Small Business Funding in Gibson Island, Maryland
About Gibson Island, Maryland
Gibson Island is an island on the western shore of the Chesapeake Bay. It is part of Anne Arundel County and is the eastern terminus of Maryland Route 177. It is connected by a causeway to Pasadena, of which it is sometimes considered a part
Gibson Island‘s history includes its use as a summer residence by Native Americans in the 17th century. Captain John Smith sailed past it in his voyage up the Chesapeake Bay in 1608. By 1663, the first land had been granted. There were many owners between these original grants and the purchase and consolidation of the island in the 1920s. W. Stuart Symington,Jr. (1871-1926) the founder of Gibson Island as it is known, bought the three existing island farms with his brother Thomas. They envisioned and developed it as a residential community where families from the Baltimore/Washington area could spend summers. One of the early owners was a man named Gibson, after whom the island is named.
Gibson Island is one of the most treasured spots on the Chesapeake Bay. Measuring three miles by two miles at its widest part, the island covers approximately 1,000 acres and has seven miles of shoreline along the Chesapeake Bay and the Magothy River. The topography is varied with both low-lying, tidal wetlands and rolling hills. Approximately two thirds of the island is devoted to open space, natural forest, a bird sanctuary and recreation. The Gibson Island harbor is sheltered from all sides, offering safe anchorage to boats moored within. Located on the western shore of the Chesapeake Bay, Gibson Island is within an easy commute of Baltimore, Annapolis and Washington, and BWI Airport and the Amtrak train station are less than 25 minutes away.
Small business owners usually struggle with expansion plans against meager cash flows. That’s why First Down Funding is a critical part of small business development in Gibson Island. Get Pre-approved in minutes for small business Funding in Gibson Island. Apply online or contact us so we can expedite your request. We are your Gibson Island Business funding source. Apply today for business funding in Gibson Island.
Small Business Funding on Gibson Island, Maryland
Gibson Island: Maryland’s Most Expensive ZIP Code
Part of Anne Arundel County and the eastern terminus of Maryland Route 177, gorgeous Gibson Island enjoys a commanding view of the western shore of Chesapeake Bay. Access to Gibson Island has been simplified by a causeway extending from next door Pasadena.
Gibson Island embraces a rich history. Native Americans used the island as a summer retreat in the 17th century. In 1608, Captain John Smith passed by the island in his exploration of the Chesapeake. And in 1663, the first land was granted.
W. Stuart Symington, Jr. is considered the modern-day founder of Gibson Island, having bought three farms there in the 1920s with his brother Thomas. Their dream was to develop the island as a residential summer community for families from Baltimore and Washington. An early landowner with the name Gibson gave the island its title.
Only three by two miles at its widest point, the island is a mere 1,000 acres, but it boasts seven miles of shoreline with the Chesapeake Bay and Magothy River. Gibson Island’s stunning topography lends itself to open space, bird sanctuary, and natural forest land, and it is a destination for quiet recreation. Boaters love the island for its completely sheltered harbor.
Current residents, many of whom now live year-round in this community, enjoy the short commute from the island to Baltimore, Washington, and the state capital Annapolis. The Baltimore-Washington International Airport and Amtrak train station are within a 25-minute drive.
Home prices on Gibson Island start at $1 million, and with many properties soaring higher than that, the town is the most expensive ZIP code in Maryland and the 23rd most expensive ZIP code in the United States.
A desirable residential and business community
Although Gibson Island is primarily a residential area, there are some businesses located there. As well as a boat works and golf and tennis club, commerce includes:
- Security companies
- HVAC service providers
- Real estate agencies
- Property management businesses
- Insurance agents
- Nonprofit organizations
- Medical doctors
- Business consultants
- Art galleries
There is also a USPS post office and an office for Anne Arundel County located on the island.
Business owners and startup companies in various niches are keen to capitalize on business opportunities on Gibson Island because of the private aspect of its location and the island’s exclusive clientele. But many small businesses eager to invest in the island’s commerce are held back from financing. Not only is the cost of doing business on Gibson Island more prohibitive because of real estate values, but some businesses run into roadblocks thrown in their path by traditional business financing.
Financing Alternatives for Small Businesses on Gibson Island
Challenges with traditional lenders
There are numerous reasons why small businesses face hurdles when it comes to funding their Gibson Island enterprises:
- Big banks and traditional lenders find small businesses less appealing.
- Small businesses must meet the same rigid lending guidelines used for much larger companies.
