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Business Funding In Crofton, Maryland

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    About Crofton, Maryland

    Crofton is a census-designated place and planned community in Anne Arundel CountyMaryland.

    In 1963, after the Crawford Corporation accumulated over 1,600 acres (650 ha) of land, it announced that it would build a new community called Crofton. This new town and planned community was founded at the same time as Reston, Virginia (April 17, 1964) and Columbia, Maryland (1967). Crofton would be anchored by a community golf course, which later became the Crofton Country Club. Crofton was officially founded in the fall of 1964. The company considered picking an English name for the new town that “sounds well and implies that this is a pleasant place to live.” It ended up picking the name “Crofton”, named after a small township in Cumberland County, England. The English town was originally called Croft-town, derived from the word “Croft”, as the town standing upon the Crofts. Originally an exclusive gated community, Crofton’s gates were opened and they now only serve as a symbol for the community.

    In July 2007 Crofton was named by Money magazine as one of “100 Best Places to Live” in the United States. Crofton placed 72nd out of 100 cities on the list. It was selected for its relative anonymity while still boasting many major amenities, excellent schools, and sought-after location.

    Crofton was selected again for the magazine’s 2011 list, this time placing 82nd.

    Is your business formed in Crofton? Looking for business funding for your Crofton business? First Down Funding is your small business funding source for Crofton small business owners. Apply now with First Down Funding for Crofton business funding and experience fast processing/approval and outstanding customer service. Get Pre-approved in minutes for Crofton business funding in Crofton.

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    Small Business Funding in Crofton, Maryland

    Crofton: Ideal Location for a Small Business

    Easy access from Annapolis, Baltimore and Washington

    Crofton is a planned community in beautiful Anne Arundel County, Maryland. Established in 1964, it offers lovely, tree-lined streets anchored by the Crofton Country Club golf course.

    Crofton is only eight miles from the state capital Annapolis, and it’s also 24 miles from both Baltimore and Washington, DC. Multiple thoroughfares provide transportation to Crofton. Highways 3, 424, and 450 bring visitors from all directions to enjoy the town’s historic landmarks, restaurants, and leisurely shopping in a bucolic environment.

    A commuter train also runs from Crofton to Union Station in Washington, and a line goes to Baltimore’s Penn Station as well. Crofton is also served by numerous bus lines, and the Baltimore Washington International Airport is only 12 miles from town.

    After placing number 72 in Money magazine’s “100 Best Places to Live” in the United States in 2007, Crofton became an even more desirable destination, with its top-flight schools, wealth of amenities, and access to major metropolitan areas. Not only did people want to live in Crofton, but small businesses flocked there as well to capitalize on the ideal location and affluent customer base.

    However, some small business owners have been locked out of launching there due to frustrating blocks in the funding pipeline.

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    Alternative Financing for Crofton Small Businesses

    Roadblocks with traditional lenders

    It hasn’t been easy for everyone who would like to set up a small business in Crofton to get the financing they need. Business owners have discovered multiple reasons for this problem:

    • Traditional lenders view small businesses as less appealing.
    • Small businesses have a hard time meeting conventional lender rigid loan guidelines.
    • Lenders remain in the dark about how small businesses operate, how important they are to the Maryland GDP, and how much potential they have for expansion.
    • Small businesses are frequently lumped into a group together instead of considered as the unique entities they are.
    • Many mainstream lenders believe small businesses should receive private funding from sources other than bank loans.
    • Lending requirements have been tightened up since the economy has veered downward in 2020.
    • The same big name lenders seem to be everywhere, while business owners are not aware of alternatives.

    If your business lacks cash reserves, a high credit score, steady income, business collateral, and a plan for the future, all of which are required by mainstream lenders, you may find it extremely difficult to get funding. Many owners see this as a chicken-and-egg scenario. How do you get funded to establish yourself when you need to be established to get funding? How many of these problems have you encountered while trying to get financing for your small business?

    Credit challenges

    People who apply for home mortgages and auto loans have to demonstrate their creditworthiness to the lender, and the same is true of applying for a small business loan. Normally, this means having a credit score of 700 or above, but this can be tough to get these days, as just a few dings to your score can see it dip under the threshold. And many responsible small business owners have lower credit due to factors beyond their control or things in their distant past:

    • Divorce
    • Medical bills
    • Student loans
    • High debt to income
    • Credit bureau errors
    • Slow credit reporting
    • Young age
    • Predatory lending
    • Not using credit
    • Being from outside the US
    • COVID-19 business closures
    • Different credit scoring algorithms

    Cash flow hangups

    Small businesses may experience cash flow limitations for a variety of reasons, and this is yet another roadblock on the path to funding with traditional lenders. Your debt-to-income ratio can look unappealing to lending institutions if you have high debt or low income.

    For example, you might be paying off an old loan and this makes your net income lower. You might have a new business, in which case you’re still building your income, and it hasn’t hit its peak yet. Was your business affected by COVID-19 business closures this year? If so, your cash flow may also be tight.

    Absence of collateral

    If you have been trying to obtain a secured business loan, you have likely been asked to put up collateral. Collateral is valuable property that you can offer a lender in the event you ever default on your loan. For business loans, this is usually business property or real estate. But if you’re a startup business or a very small business, you’re not likely to have the type of collateral that satisfies traditional lenders. You never want to put up your personal residence as collateral because this is considered too risky.

    Lacking capital investment

    Conventional lenders also like to see capital investors in a small business. Capital investment may come from a formal investment firm, or it may be provided by a friend or family member. In any case, it means someone has a stake in your business because they think it has a good chance of success. Traditional lenders don’t like to see small businesses that are lacking in capital investment and may therefore deny them a loan. In this economic environment, though, it can be extremely challenging to find capital investors.

