Business Loans In Hagerstown, Maryland

About Hagerstown, Maryland

Hagerstown is a city in Washington County, Maryland, United States. It is the county seat of Washington County.

Hagerstown was the center of the Western Maryland Railway and an important city on the Pennsylvania, Norfolk and Western, Baltimore and Ohio, and Hagerstown and Frederick Railroads. Currently, the city is a vital location on CSX, Norfolk Southern, and the Winchester and Western Railroads.

Hagerstown, Maryland’s estimated population is 40,205 according to the most recent United States census estimates. Hagerstown, Maryland is the 6th largest city in Maryland based on official 2017 estimates from the US Census Bureau

Is your business located in Hagerstown? Looking for a small business funding in Hagerstown? Hagerstown Business Owners now enjoy the availability of capital through First Down Funding. We proudly service Hagerstown small and mid size business needs for funding, short term and long term funding available. Apply online or call one of our business funding experts today. We are Hagerstown small business funding company.

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Small Business Funding in Hagerstown, Maryland

Hagerstown: The Washington County Seat

Railroad hub with small business opportunities

The county seat of Washington County, Hagerstown, Maryland is a bustling town with numerous opportunities for small businesses. With a metro population of over a quarter million people, Hagerstown is the sixth largest incorporated city in the entire state.

Known for its limestone buildings, bucolic rural setting, and multiple transit centers, Hagerstown is sometimes called the “Hub City.” It was founded in 1739 by German immigrant Jonathan Hager, who traveled from Philadelphia and ultimately became known as the “Father of Washington County.”

Hagerstown has played an important role in American history, especially during the American Civil War and the development of the railroad. Because of its convenient location between both Pennsylvania and West Virginia, Hagerstown is still an important commerce center and is one of the fastest growing towns in Maryland. With easy access to Interstates 70 and 81, as well as multiple state roads, Hagerstown is often a destination for small business owners.

However, some small business owners eager to launch or expand businesses in Hagerstown have found barriers to financing a real issue. In today’s competitive marketplace, funding is still often out of reach with most conventional lenders.

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Alternative Funding for Small Businesses in Hagerstown

Problems with conventional lenders

Some small business owners have already realized that it’s a bit more challenging to obtain conventional funding for their Hagerstown small businesses. This happens for a number of reasons:

Big banks often prefer to work with larger businesses, not small businesses.
Small businesses struggle to meet the rigid guidelines imposed by conventional lenders.
Traditional lenders are not always savvy about how small businesses are run and how much they are able to potentially contribute to the Maryland economy.
Unfortunately, small businesses are often only a statistic for traditional funding sources, and their individual merits are not considered.

Some traditional lenders believe that venture capital, grants, and other similar types of private financing should fund small businesses until they are more established, at which point they can apply for a regular business loan.
The recent economic downturn has caused some lenders to tighten their loan requirements and view small businesses as too unpredictable to fund.
Many small business owners don’t know about alternative funding options that may be available to them and therefore keep going to the same traditional lenders.

These obstacles become a chicken-and-egg situation for small business owners. How can they become established and meet the stringent requirements without the financing they need to launch and grow in the first place? Perhaps you have been challenged by some of these hurdles below.

Credit score too low

Similar to when you apply for a personal loan, when you apply for a business loan, you will be required to show that you are credit-worthy. However, if you have low credit, you may not meet the minimum requirement for a small business loan with conventional lenders.

Sadly, many people have lower credit scores for reasons outside their control or reasons from their distant past. What is considered a low credit score by traditional loan sources? Any score below 700 is often considered below the threshold for funding, and a score under 700 can be easy to get with just a few dings to your credit report. Some legitimate reasons for lower credit include:

Past loans with predatory lenders
Financial fallout from divorce
Serious illness like cancer
Errors in credit reporting
Slow reporting on the part of credit bureaus
Student loan debt resulting in poor debt-to-income ratio
Living in a cash economy with low credit utilization
Different algorithms used by various credit bureaus and industries to generate credit scores

Some small business owners have low or no credit because they are young in age and haven’t yet established a credit history and credit profile. Similarly, folks from outside the US may not have a significant credit profile either.

Too many cash flow limitations

Cash flow limitations are a common problem for fledgling and small businesses, and this is another hurdle presented by conventional business financing. However, you may simply be paying off another loan or have some legitimate debt that makes your debt-to-income ratio less appealing to funding institutions.

If you are a newer business, you may not have yet generated the full income predicted for your business. Also, many small businesses have been affected by the COVID-19 pandemic, causing cash flow restrictions, although these are typically only temporary. But how can you make the changes needed for your business to improve your debt-to-income ratio without funding for your business?

No collateral to put up

If you are applying for a secured small business loan, you will likely be asked to put up collateral by the lender. Collateral is something valuable that you can offer in case you ever default on your loan. Usually, this is business property or real estate.

However, many new businesses don’t normally have the kind of collateral at their disposal that satisfies traditional lenders. You may be asked to put up your personal residence, but this is generally ill-advised, as that’s a risky move if the lender ever needs to collect on your collateral.

Missing capital investors

Some big banks and conventional lenders like to see capital investors in a small business. That means that either a third party or someone you know has put up some cash to invest in your business. These lenders frown on small businesses that rely on loans from one funding source. It can be challenging, though, to find capital investors in this economic climate.

Too many loan applications

If you’re among the many small business owners who apply for multiple loans at the same time, you may mistakenly think that this is giving you an edge. However, conventional funders see this as a red flag.

Traditional lenders rarely like to see multiple simultaneous loans, as they incorrectly view this as your inability to get funded. Instead of picking and choosing from a variety of loan options, you’re seen as desperate and get turned down.

