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Business Funding In Owings Mills, Maryland

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    About Owings Mills, Maryland

    Owings Mills is an unincorporated community and census-designated place in Baltimore CountyMaryland, United States. It is a suburb of Baltimore.

    Owings Mills is home to the northern terminus of the Baltimore Metro Subway, and housed the Owings Mills Mall until its closure in 2015. It is also home to the Baltimore Ravens’ headquarters facility. In 2008, CNNMoney.com named Owings Mills number 49 of the “100 Best Places to Live and Launch”.

    Want to grow a business in Owings Mills? We’re here to help! First Down Funding is servicing small business owners in Owings Mills with all their capital needs. Whether it is a long term funding package or a short term funding, apply online or contact us so we can expedite your request. We are your Owings Mills Business Funding source. Apply today for a business funding in Owings Mills.

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    Small Business Funding in Owings Mills, Maryland

    Owings Mills: Shopping Mecca

    Small business opportunities galore

    Owings Mills is a community in Baltimore County and is considered a suburb of Baltimore. Bisected by the 795 highway, it is easily accessed via the nearby 695 Beltway. Public transit options include several bus lines and the Baltimore Metro Subway. Other communities close by include Reiserstown, Randallstown, and Pikesville.

    Owings Mills serves as the headquarters for a number of national companies, including T. Rowe Price, Black & Decker, the Baltimore Ravens team, Lion Brothers, and the Baltimore Life Companies. In 2008, it was named number 49 of the “100 Best Places to Live and Launch” by CNNMoney.com.

    The diverse community is also known for having over a dozen shopping centers. A new mall is in development to replace the former Owings Mills Mall, a popular retail mecca. A range of businesses can be found in Owings Mills, from big-box chains and national restaurant franchises to local enterprises, including:

    • Auto dealerships
    • Eateries
    • Grocery markets
    • Healthcare clinics
    • Nonprofit organizations

    It’s no surprise that given Owings Mills’ status as a shopping destination, many small businesses want to start up or expand there. However, small business owners face many hurdles that larger companies don’t have to deal with, and this can get in the way of them realizing their business dreams.

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    Alternative Financing for Owings Mills Small Businesses

    Challenges with mainstream lenders

    The issues faced by Owings Mills small businesses with mainstream lenders are sadly not uncommon:

    • Mainstream lenders prefer to fund larger companies and shy away from small businesses and startups.
    • The guidelines that larger businesses can easily meet for funding are much harder on small businesses.
    • Conventional lenders are not knowledgeable when it comes to small businesses and underestimate their contribution to the community and potential for growth.
    • Small businesses are a group to major lenders and are not seen as individual entities, each with something different to give.
    • Startup companies are expected to have private financing, and traditional lenders look on them unfavorably.
    • The strapped economy has forced many lenders to tighten their requirements, leaving small businesses out in the cold.
    • Small business owners are unaware of alternative funding sources and keep taking their applications to conventional lenders.

    Small businesses find themselves lacking many of the requirements mainstream lenders are seeking, including cash reserves, high credit scores, collateral, consistent income, and professional business plans. It’s a chicken-and-egg situation for these businesses. How can they grow to meet these requirements if they can’t get funding to take flight in the first place? Perhaps your small business has run up against some of these problems below.

    Low credit score

    Traditional lenders usually make a credit score of 700, the threshold to get small business financing. This is to show your creditworthiness to repay the loan, much like taking out a personal loan or applying for a mortgage.

    However, many people, including small business owners, have poor credit because of things that happened years ago or for reasons outside their control. They may have had their report dinged because of:

    • Divorce
    • Medical bills
    • Credit bureau mistakes
    • Predatory lending
    • Student loans
    • Too much debt to income
    • Living on cash instead of credit
    • Setbacks due to COVID-19
    • Slow reporting to credit bureaus

    Credit scores are confusing because of all the different types of algorithms used to generate scores by the various bureaus for multiple types of lending. If you’re a young business owner, you probably haven’t had a chance to create a credit history yet. Similarly, people who haven’t been residents of the US for very long also lack credit profiles. Sometimes this results in a low score; sometimes it means no score at all.

    Undesirable debt-to-income ratio

    Your debt-to-income ratio may look undesirable to mainstream lenders if you have too much debt, even if you are paying off old debt responsibly.

    Sometimes income affects this ratio negatively too. New businesses typically haven’t reached their projected income, while even established businesses may have been hit hard by COVID-19 restrictions and closures. But how do you retool your business plan and increase your income when you can’t get funding to launch or grow your business?

    Absence of collateral

    When you apply for a secured loan, including many Small Business Administration loans, you may be asked for collateral. This is something valuable you promise the lender in case you ever default on your loan. It’s often business property or real estate (but should never be your own home!).

    The problem is most small businesses don’t have the right kind of collateral to satisfy a major lender. This leaves a whole category of loans unavailable to them.

    No capital investors

    Mainstream lenders and big banks like to see “skin in the game” for your business, meaning they are looking for capital investors. Capital investment can come from a family member, a friend, or from a third-party professional investor. Traditional lenders don’t like to see small businesses depend on bank loans only. But it’s difficult to find capital investors right now, with the economy struggling the way it is.

    Overdoing loan applications

    It seems like the easiest and most time-efficient way to get small business funding would be to apply for a dozen loans at one time. Get it all done at once, so you can pick and choose which one you want, right? Wrong.

