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Business Funding In College Park, Maryland

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    About College Park, Maryland

    College Park is a city in Prince George’s CountyMaryland, USA. The population was 30,413 at the 2010 census. It is best known as the home of the University of Maryland, College Park, and since 1994 the city has also been home to the “Archives II” facility of the U.S. National Archives.

    It is best known as the home of the University of Maryland, College Park, and since 1994 the city has also been home to the National Archives at College Park, a facility of the U.S. National Archives, as well as to the National Oceanic and Atmospheric Administration (NOAA) Center for Weather and Climate Prediction

    College Park entrepreneurs have a huge opportunity for expansion and capital is in great demand.… at First Down Funding we love servicing College Park Business Owners and we provide fast processing to all funding applications. Apply online or call one of our expert College Park funding consultants. First Down Funding is your small business funding source for College Park small business owners.

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    Small Business Funding in College Park, Maryland

    College Park: Home to the University of Maryland

    Less than five miles from Washington, D.C.

    College Park in Prince George’s County is most well known for being the home of the University of Maryland. However, this bustling city has many other benefits going for it as well.

    Developed in 1889, College Park began as a city of planned neighborhoods, including Lakeland, Daniels Park, Hollywood, and Berwyn. The area was intended to house both people affiliated with the university and those looking to escape the confines of the nation’s capital.

    College Park has been the focus of numerous urban renewal projects, and it is lauded for its diversity and development. One major advantage of the city is its proximity to Washington, D.C. Visitors can easily reach College Park via Highways 1 (Baltimore Avenue), 201, and 193, off Interstate 495, more commonly known as the Capital Beltway.

    Travelers may also arrive in College Park via the College Park Airport, which is the oldest operating airport in the country, as well as public transportation on the Washington Metro.

    Due to the presence of the university, nearby Washington, and many organizations headquartered in College Park, like the National Oceanic and Atmospheric Administration (NOAA), the city is a fantastic place for small businesses. Nevertheless, some businesses have had difficulty getting funding for their enterprises in College Park, and they have been held back from reaching their business goals.

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    Alternative Financing for Small Businesses in College Park

    Challenges with mainstream lenders

    Perhaps you’re among the small business owners who have discovered it’s more challenging than they anticipated to get funding for their ventures in College Park. This may be due to multiple reasons:

    • Traditional lenders tend to favor large businesses over smaller ones.
    • The guidelines for business lending are often too rigid for small businesses to meet.
    • Many conventional lenders are uneducated about small business operation, potential, and contribution to the Maryland economy.
    • Small businesses are usually lumped into a group and not considered for their individuality – they’re just a statistic to big banks.
    • Mainstream lenders often think startup businesses should not be funded by bank loans and instead should be financed by venture capital or other private funding.
    • Major lenders have tightened up their loan requirements since the economy has struggled recently, and they are less willing to fund small businesses for their perceived unpredictability.
    • Traditional lenders are at the top of business owners’ minds, and they may not be aware of other options for them.

    There are many elements conventional lenders like to see with businesses they fund, such as high credit, cash reserves, collateral, steady income, and detailed business plans. But in some of these areas, small businesses can fall short. How do you establish your business to obtain those things when you can’t get the financing to launch in the first place? It’s a chicken-and-egg situation for many small business owners. Have you run up against any of these issues?

    Poor credit

    To prove your creditworthiness, lenders may ask you to meet a credit score threshold. It’s similar to when you apply for a home or auto loan. Typically, that’s around 700 or so.

    But it’s all too easy to have poor credit these days, often for reasons you can’t control or for things that occurred in decades past:

    • Student loans
    • Divorce
    • High debt to credit availability
    • Medical bills
    • Slow reporting to credit bureaus
    • Credit bureau errors
    • Predatory lending
    • Coronavirus business closures
    • Not using much credit

    You might find you have a different credit score with each of the three credit bureaus, depending on what information they have. Further, the bureaus use different algorithms to derive credit scores for specific types of loans, such as business, home, auto, personal, etc.

    People who are new to the United States may not have an extensive credit profile. Likewise, very young business owners may not have had the chance to build up credit yet either. This can result in low scores or no score at all.

    Reduced cash flow

    Traditional lenders like to see steady cash flow when they fund small businesses. However, both your income and your debt can affect this. You may be responsible about paying off old loans and other debt, but it makes your debt-to-income ratio look undesirable to mainstream lenders.

    You may also have low income if you’re a new business still getting up to speed. Or maybe you have a long-established business, but it was hit hard by the recent COVID-19 restrictions. You’d like to retool, but how do you do that without the proper funding?

    No collateral

    Many loans for small businesses are secured loans, which means you need to put up collateral. Collateral is something of value that the lender can confiscate if you default on your loan, such as business property or real estate. But many small businesses don’t have collateral to offer and thus get turned down for secured loans. Some are asked to put up their personal residences as collateral, but this is not encouraged as it could put you in danger of losing your abode.

    Lack of capital investors

    Capital investment means that someone has a stake in your small business. A capital investor might be a formal investment firm, or it might be a friend or family member. It shows lenders your business is worth funding to someone else. Mainstream lenders don’t like to see small businesses funded solely by bank loans and look for capital investment. But that can be hard to come by in this economic climate.

    Too many loan applications

    Some business owners apply for a host of business loans simultaneously. They erroneously think this gives them the best chance of finding one or two that will work for them. But this is usually a mistake with conventional lenders, who don’t like to see multiple applications and think it makes businesses look desperate.

