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Business Funding In Pikesville, Maryland

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    About Pikesville, Maryland

    Named after Zebulon Pike, an American soldier and explorer who died in the early 19th century, PikesvilleMaryland, provides quick access to busy Baltimore while retaining its distinctive small-town feel. The northwestern suburb is a 21st-century neighborhood with a thriving business community and family-friendly parks.

    If you love to shop, Pikesville, MD, is a dream come true. A mixture of independent stores, boutiques, and restaurants are located downtown, while the Centre Court shopping center off Old Court Road features big-name retail outlets. The Pikesville Farmers Market, which started in 2004, takes place every Tuesday afternoon from May to October in Pomona Square; the market sells fresh fruit and vegetables, homemade cakes, and arts and crafts.

    Is your business formed in Pikesville? Looking for a business funding for your Pikesville business? First Down Funding is your small business funding source for Pikesville small business owners. Apply now with First Down Funding for Pikesville business funding and experience fast processing/approval and outstanding customer service. Get Pre-approved in minutes for a Pikesville business funding in Pikesville.

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    Small Business Funding in Pikesville, Maryland

    Pikesville: Handy Location Next to Baltimore

    Easy access from the Baltimore Beltway

    Pikesville, located just northwest of the city of Baltimore, is part of a corridor along Interstate 795, along with Owings Mills and Reisterstown, leading to Interstate 695, which is known locally as the Baltimore Beltway. The Baltimore Metro Subway also serves Pikesville, as well as Maryland Transit Authority bus routes.

    As such, this location makes Pikesville a desirable spot for small businesses looking to capitalize on a customer base from Baltimore. Pikesville boasts multiple hotels and restaurants and a wide range of both national chain and local businesses, including:

    • Healthcare facilities
    • Wellness and sport centers
    • Grocery stores
    • Specialty food shops
    • Pharmacies
    • Auto dealers
    • Caterers
    • Farm supply companies
    • Gas stations
    • Home improvement stores
    • Discount stores
    • Office supply vendors
    • Veterinary clinics

    Pikesville has a diverse population and contains one of the largest Jewish communities in Maryland. Many residents are of Russian descent, Ashkenazi Jews who emigrated from the Russian Empire in the early 20th century. Also, many Pikesville residents claim ancestry from Ukraine. Small business owners wishing to open or expand businesses in Pikesville love what the area has to offer. However, many have been stopped from pursuing their business dreams by their inability to obtain financing from traditional lending institutions.

    Need Working Capital in Pikesville?

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    Alternative Financing for Pikesville Small Businesses

    Traditional lender hurdles

    Perhaps you are one of the many small business owners who has had difficulty obtaining conventional funding for your Pikesville business. If you’ve wondered why, here are some common explanations:

    • The bigger banks and similar lenders prefer to work with larger businesses.
    • The guidelines for loan approval have become nearly impossible for small businesses to meet.
    • Mainstream lenders remain in the dark about how small businesses are run and how much they can potentially contribute to the Maryland economy.
    • Sadly, you are just a statistic to big lenders, who rarely have any kind of personal relationship with small businesses.
    • If you’re a startup business, conventional lenders believe your funding should come from private sources, such as venture capital, rather than bank loans.
    • The unpredictability of the economy has caused lenders to make loan requirements more stringent, and many small businesses are no longer considered worth funding.
    • If you only apply with traditional lenders, you may not be aware there are alternative funding sources available to you.

    Additionally, you may be lacking some of the elements described in more detail below that are required by conventional lenders:

    • High credit score
    • Cash reserves
    • Consistently high income
    • Established track record
    • Collateral
    • Detail business plan
    • Other documentation

    But how do you satisfy these requirements when you need funding to start or grow a business in the first place? It’s a real chicken-and-egg problem for small business owners and startups. Maybe you’ve been waylaid by some of the following issues.

    Bad credit

    Just like when you apply for a mortgage loan for your home or for a personal loan, conventional lenders want you to prove your creditworthiness. This usually means meeting a credit score of 700 or higher.

