Once a quiet village comprised mainly of farmland, Olney, MD is now a well-established residential town that has earned statewide and nationwide recognition over the years. Olney is located in Montgomery County, just 20 miles from Washington, D.C. and minutes away from metro stations and the Intercounty Connector
In 2014, Olney made an appearance in Movoto Real Estate’s “These Are The 10 Best Places in Maryland.” The list was compiled through the analysis of factors such as cost of living, crime rate, high school graduation rate, unemployment rate, and median household income. With an unemployment rate of 4.7% and a high school graduation rate of 96%, Olney attracts attention with outstanding academic and employment results.
In August 2013, Olney earned spot No. 22 in Money Magazine’s “Top-earning towns,” with emphasis on the many amenities that it offers to its 35,000 residents.
In 2007, Olney ranked No. 17 in Money Magazine’s “100 Best Places to Live.” According to the magazine, the criteria for recognition included economic opportunity, effective schooling, safety, residential activity, and a sense of community.
Olney offers numerous financial incentives to retain and attract business. At First Down Funding, we provide a quick and easy way to obtain funds for your Olney business needs, whether it is a long term funding package or a short term funding, our professional and experienced staff are here to help you promptly and accurately. Contact us if you have any questions or conveniently apply online for expedite processing. Need a small business funding in Olney? call First Down Funding.
The community of Olney is located in Montgomery County, Maryland, and though it is now considered a suburb of the capital at Washington, DC, it was a long a green, rural area full of rams and quaint architecture.
Olney has in recent years been voted in the top 20 of “America’s Best Places to Live” by Money magazine. Many Olney residents are high earners, and that plus its perfect location make it attractive to small businesses of all kinds. As well as being in between Washington and Baltimore, Olney is fairly close to Bethesda, Silver Spring, and Gaithersburg.
Multiple thoroughfares bring visitors and business traffic to Olney, including Highways 97, 108, and 200. Olney also lies close to Interstates 370, 270, and 495.
The combination of desirable living and ideal access make Olney a top destination for small businesses. However, not all business owners have been able to get the funding they need to take advantage of these Olney attractions.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects in Olney
There are many reasons why small businesses have run into hurdles with traditional lenders for their business ventures in Olney:
If you don’t have the cash reserves, high credit score, high-income, collateral, or a detailed business plan, all of which are required by conventional lenders, you may be left out in the cold when it comes to funding your small business. Many business owners see this as a chicken-and-egg situation. You want to get established to meet funding requirements, but how do you get established without financing to begin with? Perhaps you’ve had to clear some of these hurdles listed below.
If you ever applied for a personal loan or a home mortgage, you know that you need to show your credit worthiness to the lender. Likewise, you need to do the same thing with a small business loan.
The trouble is you may have poor credit for a host of reasons unrelated to your ability to pay back a business loan today. What’s considered poor credit? Generally, any score below 700 can cause you grief. It can be all too easy to wind up with a lower credit score due to events out of your control or long ago in your past:
You may notice you have different credit scores with each different credit bureau, and different scores can be generated by specific algorithms used for various types of lending. If you are a very young business owner you may not have a long credit history, and if you’re not originally from the US, you may not have much of a credit profile either, making you unattractive to lenders.
Cash flow limitations can be a turn off to conventional lenders. If your income is offset by high debt, that unfavorable debt-to-income ratio may result in being denied business loans. So, even if you are being responsible and paying off old debt, it could stand in the way of funding for the present.
Other reasons for low income include being a young business just starting out and having had to close for COVID-19 restrictions. But how are you supposed to adjust your business to increase income if you can get the financing you need?
Lack of collateral may also be holding you back. Collateral is typically requested when you apply for secured business loans. It means you offer something of value to the lender, like real estate or business property, in case you default on the loan.
But if you’re a newer business or perhaps simply a small one, you probably don’t have much in the way of satisfactory collateral for a traditional lender. You don’t want to put up your own home, as that’s not a safe move regardless of the economy.
Big banks also often like to see capital investors involved with a small business before they fund it. They expect you, a family member, a friend, or another third party to have put up some cash and taken a stake in the business. It’s very challenging to find capital investors, however, particularly now with the economy in trouble because of COVID-19, so this may be a tough hurdle to clear.
If you fill out multiple loan applications at the same time, lenders might think less of your business. While it seems like applying for a host of loans simultaneously would be most efficient and increase the odds for approval, banks only see this as desperation.