    Lenders can see how many applications you have submitted recently by looking at your credit report. Therefore, this strategy should be avoided. Even worse, each application can ding your credit score, bringing it lower than it was before you started. It’s unfair, but that’s how the game is played.

    “Risky” startup status

    If you’re a startup business – one that is less than two years old – you might look like a risky investment to mainstream lenders. They think you should get funded privately and wait a few years before applying for a bank loan. But this is yet another catch-22. How do you establish your business and grow to be over two years old when you can’t get the financing to launch at the start?

    Overwhelmed by documentation

    There’s no doubt that all the documentation required by traditional lenders is daunting. They want piles of paperwork, including a detailed business plan. These reports take time to assemble and write. And, in larger businesses, they’re done by the CFO or someone in the accounting department.

    However, if you run a small business, you’re probably doing everything, including all the financial tasks. When you’re the CEO, COO, and Director of HR, who has time to take on more responsibilities? How are you supposed to run your business, handle your personal life, and complete loan applications, too?

    First Down Funding: small business help in College Park

    There is a better way, though. First Down Funding is here to offer an alternative to conventional lenders for small business loans in College Park. If you have struggled with mainstream banks to get the financing you need, we hope you will check out our menu of funding products and offerings for many industries:

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

    First Down Funding was created to make small business financing more accessible. We know you and businesses like yours are the backbone of the US economy.

    Need Small Business Funding To Reactivate Your Business in College Park?

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    College Park Business Funding Options Worth Exploring

    Have you already been disappointed trying to find a mainstream lender for your College Park business? Do you wish you could forget the stress that comes with traditional bank loans and improve your odds for funding success? First Down Funding has options you should explore, from bridge loans to business lines of credit.

    The advantages of First Down Funding

    We’d like to tell you more about the many advantages of collaborating with First Down Funding for small business financing:

    • You will find higher loan approval rates than with conventional lenders.
    • You’ll meet a team of loan experts who genuinely want to learn more about your small business and how we can help it take off.
    • We offer fast loan approval decisions and quick delivery of funds on approved loans.
    • We don’t ask for mountains of bank statements and old tax returns, so you’ll love our minimal requirements for documentation.
    • We can work together to set a repayment schedule that gives you flexibility and freedom.
    • You’ll be given the ability to use your funding how you see fit, and we know you’re the pro when it comes to your business.
    • We provide a huge array of funding options, so your financing feels customized to your unique needs.

    We take a different approach than conventional lenders, avoiding standard metrics and collateral in most cases. We consider your future projects and income to give you a funding package and repayment schedule that helps you launch and expand without worry.

    You will like knowing that you can count on our six vital tenets with every interaction with First Down Funding: innovation, integrity, passion, respect, support, and results. You’ll find many of our happy customers here in Maryland, which is our home state. But we also fund businesses in all 50 states of the USA, from the Atlantic to the Pacific, including Washington, D.C.

    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

    Elevate Your Business with Small Business Loans

    If you’re tired of just surviving when you could be thriving, let us help you grow in the way you always dreamed. First Down Funding provides small business financing that offers solutions to real small business problems.

    Easy application

    Owning a business is a time-consuming job, and we know you don’t have hours and hours to devote to loan paperwork. That’s why we developed an easier application process, so you can get back to doing what you do best. Prequalify online with our uncomplicated application, and you can also appreciate a soft credit pull so your credit score is not lowered.

    Fast loan decisions and funding

    If you have a business opportunity with great potential, waiting 30 to 90 days for a conventional loan is just too long. At First Down Funding, we streamline the process for you. Get an answer on your loan application within 24 hours. And if your loan is approved, know that you’ll receive your funding in 24 to 72 hours. No more missed opportunities while you wait for slow lenders!

    Customized lending for you

    We attempt to customize our lending solutions for every customer, knowing that cookie-cutter financing just doesn’t work for small businesses. We have such a large variety of funding products, lending terms, and industry-specific packages that you’re sure to get what you need in a tailored manner.

    Short-term financing

    Short-term financing is one of our popular options. This gives you a borrowing window of three to 18 months, and it’s a perfect funding tool if you need quick cash for a short period of time. We also often recommend this for clients with poor credit as the credit score threshold is only 525.

    Equipment and heavy equipment funding

    First Down Funding also offers financing designed especially for business and heavy equipment purchases. This program allows you to borrow up to 100 percent of the value of your equipment. And you can get repayment terms up to the expected life of the purchase.

    Small business line of credit

    If a loan isn’t right for your business, what about a line of credit? You only pay interest on the funds you’re using with this option, and there’s no interest on money you’re not utilizing. However, the line of credit is available to you at any time, should you need funds for operations or an emergency.

    Bridge financing

    For businesses that find themselves in need of cash for a brief period, bridge funding is an ideal solution. This is worth exploring if your small business is in between investors or if you know more income is on the way soon. You get the working capital you need quickly, and there’s no disruption of business operations.

    Funding for bad credit

    Business owners with bad credit often don’t know where to turn. First Down Funding offers funding for bad credit, too, as we know sometimes credit issues aren’t always within your control. Get back on track and launch that business you’ve always wanted to start.

    COVID-19 updates and tips

    The coronavirus pandemic has made for challenging times for many small businesses. We responded by creating a comprehensive COVID-19 Resource Center. This gives you all the news and information you need to help your small business become more resilient.

    Are you ready to get started exploring alternative financing options for your College Park small business? Call First Down Funding at (833)-FDFUNDING or start an easy application online today.

    Apply for Business Funding in College Park

    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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