    However, it’s easy these days to wind up with bad credit, sometimes due to things beyond your control or events that happened years ago, like:

    • An accident or serious illness requiring high medical bills
    • A financially challenging divorce
    • Taking out a loan with a predatory lender
    • High student loans
    • Errors on the credit bureau side
    • Slow reporting to credit bureaus
    • COVID-19 restrictions limiting business operations
    • Paying with cash instead of credit

    You might have different scores with different bureaus because they all use different algorithms to calculate your credit rating. And those scores can also differ depending on what kind of funding you are applying for (home, auto, personal, business, etc.).

    Business owners who are from outside the US originally or who are fairly young may not have much of a credit history. This can result in a low score or no score at all.

    Unfavorable debt-to-income ratio

    Many small businesses have a poor debt-to-income ratio because they have too much debt and/or their income isn’t where banks want to see it. There are multiple legitimate reasons for this:

    You want to ramp up your income, but how do you do it without the funding you need to retune your business plan and make changes?

    Missing collateral

    For any secured loan, including business loans, you will be asked to provide collateral for the lender. This means you have to offer something of high value, like real estate or business property, which the lender can take in lieu of you paying off your loan if you default.

    The problem is most small businesses don’t have the kind of collateral big lenders are interested in. If someone asks you to use your home as collateral, don’t do it! It’s just too risky. You don’t want to lose your dwelling if an unexpected event meant you couldn’t pay back your business loan.

    No capital investors

    Capital investors are people who have a stake in your business, like family members, friends, or third parties who make it their business to fund startups and small enterprises. Traditional lenders like to see that you have capital investment in your business before they fund it. They discourage loan applicants who rely on bank financing only. With the economy the way it is, though, it can be next to impossible to find capital investors these days.

    Applying to too many loans

    Filling out too many business loan applications can hurt rather than help you? Why? Because as counterintuitive as it may seem, traditional lenders think applying to multiple lenders simultaneously is a sign of instability or even desperation. What you perceive as just being efficient could cost you a business loan.

    In case you’re wondering how these lenders know about your other applications, they see them on your credit report. It’s not fair, but that’s how they play the game. And by the way, those hard credit pulls they do aren’t helping your score either.

    Startup business reputation

    Are you a startup business? Is your business younger than two years old? You might face even taller hurdles with conventional lenders. Startups have a reputation for being risky loan investments. But here’s the catch: how do you create a track record as a young business without getting funding if you need to be established to get said funding? It doesn’t make sense.

    Pressed for time

    You’ll have a lot of documentation to complete if you apply for a traditional loan. You’ll need to complete financial statements and will likely need a complex business plan. These all take time to write.

    Time is one thing most small business owners don’t have a lot of. You probably wear all the directors’ hats at your company and work long days just to keep the business going. How do you do all this paperwork, some of which seems like it requires an MBA, when you barely have time for meals and personal responsibilities?

    First Down Funding: A refreshing change for Pikesville small businesses

    Happily, there are alternatives for your Pikesville small business dreams. First Down Funding takes a different approach to lending and would like to be your small business lender. We have dozens of types of loans for all the industries you could think of:

    • Unsecured business funding
    • Business expansion funding
    • Bridge financing
    • Business funding for women
    • Retail store funding
    • Business equipment funding
    • Beauty business funding
    • Commercial truck funding
    • Automotive business funding

    We want to make small business loans more accessible for the companies that serve their communities and help fuel the American economy.

    Need Small Business Funding To Reactivate Your Business in Pikesville?

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    Pikesville Small Business Funding Options for You

    Have you already felt the agonizing frustration of being denied funding with a conventional lender? Or maybe you’ve heard the tales and decided you’d like to skip that step and go right to where you have a better chance of success. First Down Funding is an ideal alternative, whether you need bridge funding for quick cash or business financing to expand into a new area like Pikesville.

