Parkville is a suburb of Baltimore with a population of 31,762. Parkville is in Baltimore County and is one of the best places to live in Maryland. Living in Parkville offers residents a dense suburban feel and most residents own their homes. In Parkville there are a lot of restaurants, coffee shops, and parks. Many families and young professionals live in Parkville and residents tend to be liberal. The public schools in Parkville are above average.
Want to grow a business in Parkville? We’re here to help! First Down Funding is servicing small business owners in Parkville with all their capital needs. Whether it is a long term funding package or a short term cash funding, apply online or contact us so we can expedite your request. We are your Parkville Business Funding source. Apply today for business funding in Parkville.
Business opportunities on the desirable Baltimore Beltway
Located in Baltimore County, Parkville is a Maryland community that offers diversity, easy access, proximity to the city of Baltimore, and a bounty of opportunities for small businesses.
Parkville is heavily residential and sprinkled with shopping centers and storefront businesses. It’s considered a highly walkable community, which makes it ideal for small businesses looking for foot traffic. Hartford Avenue (Maryland 147) is the main artery through town, featuring antique shops, restaurants, and mom-and-pop stores. There’s plenty of outdoor recreation available too, between Belmont and Double Rock parks and hayrides at Weber’s Cider Mill Farm just outside town.
Visitors can reach Parkville easily by car via the 695, also known as the Baltimore Beltway. Highway 542, between the Beltway and Idlewood, describes the western border of town. Highway 41 (Perring Parkway) also runs through Parkville, and this community is on the Maryland Transit Administration’s Bus Route 19 as well.
Parkville benefits greatly from its handy reach from Baltimore, as well as from nearby Towson. It’s a natural location for small businesses, whether they are newly starting up or looking to expand.
However, some companies have had a difficult time getting going in Parkville, which is an ongoing problem for them. Much of this has to do with the limited funding available for small businesses.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects in Parkville
It’s not as easy for some small business owners to obtain financing from mainstream lenders as they had hoped. Unfortunately, this is due to many different reasons:
If you lack cash reserves, high income, a high credit score, collateral, and a detailed business plan required by most conventional lenders, you may find your business out in the cold. Many businesses fight this chicken-and-egg scenario. How do you grow enough to satisfy those requirements when you can’t get business financing to begin with? Maybe you have already struggled with some of these problems below.
Your creditworthiness is a factor when applying for a business loan. This is similar to applying for a personal loan for your home or car. You must meet a credit score minimum, usually around 700 for a business loan.
But many small business owners may have credit challenges for a variety of reasons related to past financial issues or even factors outside their control. Just a few hits to your credit score from these things can cause your score to dip under 700:
It doesn’t help that the three credit bureaus use different algorithms to generate your credit score, so it may not be the same with each one. The score can also vary depending on what type of loan you’re applying for (business, home, auto, etc.).
Did you move to the United States from elsewhere fairly recently? In that case, you may not have a credit profile yet. Similarly, if you’re a young business owner, you may also not have a credit history and may have poor or no credit at all.
Cash flow is an important factor for conventional lenders, and it’s tied to both your income and your debt. If your debt-to-income ratio doesn’t look good, you may be denied a loan.
On the debt side, you might be responsibly paying down old loans, but that limits your net revenue. On the income side, your revenue may be restricted if you’re a startup business that hasn’t yet hit its stride or if you’ve been affected by COVID closures like so many businesses lately. If you need income to qualify for a loan, but you need the loan to generate income, how do you break out of that pattern?
Taking collateral is the process of securing a loan with something valuable in case you default. Many lenders do this and prefer to offer secured loans over unsecured ones. Collateral often comes in the form of real estate or business property that the lender can take if you don’t make good on your loan. The sticking point here is that many small businesses don’t have much to offer for collateral, and they don’t want to use their own residences.
Most conventional lenders want to see capital investment in your business, meaning someone else has a stake in your enterprise. It might be a family member or a friend, or it could be a third-party investor. These lenders don’t think you should be funded by bank loans. But it’s difficult to find capital investors in this economic environment, so it makes it tough to get a loan, too.
Applying for a lot of loans simultaneously seems like a good idea. You increase your odds of getting a “yes,” and it makes the best use of your time, right? Wrong. Traditional lenders frown on this practice and see it as a sign that your business is desperate for financing. They can see all your applications on your credit report, and the more you have, the worse it looks. As unfair as it is, small businesses should avoid this method, which also dings their credit scores with every application.
