Business Funding In Carney, Maryland

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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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:

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:

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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