- Traditional lenders tend to be less savvy about the benefits of small businesses, their contributions to the Maryland economy, and their ability to grow and expand.Individual small businesses get lost in a sea of overall business statistics.
- There is a tendency for conventional lenders to want startups to be funded by private funding, like grants or venture capitalists.
- Over the last year or so as the economy has faced difficulties, many lenders have made funding requirements more stringent.Small business owners are not always aware of options outside traditional lending institutions.
Perhaps your small business has run into some of the issues listed below. It’s common for younger businesses and mom-and-pop companies to face problems related to cash reserves, collateral, credit ratings, and formal business plans. But how can businesses circumvent this chicken-and-egg situation? If a business needs to be established to get funding, how do they get funding to get established?
Low credit score
Similar to applying for a personal loan, when you apply for a business loan with a conventional lender, you will be required to prove creditworthiness. If your credit does not meet a certain score, you may not meet the level needed for a small business loan.
What’s considered “poor” credit by many mainstream lenders? Anything under 700, sometimes even higher, can make it difficult to get a loan. However, many business owners have lower credit scores for reasons outside their control or because of events that happened years ago:
- Medical bills from a serious illness
- Falling prey to predatory lenders
- Divorce settlement
- Student loans causing undesirable debt-to-income ratio
- Slow updating or errors perpetuated by credit bureaus
- Economic setbacks due to COVID-19
- Not using credit and paying with cash
- Confusing and opaque algorithms utilized to generate scores
Sometimes young people or those who have only been in the US a relatively short time have low or no credit also.
Limitations to cash flow
Cash flow limitations can happen for all kinds of reasons, but traditional lenders don’t necessarily understand that these reasons may be legitimate and shouldn’t preclude you from a business loan. Reasons for cash flow issues include:
- Paying down another loan
- Other types of debt
- Unfavorable debt-to-income ratio
- New business just establishing itself
- Pandemic restrictions to operation
It’s difficult to adjust your business plan to fix these issues when you cannot obtain the financing you need.
Some business financing is required to be secured, meaning you need to put up something valuable for the lender to cover the balance in case you default on the loan. This is typically business property or real estate, which can be taken if you fail to pay off your loan, and it’s known as collateral.
The problem with high collateral loans is that many young or small businesses simply don’t have the type of collateral that satisfies traditional financing institutions. And you don’t want to use your own home, as that can be a risky move not typically advised for smart business owners.
Lack of capital investment
Capital investment means you or someone else has a stake in your business and has put up cash to get it going. Traditional lenders prefer to see small businesses have capital investment before they offer funding, and they don’t like to see businesses that depend on bank loans alone.
Finding capital investors is tough, though, especially in this economy. Many business owners go through their personal savings in starting their enterprises, and some don’t have the know-how or the time to pursue investors.
Several loan applications simultaneously
Many small business owners eager for funding apply for multiple loans at the same time in order to give themselves the greatest selection. However, this can backfire, as crazy as it seems.
Conventional lenders frown on multiple simultaneous loan applications. These different applications show up on your credit report as what is known as a “hard credit pull,” often with a ding to your score, and lenders can see them. It’s unfair to business owners that they can’t apply for many loans in one short period, as this is most efficient, but that’s the way the system works.
Being a startup
Startup companies are particularly challenged when it comes to getting business financing. Startup businesses are those that are younger than two years in age. They are seen as more high-risk for traditional funders. But it becomes a catch-22 for small business owners: how do you build a business record of success to satisfy lenders when you can’t get the startup funds you need to get off the ground?
Stretched too thin
Your approach to your lending application and its related documentation can be seen as a negative with many conventional business lenders. You may struggle to fill out all the paperwork properly and prepare a business plan. You’re wearing too many hats because you have to function as your company’s CEO, COO, CFO, and more. Who has time to write book-length business plans when you’re stretched so thin, which is the case with many small business owners?
First Down Funding: a welcome change of pace for small businesses
Luckily for small business owners, there is an alternative when it comes to business financing for Gibson Island businesses. First Down Funding welcomes the opportunity to be the refreshing change of pace you’ve been looking for in the world of small businesses loans. We offer many types of funding, across numerous industries, for businesses that have thus far not been able to get the financing they need:
- Unsecured business funding
- Business expansion funding
- Business working capital
- Retail store funding
- Bridge financing
- Business funding for women
- Business equipment funding
- Business line of credit
- Restaurant financing
- Beauty business funding
- Hotel and motel funding
- Financing for bad credit
- Automotive business funding
- Commercial truck funding
- Short-term financing
- Revenue-based business funding
- Merchant cash advances
- Invoice and receivables financing
Our number one goal at First Down Funding is to make small business funding more accessible to the enterprises that keep the American economy going.