    First Down Funding offers many advantages

    There are many reasons you will love partnering with First Down Funding:

    • You have a better chance for a “yes” with our high approval rate.
    • You’ll work with a team of loan experts who understand small businesses and who take the time to uncover what your business needs to grow.
    • We usually reply with a loan decision within 24 hours, and you’ll get fast funding if your loan is approved.
    • You won’t have to give us years of bank paperwork and tax documentation with our streamlined requirements.
    • We work with you to create a repayment schedule you can manage.
    • You choose what you want to do with your funding — after all, you’re the expert about your business!
    • First Down Funding offers a broad range of funding products that you can customize to get what you need, no matter what type of business you run.

    You won’t be asked to fit into some arbitrary metric or to provide collateral that’s impossible to come by. Instead, we examine your future as a business — projects on your calendar and expected income — to assemble small business funding and repayment plans that suit you.

    You’ll also like working with First Down Funding for the core tenets we practice with every customer: respect, integrity, support, innovation, results, and passion. Although we focus on small businesses in our headquarter state of Maryland, we have clients across the USA, from all 50 states coast to coast, and in 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

    Small Business Loans to Launch, Expand, and Thrive

    Do you often feel like your dreams for your business feel impossible to achieve? That you’re just surviving instead of thriving the way you should? We want to end that cycle. Our small business loans at First Down Funding are designed to solve real problems with workable solutions.

    Less complicated application

    Because your time is valuable, we’ve created an application process that you can do quickly and easily. Prequalify with our simplified application online. And know that we only perform a soft credit pull, so they’ll be no damage to your credit score.

    Fast decision and funding for your loan

    If you have already applied for funding with a conventional lender, you probably know that you’d have to wait 30 to 90 days for an approval and funding. But what if you have a business opportunity that needs an answer now? That’s why at First Down Funding, we fast-track our loan process. You’ll hear back within 24 hours about the status of your loan application. And if you’re approved for funding, you’ll have cash in your bank account in 24 to 72 hours.

    Funding tailor-made for you

    Cookie cutters are for baking, not for small business lending! First Down Funding recognizes your business is unique and should be treated as such. Therefore, we offer a menu of loan products across a variety of industries, with loan terms that work for many different situations. We have business lines of credit and bridge financing too. You’re sure to wind up with financing that works for your one-of-a-kind company.

    Short-term funding option

    If you need short-term funding, we have that too. Our short-term loans can be paid back in three to 18 months and are a fantastic tool for quick business cash. This option is also great for troubled credit, with a minimum credit score requirement of only 525.

    Equipment and heavy equipment financing

    If you’ve been searching for business equipment financing or funding for heavy equipment, check out First Down Financing. With our equipment purchasing loans, you can borrow up to 100% of the equipment’s value and pay it back over the predicted lifespan of your purchase.

    Lines of credit for businesses

    Not sure if you need a loan? What about a business line of credit? It’s like having a high-limit credit card for your business. You only pay interest on the money you’re using. However, the whole credit line is there in case you need it for an emergency or a hot business opportunity.

    Bridge financing

    Bridge funding can be a lifesaver for your business. If you have revenue on the horizon that hasn’t arrived yet, or if you’re in between funding cycles, this option infuses your business with quick capital. You don’t have to interrupt your operations waiting for money when you have this income bridge.

    Help for low credit scores

    If you have challenged credit, you may have struggled to get business financing. We offer an alternative, which helps you get back on track. Get the funding you need for your business and start rebuilding your credit with our business financing for bad credit.

    COVID-19 resources

    The COVID-19 pandemic has caused some unpredictable times for small businesses. To help you and your community remain healthy and to improve your ability to weather the pandemic, we offer a COVID-19 Resource Center with news and business tips.

    Are you ready to start an application? Use our easy online form to get started, or call us at (833)-FDFUNDING with any questions. We’re here to help you today.

    Apply for Business Funding in Pikesville

    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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