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Business Funding In Randallstown, Maryland

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    About Randallstown, Maryland

    Randallstown is an unincorporated community and census-designated place in Baltimore CountyMaryland, United States. It is named after Christopher and Thomas Randall, two 18th-century tavern-keepers. At that time, Randallstown was a tollgate crossroads on the Liberty Turnpike, a major east–west thoroughfare.

    Small business owners usually struggle with expansion plans against meager cash flows. That’s why First Down Funding is a critical part of small business development in Randallstown. Get Pre-approved in minutes for a small business funding in Randallstown. Apply online or contact us so we can expedite your request. We are your Randallstown Business Funding source. Apply today for a business funding in Randallstown.

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    Small Business Funding in Randallstown, Maryland

    Randallstown: Great Location Off the 695 Beltway

    Diversity and easy access from Baltimore

    Located in Baltimore County, the community of Randallstown offers easy access to the city of Baltimore via the Highway 695 Beltway. Randallstown is also served by the 795, 26, and 125 (Old Court Road), allowing it to function as a gateway to greenspace beyond. Nearby communities include Pikesville, Garrison, Owings Mills, Milford Mill, and Granite.

    Named for two 18th century innkeepers, Christopher and Thomas Randall, Randallstown functioned as a tollgate on the Liberty Turnpike at that time. Some architecture remains from that era, including Choate House, which was built in 1810 and is now on the National Register of Historic Places.

    While the population of Randallstown in 1880 was only 100 people, it has since blossomed into a busy Baltimore suburb, making it a magnet for small businesses. Its business community is as diverse as its population and includes national big-box chains and restaurants, as well as mom-and-pop eateries and local enterprises such as grocery markets, auto dealerships, clothing stores, beauty shops, fitness centers, caterers, and limousine services.

    Although many small businesses have longed to take advantage of Randallstown’s location and diversity, some have been thwarted when it comes to finding financing. This is a common problem for Maryland small businesses, unfortunately.

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    Alternative Financing for Randallstown Small Businesses

    Big lenders vs. small businesses

    Small business loans can be hard to obtain to open or grow a company in Randallstown. This is due to common roadblocks all small businesses face with traditional lenders:

    • Mainstream lenders only want to deal with larger, more established businesses for the most part.
    • Small businesses have to meet the same guidelines as for big businesses, but this can be tough for them to do.
    • Traditional lenders have little to no knowledge about small businesses and miss their uniqueness and ability to contribute to the economy of Maryland.
    • Small businesses are often lumped into a group rather than viewed as individual entities with different needs and potential.
    • Conventional lenders often mistakenly believe that startup businesses should receive venture capital funding, not bank loans.
    • Because of COVID-19, the economy has taken a turn for the worse, meaning lenders have tightened their loan requirements.
    • Many small businesses are not aware they have business funding alternatives in Maryland and so they keep applying to the same mainstream lenders.

    Traditional lenders want you to have so many requirements: collateral, high income, cash reserves, high credit scores, business plans… That’s all great, but how do you get established to meet all those requirements without financing to launch in the first place? It seems like a chicken-and-egg scenario. If you’re like many small businesses, you’ve had to deal with these challenges below.

    Poor credit

    Many small business owners struggle with poor credit, often due to things they can’t control. However, conventional lenders want to know you are creditworthy and will often ask for a credit score of 700 or more to fund a loan.

    Have you had credit challenges due to any of these issues?

    • Large medical bills
    • Divorce settlement
    • Student loans
    • Unfavorable debt-to-income ratio
    • Predatory lending
    • COVID-19 closures
    • Credit bureau errors
    • Not using much credit

    Credit scores can be made even more confusing by all the different scores used by the three credit bureaus for various types of financing. There are specific algorithms employed to generate scores for mortgages, auto loans, personal loans, business funding, and the like.

    Young business owners with no real credit history may find themselves without a score. Likewise, people who come from outside the United States may have missing credit profiles too.

    Less-than-ideal cash flow

    Cash flow limitations are another thing that can dog your loan applications with traditional lenders. You may have very good reasons, though, why your resulting debt-to-income ratio is off.

    Perhaps you’re trying to clear up some old debt by paying it down quickly. Or maybe you’re a young business, and your income isn’t up to speed yet. It could also be that your revenue took a hit with COVID-19 business closures. In any case, it’s hard to correct your ratio of debt to income when you can’t get funding to retool your business.

    No collateral available

    Another conventional lender hurdle is having to put up collateral for secured loans. This means promising the lender something in return, like business property or real estate, in case you default on your loan. While this is standard practice, it’s usually difficult for small businesses to come up with the kind of collateral that makes mainstream lenders happy. And you don’t want to resort to putting up your personal residence, which is a big mistake.

    Missing capital investors

    Do you have capital investors in your business? Many small businesses these days do not, as they are extremely tough to find in this economic environment. Nevertheless, conventional lenders often ask about them. They prefer small businesses, especially startups, to be funded by venture capitalists and private funding rather than take out bank loans.

    Too many loan applications at once

    Some business owners fill out a ton of loan applications all at once, thinking they’ll play the odds and at least one will be approved. Maybe several will come through, and they’ll have the chance to choose the best one. However, traditional lenders frown on this practice. They see it as a novice move at best, and at worst, it may be taken as desperation.

    Banks and other big lenders can see all your loan applications on your credit report. Furthermore, those applications likely resulted in a hard credit pull, which could bring your score down. It’s not fair, but those are the rules.

    Fledgling business

    A fledgling business just getting started is often viewed as a loan risk by big lenders. They prefer to lend to older businesses. What is considered a startup? Anything under about two years old qualifies. Here we have another catch-22 for small business lending — you need funding to get your business off the ground, but you can’t get that funding until your business is more established.

