewhere, we urge you to check out all the different funding products we offer for so many industries of all kinds:

    • Hotel and motel funding
    • Restaurant financing
    • Business working capital
    • Unsecured business funding
    • Business expansion funding
    • Bridge financing
    • Business funding for women
    • Retail store funding
    • Business equipment funding
    • Business line of credit

    First Down Funding knows that small businesses are the key to the US economy. We’ve made it our mission to make small business financing more accessible.

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    Carney Business Financing Options Worth Exploring

    Maybe you have already experienced the frustration of applying for a small business loan with a conventional lender. Or maybe you are simply ready to find a different way that lets you leave the worry and stress behind. You want to know you’re not wasting your time and have a high likelihood of success. Whether you need bridge funding or startup financing, First Down Funding is the place to turn to. We are eager to learn more about your small business in Carney.

    Partner with First Down Funding for multiple benefits

    We’re confident you’ll love the multiple benefits of partnering with First Down Funding for small business financing:

    • A higher rate of loan approval than you’ll get with big banks
    • Loan experts who specialize in small businesses
    • Fast loan decisions and funding
    • Less documentation than with other loans
    • Repayment plans that are reasonable and flexible
    • No restrictions on what you do with your money
    • A huge variety of funding products that feel tailor-made to you

    Rather than relying on arbitrary financial metrics or asking for collateral, we take a different approach. We evaluate your future income and projected products when putting together funding packages. We give you the tools you need to get your business to the next level, with repayment arrangements that actually work for your business.

    Every time you interact with First Down Funding, you’ll witness our six core tenets:

    • Respect
    • Integrity
    • Support
    • Results
    • Passion
    • Innovation

    We fund businesses in all 50 states, from coast to coast, and in Washington, DC as well. And we are specialists when it comes to small businesses in Maryland, where we are headquartered.

    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

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    Carney Small Business Loans That Let You Thrive

    Would you like to feel like your small business is thriving, not just surviving? Our goal is to help with that by providing real-life small business solutions to problems you deal with every day.

    Less complicated application

    The first thing you will notice about First Down Funding that makes us different from traditional lenders is our uncomplicated application process. We don’t bog you down with reams of paperwork because we know your time is valuable. Prequalify online, and you’ll appreciate our soft credit pull, which isn’t damaging to your credit report.

    Faster process

    A faster loan process benefits you when you have a hot business opportunity awaiting, and you need cash now. That’s why our loan process renders a decision on your application within 24 hours. And if your loan is approved, we fund it in 24 to 72 hours. No more missed opportunities while financing drags on and on.

    Tailor-made lending

    We pride ourselves on offering tailor-made lending for you. Instead of cookie-cutter solutions, we treat your business like the one-of-a-kind enterprise that it is. You’ll find financing for dozens of industries, individualized lending terms, and options like a business line of credit.

    Short-term financing options

    Are you looking for short-term financing options? We have loan packages with shorter borrowing windows: just three to 18 months. When your business needs a fast infusion of cash now, this is an ideal program. And with a minimum required credit score of only 525, it’s great for challenged credit too.

    Equipment funding

    For businesses with heavy equipment, First Down Funding also has financing packages. These let you borrow up to 100 percent of the value of the equipment and pay it back over the expected lifetime of the purchase.

    Small business lines of credit

    Looking for an even more flexible option than a loan? Why not consider a business line of credit? With this alternative, you only pay interest on the financing you are using, not the entire credit limit, similar to a high-limit credit card but with better terms. You get the safety net of knowing funds are there for emergencies if they arise.

    Bridge loans

    When you are in between funding from investors, or when you know more revenue is on the way, bridge funding can be a perfect way to close financing gaps. You get a rapid infusion of capital to stay on schedule with your business plans, so you don’t have to slow down or stop when money is temporarily tight.

    Financing for challenged credit

    You may think there are no options for you if you have challenged credit. But First Down Funding offers a solution with our financing for bad credit. It allows you to make progress on your business goals while you build your credit back up.

    Help for COVID-19 hurdles

    The COVID-19 pandemic has created unprecedented hurdles for the small business community. So, we give you our COVID Resource Center for all the news and tips you need to stay resilient, healthy, and safe during unpredictable times.

    We want to hear more about the assistance you need with your small business in Carney. Call us at (833)-FDFUNDING with your questions about alternative financing, or start an application online today.

    Apply for Business Funding in Carney

    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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