    Sadly, traditional lenders don’t like to see small businesses overdoing it with loan applications. They can tell how many you’ve applied for when they show up on your credit report (along with dings to your credit score from all those hard pulls). They see it as a sign of desperation and aren’t likely to approve you. It’s not fair, but that’s the way the system functions.

    Perceived startup risks

    A startup business is one that’s two years old or younger. These enterprises are seen as more risky by conventional lenders, and they balk at funding them. But how do you circumvent this catch-22? You need a track record to get funding, but you need funding to create a track record.

    Unrealistic documentation requirements

    Loan applications for business financing require a lot of documentation these days. You will likely need to produce bank records, profit-and-loss statements, business plans, and tax returns. All of this takes time and skill.

    But if you’re the head of a small business, time is probably at a premium. You have to function as the CEO, COO, and Director of Human Resources all at once, and now you’re supposed to take on the CFO job description too! Most larger businesses have huge staffs to handle all this. How are you supposed to run your business, juggle your personal life, and complete bank loan applications? There just aren’t enough hours in the day.

    First Down Funding: Small businesses help for Owings Mills

    The great news is there are small business lending alternatives available for your business in Owings Mills. If you have been struggling with conventional lenders, First Down Funding would be thrilled to be a different option for you. We offer numerous types of loans for businesses in all kinds of industries:

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

    At First Down Funding, we are committed to making financing for small businesses more accessible. These are the businesses that keep the American economy going.

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    Owings Mills Funding Options to Help You

    You may have already experienced the frustration that comes with trying to find a conventional lender for your small business. If not, skip the stress and try First Down Funding, where you’ll have a greater likelihood of success. We want to hear from you, whether you need bridge financing or startup funding. Tell us about your small business vision for Owings Mills so we can find the right funding for you.

    First Down Funding benefits

    Our small business customers rave about the advantages of partnering with First Down Funding:

    • A higher loan approval rate compared to mainstream lenders
    • Loan experts who are familiar with small businesses and who value their individuality and potential
    • Rapid turnaround on your loan decision and funding if approved
    • Minimal documentation required — no reams of paperwork showing old tax forms and bank records
    • Repayment schedules that offer flexibility and let you put your funding to use without worry
    • The ability to select what to do with your money, as you are the expert when it comes to your business
    • A huge range of funding options that are customizable to suit your business’s unique needs

    You won’t be tied to arbitrary metrics or have to put up collateral with our financing solutions. Rather, we use an innovative method that puts more emphasis on your future efforts and projected income. You’ll get the tools you need to grow and succeed.

    We follow these values whenever we interact with customers: passion, innovation, integrity, support, respect, and results. We are most well represented throughout our home state of Maryland, but we also finance business throughout the country, from the east coast to the west. We have First Down Funding fans in all 50 states, plus 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

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    Go from Surviving to Thriving with First Down Funding

    We don’t want your business to merely survive; we want it to thrive. Get off the hamster wheel and start bringing your business dreams to life. Let us help you get to the next level with small business funding that brings real solutions to small business owners.

    Easy application

    Because we know you have a business to manage and little time, we use a less complicated application process than those of traditional lenders. You will love how simple it is. You can prequalify online and be confident that only a soft credit pull will be used so your credit doesn’t get dinged.

    Fast funding

    When you have business opportunities that need fast action, waiting 30 to 90 days for a loan to get approved and to fund is too long. We don’t want you to endure endless waiting, so we offer quick decisions on all loans within 24 hours. And if your loan is approved, you’ll be funded in 24 to 72 hours.

    Customized lending options

    At First Down Funding, we pride ourselves on seeing every small business for the one-of-a-kind business that it is. That’s why we avoid cookie-cutter funding and instead tailor our lending packages to our clients’ needs. We provide business lines of credit, financing for multiple industries, and a range of lending terms sure to fit everyone.

    Short-term financing programs

    If you want a short-term loan, we have that too. Borrow for just three to 18 months, and get your business the rapid cash it needs. With a low credit requirement of just 525, this is also a perfect solution for challenged credit business owners.

    Alternative equipment funding

    For business equipment purchases and heavy equipment as well, First Down Funding has specially designed financing. Fund up to 100% of the value of your equipment, and pay it back over the entire predicted lifespan of the equipment. If lack of equipment has been holding you back, this will get you up to speed.

    Lines of credit

    You don’t always need a loan for a small business. Sometimes a line of credit is a better idea. With a business credit line, you pay interest solely on whatever money you withdraw, not the entire line. But you have the credit available to you if you need it later, such as for purchases, expansion, or emergencies.

    Bridge funding for quick cash

    When you need funding in between rounds of investors or when you know an uptick in income is on the way, bridge financing is a great alternative. Your small business gets a fast infusion of working capital, and you can avoid slowing down or disrupting your business plan because of a temporary lull in income.

    Solutions for poor credit

    We understand that bad credit can stand in the way of business opportunities and that sometimes your credit score is a reflection of things beyond your control. Therefore, we have financing for troubled credit. Get your credit started on an upward trend and take your business to the next level at the same time.

    COVID-19 tips and updates

    COVID-19 has thrown a curveball to the small business community, but it doesn’t have to knock you out of the game. To stay healthy and safe, check out our COVID-19 Resource Center. There, you’ll find news updates and suggestions for how to make your business more resilient in the face of the pandemic. Have more questions about how First Down Funding can help with your small business in Owings Mills? Call us at (833)-FDFUNDING. Or if you’re ready to start an application today, use our easy online form and get started on a new path.

    Apply for Business Funding in Owings Mills

    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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