The areas of Lake Shore, Riviera Beach and Pasadena are collectively referred to as Pasadena by residents. As all areas are governed by Anne Arundel County, there is no distinction in services such as fire, police, or public schools. All three areas are encompassed by the 21122 zip code. The collective area population was at 56,441 at the 2010 census.
Pasadena entrepreneurs have a huge opportunity for expansion and capital is in great demand.… at First Down Funding we love servicing Pasadena Business Owners and we provide fast processing to all funding applications. Apply online or call one of our expert Pasadena funding consultants. First Down Funding is your small business funding source for Pasadena small business owners.
Pasadena, Maryland is located in lovely Anne Arundel County, between the city of Baltimore and the Magothy River Sanctuary off of Chesapeake Bay. Pasadena encompasses Lakeshore and Riviera Beach as well.
The community of Pasadena enjoys an ideal location, with Baltimore just to the north and the capital Annapolis to the south. It offers tranquil residential living near the beach combined with easy city accessibility and loads of opportunities for mom-and-pop businesses.
As well as the 695 Baltimore Beltway on the northern side of town, Pasadena is serviced by local highways 2, 100, 173, and 177.
Pasadena represents a perfect location for many types of businesses, including:
It’s not a surprise that many small businesses are looking to flock to this area. But some have run into unexpected hurdles when it comes to getting started.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects in Pasadena
It has not always been easy for small businesses to get the funding they need for their enterprises in Pasadena. There are numerous rationales for this hurdle:
If you don’t have collateral, cash reserves, a high credit score, steady income, and a detailed business plan, you may find yourself out of luck. So, how do you escape this chicken-and-egg problem? You need funding to get established in order to get all the things banks want, but you can’t get funding because you aren’t established. It’s crazy. Perhaps you have already run up against these issues below.
To show your creditworthiness to a conventional lender, you have to have a score within a certain range. Typically, that’s above 700. This proves to lenders that you’re reliable about paying back debts.
But many business owners have a credit score below 700, frequently for things they can’t control or because of things that happened a long time ago, such as:
It can be hard to move the dial on your credit when you can’t get credit to begin with.
Cash flow limitations can happen to the best of small business owners for very legitimate reasons. When your cash flow is stalled, your debt-to-income ratio can look unfavorable to many lenders.
Maybe you’re paying off some old debt, so your net income is low. You’re trying to be responsible, but it still looks bad. If you have a new business, you may still be launching and haven’t yet hit your income potential. And if you had to close for coronavirus restrictions, you may have felt your revenue drop just when you need it to pick up.
Young businesses tend to be directed to secured loans by conventional lenders. When you take out a secured loan, you have to put up collateralin return. Collateral is valuable property, like real estate, that you offer the lender in case you default on your loan. This is a problem for small businesses, who rarely have the collateral that satisfies big banks because they haven’t been established that long. You don’t want to put up your personal residence, even if someone asks, because that’s taking an awfully big risk.
When someone else has a stake in your business, like a friend, family member, or third party, that’s what’s known as capital investment. Someone else has invested money in the business because they believe it has a good chance of success. If you don’t have any capital investors, it can be difficult to get a bank loan. Traditional lenders frown on businesses that have no capital investors and don’t believe they should be funded by bank financing.
Have you applied for multiple business loans simultaneously, thinking it would increase your chances for getting approved or maybe even give you a handful of loans to pick from? Sadly, as efficient as that seems, conventional lenders discourage this strategy, which also hurts your credit score with every application.
Lenders see every application you have submitted on your credit report. If you have a lot of denials, it can make you look rather desperate. It’s unfair and not logical, but that’s how the game is played.
Is your business younger than two years old? In that case, it’s considered a startup business, which is seen as riskier to mainstream lenders. Those lenders would prefer you look elsewhere for financing. But here’s another catch-22. How do you get established enough to qualify for financing when you can’t get financing to get established in the first place?