ARE YOU LOOKING FOR SMALL BUSINESS FUNDING IN Gibson Island, MARYLAND?
Whether You Need To Prepare For Seasonal Sales Boosts, Replenish Stock Or Stay Afloat, We Have A Small Business Funding Option For You in Gibson Island, Maryland.
New Funding Options for Gibson Island Businesses
If you’re feeling aggravated from trying to find a traditional lender for your business, it’s time to try First Down Funding. Or skip the stress of big banks altogether, and start with a greater chance of succeeding with your loan application from the get-go. No matter if you need bridge funding or financing for your exciting startup on Gibson Island, we’re here for you.
The many advantages of First Down Funding
We’re positive you’ll love the many advantages of working with First Down Funding for your small business financing:
- A better loan approval rate than what you’ll typically find with traditional lenders and banks
- A professional loan team that appreciates the uniqueness of your business and will take the time to hear about your vision and individuality
- Quick decisions on loan applications and rapid delivery of funds upon approval
- Minimal documentation requirements so you don’t have to fish through years of bank statements and tax returns
- A repayment plan that focuses on realistic expectations and flexibility
- Freedom to do what you want with your funding in most cases–you know best how to run your business
- A hefty menu of funding products that offers customizable solutions for every type of business
First Down Funding doesn’t depend on collateral or typical funding metrics in most instances when we provide financing options. We use an innovative approach that centers on giving small businesses the resources they need to establish themselves and grow. We look at your future as well as your present finances to tailor a funding package and repayment schedule that suits your unique needs.
Our customer relations are built around six tenets:
We don’t just work with businesses in Maryland, our home state. We fund enterprises throughout the USA, from the Atlantic to the Pacific and every state in between, including Washington DC.
ARE YOU LOOKING FOR WORKING CAPITAL FINANCING?
We Help Small Businesses With Working Capital Funding For Short & Long Term Projects
Take Your Small Business to the Next Level
Have you found your business is only surviving, not thriving? We want to help you break out of that pattern and grow in the manner you’ve always envisioned. Our small business financing solutions provide real answers to the problems business owners face.
Easy application processes
Running a business takes time and energy. Therefore, we make things easier for business owners with a simplified application process. We want you to spend your time where it’s needed most! You can prequalify online and know that you’re only getting a soft credit pull that won’t damage your score. You’ll appreciate the lack of complication in our process.
Quick loan decisions and rapid funding
What business can afford to wait 30 to 90 days for business financing when a favorable business opportunity awaits and needs funding today? With First Down Funding, you will likely receive approval the same day as you apply. We don’t want you to miss out on chances to improve your business. Furthermore, our funding time is only 24 to 72 hours, so you receive your money fast.
Customized lending philosophy
Mainstream business lenders tend to treat all loan applicants with a cookie cutter approach. Not First Down Funding. We recognize that every business is unique. That’s why we have such a wide array of lending products, business lines of credit, and payment terms for a broad range of industry verticals.
Funding for short-term needs
First Down Funding offers short-term funding in addition to our regular term financing. If you need a loan for three to 18 months, we’d love to talk to you. We offer this as a popular option for businesses that need fast cash for opportunities that can’t wait and for business owners with lower credit scores, as low as 525.
Many businesses need funding for equipment to get up and running or to expand. We have financing particularly geared for equipment purchases. Borrow up to 100 percent of the value of the equipment, and get funding terms that equal the predicted lifespan of the purchase.
Business lines of credit
Would you rather have a line of credit than a loan for your small business? We offer that as well. The benefit to you is you pay interest only on the money you have used, not on the entire credit line. The line is there if you need it, but you have the option of just using what you need, similar to a credit card with a high limit.
If your business needs cash for a short time, bridge funding from First Down Funding may be the perfect solution. Get the money you need to stay fully operational in between funding rounds or when you know revenue is coming in soon. Don’t worry about setbacks when you have bridge financing.
Help for challenged credit
We understand small business owners can have challenged credit and still be a good investment. If you’ve struggled with your credit score holding you back from conventional lending, try First Down Funding. Let our financing solutions create a reset for you so you can achieve your visions for your business.
The business community has been thrown a curveball with the coronavirus pandemic. We have created a COVID-19 resource center so you can keep your business as healthy, safe, and resilient as possible during these unpredictable times.
Ready to get the funding your Gibson Island small business needs? Reach out to First Down Funding today at (833)-FDFUNDING, or start an application now using our easy online form.