Startups are viewed as especially risky to mainstream lenders. This means if your business is less than two years old, many lenders don’t want to fund you. But this is yet another frustrating catch-22. You need a track record to get a loan, but you need funding to establish a track record. How do you get around this?
If you own a small business, your time is certainly at a premium. You’re probably wearing a lot of directors’ hats at once, managing operations, hiring, and much more. The last thing you have time for is more paperwork. But that’s exactly what most traditional lenders require with your small business loan application.
At larger companies, the CFO or accounting staff would write a business plan and assemble profit-and-loss statements, tax records, and bank statements. But with a small business, that falls to the owner. If you have to choose between keeping your business going and filling out reams of documentation for a bank loan, you’re obviously going to pick the former.
Don’t despair! There are alternatives to conventional lenders and all the problems that come with them. First Down Funding would like to be another funding choice for your small business in Parkville. Whether you’re just starting to explore business loans or you’ve not been able to get the financing you desire, we suggest you peruse our different funding options and all the many industries we work with:
Small businesses make up the backbone of the economy in this country. That’s why we have made it our mission to make small business funding easier and more accessible.
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Small Business Funding with minimal paperwork and higher funding amounts
If small business funding has been elusive and frustrating for you, or if you simply want to find a simpler way to get funding, you’re in the right place. With First Down Funding, you’ll improve the odds of succeeding with your loan, and you’ll find the process more user-friendly. From bridge financing to equipment loans for startups, we’re here to learn more about your Parkville small business.
First Down Funding: numerous benefits for you
Partnering with First Down Funding offers numerous benefits for you and your small business:
First Down Funding takes a different, more innovative approach when compared to traditional lenders. When we use your future income and planned projects to create your funding package, you get the tools you really need without having to conform to arbitrary metrics or come up with impossible-to-find collateral.
You will notice that with every interaction, we practice our core tenets:
We have many thrilled small business customers here in Maryland, our home state. But we also finance businesses nationally, in all 50 US states, as well as in Washington, D.C.
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’ve been wondering how to get your small business in Parkville to the next level, we urge you to explore First Down Funding. Don’t just survive when you can thrive. Let us give you the solutions you need.
With time so short, you need an application you can complete while juggling your business and personal responsibilities. We have simplified our application process, so you can devote your time to your business. Start by prequalifying online. Enjoy the benefit of a soft credit pull, so your score isn’t hurt by your application.
Waiting for a business loan can feel like agony when you’ve got a valuable opportunity waiting for your decision. Because waiting 30 to 90 days is just too long, First Down Funding gives you a loan decision within 24 hours. If your loan is approved, you can expect funding within 24 to 72 hours. Don’t miss a chance to grow your business with us.
Small business loans cannot fit into cookie-cutter lending. We believe in seeing your business as a unique enterprise. That’s why we offer so many options, from different lending terms to financing for many industry sectors. You’ll like getting funding that feels tailor-made just for you.
If you think a short-term loan is the solution, we can do that for you. Our borrowing time is typically three to 18 months on short-term small business loans. You get the fast cash you need for opportunities that can’t wait. And if you have poor credit, this option only requires a minimum credit score of 525.
First Down Funding has lending packages designed just for funding business equipment and heavy equipment purchases. These alternatives let you borrow up to 100 percent of the value of your equipment, and you can choose a funding term equal to the expected life of your equipment.
Have you ever thought about a small business line of credit instead of a loan? With a credit line, you pay interest only on the funds you’re currently using and never on funds you haven’t accessed yet. But you have the line of credit at your disposal if you need it for emergencies or expenses that come up in the future.
When you’re between rounds of funding from investors, or when income is on its way but not quite there yet, it can be tough to keep your business running. Bridge loans are a way to get a fast infusion of capital to stay on schedule until your next surge of revenue.
Small business owners have options for troubled credit with First Down Funding. We understand life events may have hurt your credit, but that shouldn’t put your business dreams on the back burner. You can realize your small business vision and get your credit back up with our business financing for bad credit.
The onset of the coronavirus pandemic has brought small businesses unpredictable circumstances, but you can still make your business more resilient. Check out our COVID-19 Resource Center for news and tips to stay healthy and safe.
Let us know how we can help your Parkville small business with funding. We’re happy to answer all your questions when you call (833)-FDFUNDING. Are you ready to get started now? Our easy online form lets you start an application today.
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