Small business owners are notorious for driving themselves hard and for wearing a lot of hats in their companies. When you’re the CEO, COO, and head of HR, it can be impossible to find the time for much else. And yet for a bank loan, you’re required to complete mounds of documentation, such as business plans and revenue statements. You have to provide reams of paperwork showing you’re worthy of the loan.
In larger companies, there are whole teams of people to do this under a CFO, but for small businesses, it’s another task for the owner. Where are you supposed to find more hours in the day?
Luckily for small business owners in Pasadena, there are other options besides traditional lenders. Let First Down Funding provide alternative financing for your business, and enjoy the refreshing difference they offer. If you’ve been aggravated by mainstream lenders so far, we encourage you to explore the numerous financing products we provide for many diverse industries:
First Down Funding knows that small businesses are what keep America’s economy going. That’s why our goal is to create more accessible funding for them.
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There are loads of good reasons to try small business funding with a difference from First Down Funding:
You will enjoy dozens of benefits when you collaborate with First Down Funding for your Pasadena small business, including:
You’ll love how different we are from traditional lenders. Instead of depending on arbitrary metrics or requesting collateral, we use your future projects and income when assembling a funding package for your business. This innovative method gives you what you’ve been looking for to launch or grow your company. And you get a repayment plan that’s viable and suited to you.
Support, respect, passion, integrity, results, and innovation are our tenets for every customer interaction. You’ll find the bulk of our happy customers here in Maryland, which is our home state. But we also fund America: businesses in all 50 states from the Atlantic to the Pacific, as well as in Washington, DC.
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
Are you still waiting for that breakthrough to make your business dreams a reality? First Down Funding is here to take you from surviving to thriving with small business funding options that give you real solutions you can use every day.
We use a simpler application than you’ll find elsewhere because we know you have a business to manage, and that is where your time should be focused. Prequalify online using our uncomplicated process, and rest assured you’ll only have a soft credit pull, which doesn’t damage your credit.
Typically, loans with the government and mainstream banks take anywhere from 30 to 90 days to come through. But what if you have a business opportunity in front of you that can’t wait? At First Down Funding, we strive for loan decisions in 24 hours, and sometimes you hear the same day. For approved loans, funding is sent to your bank in 24 to 72 hours.
We think cookie cutters should be reserved for baking, not funding small businesses. We value your business as a unique enterprise. Our variety of lending terms, range of industries financed, and other options, like business lines of credit, ensure you get a customized lending package.
A short-term loan is often better for some small businesses. We have funding options with short borrowing times of between three and 18 months. Our clients who need quick financing love this choice. And with a minimum credit score of just 525, it’s perfect if you have troubled credit too.
First Down Funding also provides financing specifically for business equipment and heavy equipment purchases. This lets you borrow up to 100 percent of the equipment’s value, and you can get a funding term up to the expected lifespan of your purchase.
If a loan isn’t right for your small business, a line of credit might be a better solution. With a credit line, you pay interest only on funds you are utilizing. However, the entire line of credit is there for you for emergencies and other unexpected expenses.
Bridge loans are ideal for small businesses that find themselves waiting for revenue they know is coming soon or in between rounds of funding from investors. Bridge funding gives your business an essential infusion of capital at just the right time, so when money is tight, you don’t have to curtail your business plan.
When your credit has suffered, you may think there are no funding options for your small business. First Down Funding provides financing for bad credit so you can get back on track. You can still hit your business goals when life has thrown you a curveball in the credit department.
Another of our aims is to help the business community stay healthy and safe during the coronavirus pandemic. Therefore, we created our COVID-19 Resource Center with comprehensive news and tips to help you get through challenging times.
We want to hear more about your ideas for a small business in Pasadena. We welcome your questions at (833)-FDFUNDING. And if you’re ready to get started today, you can fill out an application online with no waiting.
The official website of the state of Maryland.
Find all tax-related information and services.