Chillum takes its name from “Chillum Castle Manor,” the 4,443-acre (17.98 km2) land patent established in 1763, by William Dudley Digges.
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Located in Prince George’s County, Maryland, the community of Chillum was named after Chillum Castle Manor, the land patent from 1763 that was home to several plantations before eventually becoming a suburb of Washington, DC. The area was still quite rural, despite its proximity to the nation’s capital, until the 1930s.
Today, Chillum is a mix of residential neighborhoods and shopping plazas. Besides visitors from Washington, traffic comes to Chillum via the 410 from nearby Silver Spring and from Hyattsville next door to the east, with which Chillum shares postal codes, as it does with Takoma Park to the west.
Chillum is a bustling area of commerce and boasts both national chain businesses and regional small businesses. It is home to seven shopping centers:
With so many restaurant, retail, and other storefront outlets, Chillum provides ample opportunities for small businesses looking to take advantage of its Washington suburb status and local shoppers.
However, some small businesses have found themselves locked out of Chillum due to the hassles they experience when trying to obtain funding from traditional lenders. This is a shame, as they would otherwise contribute to both the microeconomy of the area and to the overall GDP (gross domestic product) of the state of Maryland.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects in Chillum
It’s often not easy for small business owners to obtain financing from conventional lenders for their enterprises in Chillum. They list numerous reasons for this roadblock:
If your small business misses factors that mainstream lenders demand, like collateral, consistently high income, cash reserves, high credit scores, and detailed business documentation, you may find yourself against a wall time and time again. But how do you break out of this chicken-and-egg scenario? If you need to be established to get funding, but you need funding to get established, how does anyone ever start or grow a business? How many of the typical small business challenges below have you encountered?
Low credit as a business owner can definitely work against you with conventional lenders. What is considered low credit? In general, it’s any credit score less than 700. Banks want you to show your trustworthiness, just like when you take out a mortgage or apply for a personal loan.
However, you could have a low credit score for reasons you can’t control or for things that happened years ago. These issues can dog your credit for years, keeping you from getting the financing you want for your small business:
Credit bureaus use many different algorithms to generate credit scores, and they can vary depending on what kind of funding you are seeking. Furthermore, if you are young or originally from outside the United States, you may not have enough of a credit profile to get a score, and it could look like you have no credit history reported at all.
Lenders like to see steady cash flow and a favorable debt-to-income ratio with small businesses. However, you may have a lot of debt if you are paying off an old loan, for example.
If you’re a fledgling business, you may still be getting your revenue up to projected levels. And if your business was restricted by coronavirus issues, cash may be tight. But how do you retool your business if you can’t find the financing that you need?
If you’re interested in a secured loan with a conventional lender, you will likely be asked to put up collateral. This is something of significant value, like real estate or property, which the lender can take if you ever default on your loan.
But how many startup or small businesses have the kind of collateral traditional lenders want? You don’t want to put up your home as collateral because that’s just too risky.
Capital investors can be nearly impossible for small businesses to find, but conventional lenders like to see them in the funding mix. They frown on businesses that rely solely on bank loans. So, if you don’t have a friend or another third party to invest in your business, you may get turned down for financing.
Have you applied for a slew of business loans, believing you could pick from a bunch of acceptances to get the right match for you? If so, you may have found your business getting sorely rejected by conventional lenders.
These lenders don’t like to see businesses applying for multiple loans simultaneously. They erroneously see this as desperation. You might wonder how they know you’ve applied elsewhere. They can see all your applications on your credit report. And beware: all those credit pulls can really bring down your score!
Startup companies nearly always struggle when it comes to funding from traditional lenders. They are viewed as a higher risk and are often turned down for financing. So, if your company is under two years old, this may have happened to you. It’s yet another catch-22, where you need to be mature as a business to get funding, but how do you get that maturity without the funding to launch?
Do you sometimes feel like you’re wearing too many hats running your small business? That’s not uncommon. You’re probably the CEO, COO, CFO, and Director of HR, all while you juggle your personal life too. Filling out mountains of paperwork for a business loan just isn’t in your wheelhouse.
However, many traditional lenders want all kinds of documentation, from business plans to profit-and-loss statements. These take time and energy to put together. But where do you find that extra time when you’re already stretched so thin?
Luckily for your Chillum small business, there are alternatives for funding. First Down Funding would love to be your next financing option, and we’re convinced you’ll find us a refreshing change from those mainstream lenders. We have a vast array of lending products for all kinds of industries:
Small businesses are the key to the American and Maryland economies. That’s why we’re committed to helping them by making financing more accessible.
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If you’ve experienced the disappointment of applying with a conventional lender, or if you just want to skip the aggravation while improving your odds for success, check out First Down Financing. We welcome the chance to hear more about your small business in Chillum, whether it’s bridge funding or financing for a new business you need.
There are so many advantages to working with First Down Funding:
We use an innovative method for our loan process that bypasses many standard financial metrics and collateral and instead focuses on your future income and projects. Our financing packages are designed to be tools you can really use no matter how far along your business is.
We base our business on six values:
Our customers in our home state of Maryland love our options for financing, but we also fund businesses nationally. We operate in all 50 states, plus Washington, DC. With each small business we help, we are helping America’s economy grow stronger.
Apply online in just a few minutes
Our system evaluates your business and typically provides a decision in minutes
Sign your contract and receive money in as fast as 24 hours
We don’t want you to just be keeping your head above water when it comes to your business. Our goal is to take you from surviving to thriving. Therefore, we provide small business loan products that help you solve common problems.
When you have a business to head, you don’t have time to waste on reams of paperwork for a bank loan. We use a less complicated application process that frees up your valuable time. Once you prequalify online, we do a soft credit pull that is much less injurious to your credit.
We believe waiting 30 to 90 days to get approval and funding for a loan is much too long. With First Down Funding, you’ll usually receive a decision about your loan within 24 hours, maybe even less. If we decide to go ahead and fund your loan, you’ll have your money in 24 to 72 hours. No need to miss potential business opportunities while waiting on a loan.
Being treated like every other business is insulting. We avoid cookie cutter solutions in favor of solutions that recognize your business’s individuality. And with such a range of funding options for every industry and lending terms that meet different needs, you’re certain to find funding that feels tailor made for your small business.
If you need quick cash for a short period of time, consider a short-term loan. This option has a smaller borrowing window of three to 18 months. Our clients who want to leverage time-sensitive business opportunities like this choice. With a minimum credit score requirement of only 525, it’s also perfect for challenged credit.
We have funding packages specifically created for business equipment purchases, including heavy equipment. This is perfect if you need equipment to launch or expand. Borrow up to 100 percent of your equipment’s value and take the entire expected life of the equipment to pay the loan back.
You may find your business doesn’t need a loan when a line of credit would be a better selection. With a business credit line, you only pay interest on funds you’ve used. But the credit is there in case you need it for unexpected expenses or an emergency.
Need a rapid infusion of cash in between funding cycles or when revenue is coming soon? Try bridge funding for your small business. You get fast working capital just when you need it to keep your business on track.
If you’re worried about a low credit score, rest assured First Down Funding has loan products for you too. We don’t want troubled credit to hold you back. Ask about our financing for poor credit, so you can get your Chillum business up and running and build a better credit history.
It can be difficult for small businesses to stay safe, healthy, and viable during the current pandemic. For that reason, we’ve created our COVID-19 Resource Center, which gives you all the relevant news and tips to make your enterprise more resilient.
We’re here to help you find the ideal funding package for your needs. Call us today at (833)-FDFUNDING, or start an application online now. Take your Chillum small business from a vision to a reality!
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