    Stretched too thin

    Completing applications for small business funding takes time, and that’s something that’s scarce for most business owners. Most applications demand reams of paperwork, from profit-and-loss statements to business plans and more. You might have to dig up old documentation in your files to back up these reports too.

    So, how are you supposed to find the time to do all this work on top of running your company and juggling personal tasks? You already wear so many hats; now you’re supposed to be a CFO with an MBA too? It can all just feel like too much.

    First Down Funding: The alternative Randallstown has been seeking

    Luckily, you have alternatives available for financing your small business in Randallstown. For small business loans, First Down Funding may be the perfect solution. If you’ve been challenged getting funding, we encourage you to explore the huge menu of funding products we offer across many industries:

    • Unsecured business funding
    • Retail store funding
    • Hotel and motel funding
    • Business expansion funding
    • Business working capital
    • Financing for bad credit
    • Bridge financing
    • Business equipment funding
    • Business funding for women
    • Restaurant financing
    • Business line of credit
    • Beauty business funding
    • Automotive business funding
    • Commercial truck funding
    • Merchant cash advances
    • Short-term financing
    • Revenue-based business funding
    • Invoice and receivables funding

    At First Down Funding, we believe that funding should be available to every deserving small business. It’s our goal to make that more accessible so the small businesses that drive America’s economy can continue to thrive.

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    Quick Approval Small Business Funding in Randallstown

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    Randallstown Business Funding Options to Check Out

    Don’t give up if you’ve been aggravated by trying to find small business funding with a mainstream lender. Skip the frustration and give yourself better odds of approval with First Down Funding. We want to hear more about your business in Randallstown, whether you’re searching for bridge funding or a startup loan to make your business vision a reality.

    Why businesses like partnering with First Down Funding

    The small businesses we’ve already assisted have many positive things to say about collaborating with us. We offer many benefits:

    • A better loan approval rate than you’ll come across with traditional lenders
    • Seasoned loan experts who recognize your business’s one-of-a-kind nature and value its individuality
    • Minimum wait time, since you’ll get a fast loan decision and quick funding if your loan is approved
    • Uncomplicated documentation and no need for piles of old bank statements and years of tax returns
    • Flexible and viable repayment schedules that you can work with
    • The freedom to use your loan as you see fit, since you’re the one who knows how your business should be run
    • A broad menu of funding options that give you customizable solutions for virtually every business need

    Rather than follow the path of traditional lenders, making you fit standard metrics or offer collateral, we take a different approach. We look at your future projects and income to create a funding package and repayment schedule that is feasible for you and easy to work with.

    We always rely on the six basics of our business when we interact with customers: support, innovation, respect, integrity, passion, and results. You’ll find many of our happy customers here in Maryland, our home state. But you’ll also see First Down Funding works with small businesses across the whole country, from New York to California. We also fund businesses in 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

    Apply Now! – Quick Approval Small Business Funding

    Small Business Loans That Let Your Business Take Off

    If you’re like most small business owners, you have long had a vision for your company. But sometimes that vision gets put on the back burner by the practicalities of trying to find funding. Our aim is to help put the wind back in your sails and point you in the direction of success. That’s why we offer lending products that are genuine solutions for real small business problems.

    Less time-consuming application

    You will appreciate our less time-consuming loan application. We respect your valuable time, and we know you need to focus on your business. With First Down Funding’s application, you prequalify online and have the benefit of a soft credit pull that doesn’t hurt your credit score.

    Quick loan decision and funding

    If you have a major business opportunity that needs an answer now, you don’t have time to wait the 30 to 90 days most big lenders require to get an answer and funding about your loan. At First Down Funding, once you complete your online loan application, you’ll hear back within 24 hours, perhaps even the same day. If we approve your loan, you will have the funding in 24 to 72 hours. No more needless waiting.

    No cookie-cutter lending

    Your business is unique, like every small business. That’s why we avoid cookie-cutter approaches with our financing packages. We offer multiple lending terms and financing for many different industries. We also have business lines of credit and much more, so you get funding that feels tailor-made for your business.

    Short-term financing option

    If you’re looking for short-term financing, check out First Down Funding. This is a perfect option when you need fast funding, and you’ll get a borrowing time of three to 18 months. Another benefit is that you only need a 525 credit score to qualify, so it’s a solution for challenged credit.

    Equipment funding

    Have you been seeking business equipment funding or financing for heavy equipment? We have loan programs specifically designed for this. We can lend you 100% of your equipment’s value, and you get a funding term that lasts the entire projected life of the equipment.

    Lines of credit for small businesses

    Have you thought about a line of credit instead of a loan for your small business? With a credit line, you only pay interest on the money you have withdrawn but never on funds you’re not using. Of course, the line of credit is available if you decide you need it at any time.

    Bridge financing

    Many small businesses need cash quickly for a short period of time. For them, bridge funding is the ideal solution. Whether you’re in between funding rounds with investors or have more revenue on the horizon, bridge financing this meets your needs. Never worry about stopping business when money is tight.

    Funding help for challenged credit

    We understand that events outside your control can result in credit problems. Therefore, we offer financing for bad credit so you can realize your plans for a small business and start repairing your credit history.

    COVID-19 updates and tips

    We know many small businesses have been dramatically affected by COVID-19. We created our COVID Resource Center to give you important updates and to provide tips for making your business more resilient during the pandemic.

    If these small business funding solutions sound exciting for your Randallstown enterprise, we want to hear from you. Start an application now using our easy online form, or call us at (833)-FDFUNDING to get your questions answered and get started on a new journey today.

    Apply for Business Funding in Randallstown

    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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