Lenders can see all your applications on your credit report. And with every application that employs a hard credit pull, your score goes down. If you didn’t know this, it may already be too late to fix this conventional lender challenge.
If your business is younger than two years old, it’s considered a startup. As unfair as it may seem, banks tend to see startups as risky investments and therefore dislike financing them. But how do you get around this catch-22? If you need to get out of startup mode to get business funding, how do you get financed to start up in the first place?
Have you already done at least one loan application with a traditional lender? Then you are probably familiar with the amount of daunting paperwork required. Between business plans, records, and profit-and-loss statements, you could practically fill an entire book!
Where are you supposed to find the time for this paperwork when you’re already pushed to the max running your business and juggling it with your personal responsibilities? If you’re like most business owners, you are the CEO, COO, CFO, and head of HR all rolled into one. And now you’re supposed to be producing reams of material for loans as well? It’s all too much.
The good news is that today there are alternatives for small business loans. First Down Funding would be thrilled to take your application for alternative financing for your business in Olney. You’ll love the wide array of business funding products we offer, from bridge loans to equipment financing, for virtually every industry:
Our aim at First Down Funding is to support the small businesses that drive our country’s economy by making financing more accessible.
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It doesn’t matter if you’ve already been aggravated trying to get funding from a traditional lender or if you’d simply like to find a less stressful small business funding process with greater odds of success. Whatever your needs are, First Down Funding welcomes the opportunity to improve your small business in Olney.
Our happy clients rave about the advantages of partnering with First Down Funding:
First Down Funding is different from traditional lenders. Instead of relying on standard financial metrics and collateral, in most cases we look at your business’s future projects and income to develop a loan package and repayment schedule that suits your needs.
With every customer interaction, we employ our six tenants: passion, respect, integrity, support, Innovation, and results. You’ll find many businesses in our home state of Maryland financed by First Down Funding. But we also fund businesses throughout the United States, from the East to the West Coast, and Washington, DC too.
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
If you have found your small business barely scraping by, First Down Funding wants to take you from merely surviving to thriving. To make your dreams a reality, we provide small business loans that solve real problems for real business owners.
Our easy application process offers many benefits. The form is simpler and doesn’t take up much time, so you’re able to stay focused on your business. Start the process by prequalifying online. Know that we only do a soft credit pull, so your credit score won’t be dinged by your application.
Waiting 30 to 90 days for loan approval and funding, which is what happens with mainstream banks and other traditional lenders, is just too long. You can apply for financing with First Down Funding online and hear back as quickly as the same day, nearly always within 24 hours. If your loan is approved, you’ll have your funding between 24 and 72 hours. We don’t want you to miss a single business opportunity waiting for your loan.
We don’t believe in cookie cutter approaches at First Down Funding. We treat your business like the unique company that you know it is. That’s why we offer a range of lending terms, business lines of credit, and alternative financing for just about every industry. We offer bridge financing as well. With so much selection, your small business is sure to find a funding package it feels tailor made just for you.
Sometimes a longer term loan is not the solution. We also offer short-term funding options with borrowing times ranging from three to 18 months. This is perfect if your small business needs fast cash. And it’s ideal for troubled credit, since the minimum required credit score is only 525.
If you need financing for business equipment, including heavy equipment, try First Down Funding. We have loans specifically created for equipment purchases. Go ahead and borrow up to 100 percent of the equipment value, and pay back the loan over the expected lifespan of your purchase.
Not sure how much funding you need? Why not open a small business line of credit? With a business credit line, you pay interest only on the funds you have used, and you never pay interest on funds you haven’t tapped yet. However, the entire credit line is there for you to use should you decide you need the money for expansion or to cover an emergency.
If your business needs a fast and fusion of cash for a short period between funding cycles or when increased revenue is on the horizon, think about bridge funding. This type of loan gives you the working capital you need to stay on schedule without disruption.
If your credit has taken a hit, we understand. Often this happens because of events beyond your control. That’s why First Down Funding offers financing options for bad credit. You can fund your business venture and work on your credit at the same time.
Staying healthy and safe during the coronavirus pandemic has been a challenge for many small businesses. Check out our COVID-19 Resource Center, where you can catch all the pandemic news and hot tips for making your business more resilient during unpredictable times.
We’re eager to learn more about what kind of assistance you need with small business funding in Olney. Call First Down Funding at (833)-FDFUNDING, or use our easy online form to start an application today.
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