    Overdoing loan applications

    If you are new to applying for business funding, you might think that applying for a host of business loans simultaneously is a smart move. It seems like it would give you the best chance of getting approved, and you might have several loans to pick from.

    However, lenders frown on this practice and think it makes your business look desperate for financing. How do they know how many other applications you have submitted? They can see them on your credit report. And by the way, all those applications bring down your credit score if they’re using hard credit pulls. It’s unfair, but that’s how the system works in the banking industry.

    Startup business

    Startup businesses have long been viewed as risky investments by conventional lenders. This means that if your business is less than two years old, it can be more difficult to get financing. But this is another catch-22. How are you supposed to become an established small business when you can’t get the funding you need to establish your business to begin with?

    Wearing all the hats

    Do you wear a lot of hats at your business? If you’re like most small business owners, you certainly do. When you are doing jobs that are normally done by multiple full-time employees at larger companies, that leaves you little time to spend on business loan applications. And yet these applications typically require mountains of paperwork. Where are you supposed to find the time?

    Traditional lenders usually ask for tax returns, bank statements, business plans, and other documents to back up your loan application. In bigger companies, preparing this paperwork is the responsibility of the CFO or accounting department. If it is between running your business and filling out documents for a loan, guess which priority you’ll choose.

    First Down Funding: an alternative that really works

    Fortunately for small businesses in Crofton, there are alternatives now to conventional lenders. First Down Funding would love to serve as an alternative financing source for your small business. If you’ve been feeling stuck in the trap of traditional lenders, we suggest you check out the huge menu of funding products we offer across many different industries:

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

    Your small business is one of the key drivers of the US economy. That’s why we’ve made it our mission at First Down Funding to make your funding more accessible.

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    More Successful Crofton Business Funding Options

    Have you been aggravated trying to find a traditional lender for your Crofton small business? Why not skip the stress and try a loan application process that gives you a better chance for success? First Down Funding is here for you, whether you need bridge financing or a business line of credit. We’re eager to learn more about your enterprise in Crofton.

    First Down Funding: partner with us for multiple advantages

    There are so many benefits you’ll reap when you choose First Down Funding as your small business financing source:

    • A much higher loan approval rate
    • A team of loan professionals who truly understand small businesses
    • Rapid turnaround on loan decisions and funding
    • Minimized documentation requirements
    • Flexible and reasonable repayment plans
    • No restrictions on how you use your business funding
    • A broad array of financing products for virtually every industry
    • Tailor-made financing options for unique small businesses

    We take a different approach than conventional lenders, and instead of using financial metrics or requiring collateral, we harness your future projects and income. We create a funding package that gives you the tools you need to take your business to the next level and a repayment plan that’s truly viable for your small business.

    Passion, innovation, integrity, support, results, and respect are present in every one of our customer interactions. We specialize in partnering with businesses here in Maryland, our home state. But we also fund businesses across the country, from Washington to Florida and from New York to California. First Down Funding has happy customers 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

    Don’t Settle for Surviving When You Could Be Thriving

    Have you been settling for merely surviving as a small business when you could be thriving? Let’s get you off the treadmill and onto the next level. Our goal is to bring you real solutions with our small business loans.

    Less complicated application

    Complicated loan applications take too much time, and that’s something you don’t have when you have a business to run. We have created a less complicated application process that lets you use your time most efficiently. You can prequalify online, and know that we do a soft credit pull, which is less injurious to your credit score.

    Fast turnaround

    We believe that waiting 30 to 90 days for a business loan approval and funding is simply too long. With that kind of window, you could miss valuable business opportunities that need answers today. Therefore, we offer fast turnaround on loan decisions, letting you know within 24 hours about the disposition of your loan. If you’ve been approved for funding, you’ll have money in the bank between 24 and 72 hours later.

    Customized loan packages

    Cookie cutters are for baking, not for financing small businesses. First Down Funding will always treat your business like the one-of-a-kind it is. You will love the variety of lending terms we offer, the number of industries we work with, and alternatives to loans like small business lines of credit. Every funding package we create is tailored specifically for the business we’re financing.

    Short-term financing options

    We have short-term financing options when you want a shorter borrowing window, between three to 18 months. Short-term loans are perfect if your business needs cash now, such as for a business improvement that can’t wait. This program is also great for poor credit, since the minimum score required is just 525.

    Equipment funding

    If you’re looking for financing for business equipment or heavy equipment, try First Down Funding. We have funding packages designed specifically for equipment purchases. We will fund up to 100 percent of your equipment’s value, and you’ll get a funding term equivalent to the life expectancy of your purchase.

    Line of credit alternative

    If you’re not sure how much financing you need at the moment, a line of credit is a perfect solution. With this option, you pay interest only on the money you have withdrawn, never on funds you’re not utilizing. But of course, the entire credit line is at your disposal should unexpected expenses arise.

    Bridge financing for essential capital

    Don’t let a gap in revenue derail your business plan. Bridge funding was created for exactly this scenario. It offers you a quick infusion of capital when you’re in between investment rounds or when more income is on the horizon. You don’t have to disrupt your business schedule just because there’s a lag in income.

    Financing for bad credit

    Did you know First Down Funding also offers financing for bad credit? We understand sometimes your credit is not where you want it to be, so we’ve created this option for you. Get back on track while you make your business dreams come true.

    COVID-19 news and tips

    Staying safe and healthy has been challenging during the coronavirus pandemic. To help the business community during these unpredictable times and to make your business more resilient, we built our COVID-19 Resource Center with news and tips to assist you.

    We’re here to answer all your questions about funding a business in Crofton. Call us at (833)-FDFUNDING to get the answers you need. Ready to start now? Simply fill out an application online and make your vision a reality.

    Apply for Business Funding in Crofton

    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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