So, how do these lenders know that you’ve filled out other loan applications? The applications appear on your credit report, which, by the way, can result in a hard credit pull that lowers your credit score. None of this is fair, but it is how the lending system works.

Startups seen as risky

Are you a startup company? Unfortunately, many business funders see startup companies as too risky to lend to. Any business that is two years old or younger is generally considered a startup business. This is another catch-22 situation. You need to establish a business track record, but how can you do that without the funding you need to expand your business to begin with?

No time for applications

If you’re like most small business owners, you wear a lot of hats on the job. You’re the CEO, the COO, the CFO, and often the head of human resources all at the same time. Typically, these positions are held by multiple people in larger businesses, but you’re filling all of these positions yourself while also juggling your personal life.

When you’re stretched thin every day, it can be tough to find the time and energy to complete the documentation required for a small business loan with a traditional lender. They want business plans and business forecasting, which take time and research to create. Some people go to school for years to learn how to develop these types of reports.

First Down Funding: your alternative in Hagerstown

Lucky for small business owners, there are better alternatives to conventional lenders for small businesses in Hagerstown. First Down Funding welcomes the opportunity to offer you alternative financing. If you’ve struggled to get the small business funding you need to get going, we encourage you to explore our many funding options across dozens of different verticals, such as:

Merchant cash advances
Invoice and receivables financing
Automotive business funding
Commercial truck funding
Beauty business funding
Business equipment funding
Retail store funding
Business funding for women
Bridge financing

Business expansion funding
Unsecured business funding
Business working capital
Restaurant financing
Hotel and motel funding
Business line of credit
Financing for bad credit
Short-term financing
Revenue-based business financing

At First Down Funding, we strive to make small business financing more accessible because we know that small businesses support the American economy just as much as big businesses do.

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Hagerstown Business Financing Options Worth Exploring

Have you already encountered frustration when trying to find a traditional small business lender? Or perhaps you just like to skip the stress that comes with conventional lenders and increase your odds of succeeding with financing. Whether you need bridge funding for short-term cash or startup funding, at First Down Funding, we’re here to help your Hagerstown small business reach its goals.

First Down Funding: the many benefits

We know you will enjoy the many benefits that come with First Down Funding alternative financing options:

A higher loan approval rate than you’ll find with mainstream lenders
Loan professionals who understand each small business is one of a kind and who take the time to help you leverage what makes your business unique
A faster loan decision process and quick funding of your loan once it’s approved
Minimal documentation, with no need to sift through old tax returns and bank statements
Repayment terms that work for your business without creating even more financial problems for you
Funding to do with what you want, as you’re the one who knows what your business needs
A huge menu of funding products that you can customize for the best package

You will be pleasantly surprised that First Down Funding doesn’t use standard metrics or collateral in many of our funding solutions. You will get an innovative approach that simply gives you the tools you need to grow your business. We look at future projects and income when tailoring a funding package to you, and we strive to find a repayment plan that’s reasonable as well.

Apply Today for Funding

Our customer interactions rely on respect, integrity, results, innovation, passion, and support. Although our specialty is definitely working with businesses in our home state of Maryland, we service companies across the country, from the Atlantic to the Pacific, and Washington DC too.

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

Small Business Loans That Help You Thrive

Are you struggling to realize the dream you once had for your small business? We aim to get your business back on track and help you achieve the goals you have envisioned. That’s why we offer real small business funding solutions that solve real small business problems.

Easier application

The first thing our clients comment on is how easy or application process is! We allow applicants to prequalify online, and we use a soft credit pull to minimize impact on loan applicants’ credit scores. We want to make the entire process as easy as possible for you, so you can put your time where it belongs: running your business.

Short approval and funding time

The standard approval and funding time with banks and government loans is 30 to 90 days. Because we at First Down Funding believe that’s way too long, we streamline the process, so you receive approval as quickly as the same day you apply. If you’ve been approved for a loan, you’ll have your money in the bank between 24 and 72 hours later. That way, you won’t miss any business opportunities that require funding now.

Lending tailored to you

We understand that every small business is unique. We avoid cookie-cutter funding and instead provide a wide variety of funding products and repayment terms. With options for nearly every industry, we know we will be able to tailor a funding package to your business’s one-of-a-kind needs.

Short-term cash options

Sometimes, a short-term loan is a better option. Therefore, we have financing with a shorter borrowing period between three and 18 months. Our clients who need quick cash or who have lower credit scores have raved about this option. The minimum required credit score is only 525, which makes this an opportunity that nearly every small business can access.

Financing for equipment purchases

First Down Funding also offers financing specifically for equipment purchases. These loans allow you to borrow up to 100 percent of your equipment’s value. We offer a funding term equivalent to the length of the equipment’s life span.

Line of credit option

Don’t feel obligated to take out a loan when a business line of credit might be a better option for your small business. With a line of credit, you only pay interest on the funds you have used. There’s no interest on the financing you’re not using, although it’s there if you ever need it for an emergency.

Bridge financing

You may not be familiar with bridge financing. Bridge funding is a short-term infusion of working capital, so your small business isn’t interrupted by cash flow issues. This type of funding is perfect if you’re in between funding rounds or if you know an increase in revenue is on the horizon.

Help for challenged credit

As we’ve discussed above, sometimes small business owners have challenged credit through no fault of their own. We offer small business owners with lower credit scores viable solutions to help them get back to where they need to be, while growing a business at the same time.

Pandemic resources

It’s difficult for many small businesses to stay healthy and safe during these challenging times of the coronavirus pandemic. To help your business remain more resilient, First Down Funding provides a helpful resource center for COVID-19, with news updates and tips to keep your business thriving during unpredictable times.

Start an application today to begin your journey with First Down Funding’s alternatives to big banks and conventional lenders. Still have questions? We’re here to give you the information you need. Call us at (833)-FDFUNDING.

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