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Business Funding In Olney, Maryland

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    About Olney, Maryland

    Olney is a census-designated place and an unincorporated area in Montgomery CountyMaryland, United States

    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.

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    Small Business Funding in Olney, Maryland

    Bucolic Olney: Perfectly Located

    Access from Baltimore, Washington and more

    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.

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    Alternative Financing for Small Businesses in Olney

    Hurdles with mainstream lenders

    There are many reasons why small businesses have run into hurdles with traditional lenders for their business ventures in Olney:

    • Big banks always favor larger businesses over smaller ones
    • Small businesses have trouble meeting the strict guidelines for financing with conventional lenders.
    • Some mainstream lenders know next to nothing about small businesses and how valuable they are to the Maryland economy.
    • If you’re a small business, you’re often only a statistic to traditional lenders, rather than an individual company different from others.
    • Many conventional funders frown on small businesses that rely only on bank loans for funding and believe that small businesses, especially start up businesses, should be funded by venture capital and other types of private financing.The recent recession has caused lenders to tighten their requirements, and they see small businesses as too risky and unpredictable to fund right now.Many small business owners simply aren’t aware of options outside conventional lenders, leading to endless frustration.

    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.

    Problem credit

    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:

    • A loan with a predatory lender
    • A difficult divorce
    • An accident or serious injury with high medical bills
    • Credit bureau errors
    • Slow credit updating and reporting
    • Student loans
    • Too much debt compared to income
    • Business troubles due to the coronavirus pandemic
    • Using little credit and paying with cash

    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.

    Unfavorable debt-to-income ratio

    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?

    Insufficient collateral

    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.

    No capital investors

    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.

    Multiple simultaneous loan applications

    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.

    Business too new

    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?

    Daunting paperwork requirements

    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.

    First Down Funding: the alternative Olney businesses need

    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:

    • Invoice and receivables financing
    • Merchant cash advances
    • Revenue-based business funding
    • Automotive business funding
    • Short-term financing
    • Beauty business funding
    • Commercial truck funding
    • Business line of credit
    • Financing for bad credit

    Our aim at First Down Funding is to support the small businesses that drive our country’s economy by making financing more accessible.

    Need Small Business Funding To Reactivate Your Business in Olney?

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    Olney Business Funding Choices Worth Exploring

    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.

    First Down Funding offers many benefits

    Our happy clients rave about the advantages of partnering with First Down Funding:

    • A rate of approval that exceeds traditional lenders, including mainstream banks
    • Experienced loan professionals who understand that your business is unique and who take the time to learn what your business needs to succeed
    • A quick decision on loan applications and rapid funding of loans once they are approved
    • Minimized documentation requirements, which means no more mountains of bank statements and tax returns
    • Repayment options that offer real flexibility, so your business isn’t worried about unrealistic debt
    • The freedom to use your money how you see fit, since you’re the expert at your business
    • A vast menu of small business funding products that we’re sure will meet your business’s one-of-a-kind needs

    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.

    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

    Go from Surviving to Thriving with First Down Funding

    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.

    Easy application process

    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.

    Fast loan decisions and funding

    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.

    Customized lending approaches

    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.

    Short-term funding options

    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.

    Business equipment and heavy equipment financing

    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.

    Lines of credit for small businesses

    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.

    Bridge financing for quick capital

    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.

    Funding options for bad credit

    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.

    COVID-19 business resources

    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.

    Apply for Business Funding in Olney

    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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