Salisbury is a quiet small town along the Wicomico River in an area known as Maryland‘s Eastern Shore. It has a history as a port and transportation center serving the agricultural “Delmarva” peninsula, incorporating eastern Maryland, Delaware, and a part of Virginia.
Salisbury (which you might often see stylized as just “Sby”), first just a small colonial outpost designated by Lord Baltimore, was established as a city in 1732, due in part to its location at the head of the Wicomico River that made the region convenient for trade. It’s thought that the city’s name is borrowed from the ancient cathedral city of Salisbury, England, because of the two cities’ physical characteristics and the nationality of its founders.
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Visitors can reach Salisbury via Highway 13, which runs between Dover, Delaware and Norfolk, Virginia, and via Highway 50, originating in Washington, D.C. and running through Annapolis before reaching the peninsula on the Atlantic.
Salisbury attracts traffic from the nation’s and Maryland’s capitals, as well as from Baltimore, Philadelphia, and Wilmington, Delaware. As well as by land, travelers come here by air, using the Salisbury Regional Airport just to the east of the town’s boundaries.
This ethnically diverse community hosts multiple cultural and arts events. It also has a zoo, city park, youth and civic center, and shopping mall. Salisbury also boasts a beautiful classic American Main Street that’s a magnet for small businesses. In addition to dozens of restaurants, among other companies, this town offers:
In 2016, the Salisbury metro area was the seventh-fastest growing community for jobs in the US. Major employers include Salisbury University, Peninsula Regional Medical Center, and Perdue Farms, which is headquartered in Salisbury.
It’s therefore no surprise that small businesses are eager to take advantage of Salisbury’s fantastic location and potential for growth. But some small business owners find themselves out of luck when it comes to financing their enterprises, which is a shame when Salisbury offers such amazing opportunities in such a stellar setting.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects in Salisbury
It hasn’t been as easy as anticipated for some small business owners to find funding for their Salisbury businesses with conventional lenders. There are many reasons behind their struggles:
Some small businesses find themselves missing the things traditional lenders are seeking, such as collateral, cash reserves, high credit scores, steady income, or mounds of complicated documentation. But it takes being established to meet most of those requirements, so how do you get established without funding to start with? It’s one of those proverbial chicken-and-egg scenarios. Have you been hurt by any of the problems listed below?
Major lenders set a credit score threshold when deciding on small business loans. This is typically around 700. It shows you are worthy of credit and are likely to pay back your loan.
But many small business owners have lower credit scores for a variety of reasons, often outside their control or from events long in the past. A few dings can take down your score by quite a bit. You can be a responsible person and still have poor credit due to:
Confused about your credit score? You’re not the only one. Each of the three credit bureaus may have a different score for you. Furthermore, your score may be calculated differently depending on the type of loan you’re applying for (persona, business, auto, home, etc.).
People who came to the United States recently may have low credit or no credit score altogether since they haven’t had time to establish a credit history here. The same thing happens to young business owners, who also usually have slim credit profiles.
Cash flow limitations can hurt you with lenders, too. Cash flow is usually affected by your income and/or your debt. You might have a decent income, but your debt-to-income ratio is unfavorable if you have high debt – even if you are paying it down responsibly.
Your income can be affected by many factors. For example, you might be a new business, so you’re still launching and building up customers. Or perhaps you had to severely restrict or close your business due to the coronavirus pandemic.
Secured business loans, which are the opposite of unsecured loans, require that you present collateral to the lender. This is in case you ever default on your loan, and it’s usually in the form of real estate or valuable business property. If you fail to pay your loan, the lender can take the collateral. However, many new businesses and small businesses have a difficult time coming up with the type of collateral that satisfies mainstream lenders. You might be asked to offer your home as collateral, but this is not advisable as it’s too risky.
Conventional lenders may also ask to see capital investors with a stake in your business. Capital investment may come from a formal third-party investor, or it may simply be a friend or family member. Mainstream lenders frown on small businesses that rely on bank loans only, but it can be tough to locate capital investors, especially since the economy has taken a turn for the worse in some sectors.
Conventional lenders don’t like to see small businesses applying for too many loans simultaneously. While it may seem that applying for a bunch of loans in one short period may be the best use of your time, lenders see this as being desperate for funding or hedging your bets because you think your business isn’t deserving of a loan.
Big lenders can see all your applications on your credit report, so the more you have, the more negative it looks. And all those applications may also result in a lower credit score because each one costs you points. Not fair? No, it’s not, but that’s how it works.
Is your business a “risky” investment? It might seem that way if it’s a startup company. A startup is any business that’s been around for less than about two years. Conventional lenders don’t like funding startups, but it’s another catch-22. You need financing to launch, but you can’t get financing without being established.
When you’re wearing all the hats for your business, you barely have time to breathe, let alone fill out reams of paperwork for a bank loan. And yet that’s exactly what is required with most traditional lenders.
They want old bank records, business plans, tax returns, and profit-and-loss statements, among other things. These are not always easy to put together, especially a professional business plan. Where are you supposed to find the time to do all this, plus run your business and juggle your personal life? It’s possible to be stretched just too thin.
Luckily, for small businesses, there are alternatives for funding in Salisbury. Check out First Down Funding as another option for small business loans, especially if you have not so far been able to get the financing you need. We have many different types of funding products for virtually any industry you can imagine:
Our top goal is to make small business financing more accessible to people who need it because they are the ones driving our nation’s economy.
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Maybe you have already encountered the frustration of seeking funding from a traditional lender. Perhaps you’d just like to pass over the aggravation and boost your chances of getting a small business loan. Whether you need bridge financing or a business line of credit, First Down Funding welcomes the chance to make your small business in Salisbury a success.
If you’ve been disappointed elsewhere, we believe you’ll find First down funding a refreshing change with many benefits:
We’re nothing like conventional lenders you may have dealt with. Rather than using collateral and standard financial metrics, we emphasize your business’s future projects and income. We use these things to assemble a funding package and create a repayment plan that realistically meet your needs.
Our customer interactions are based on our six tenets: respect, passion, integrity, support, innovation, and results. Although we are headquartered in Maryland and have our largest client base here, we fund small businesses from coast to coast, in all 50 states and Washington, D.C., too.
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
Would you like to see your business finally go from merely surviving to thriving? At First Down Funding, we aim to help your business get to that next level you’ve always dreamed about. We do this by offering real solutions to the kinds of problems small business owners run into every day with financing.
You will appreciate our ultra-simple application process. We have minimized the amount of work you have to do because we know your time is short, and you need to be able to focus on running your business. Enjoy prequalifying online and reap the benefits of a soft credit pull that does no harm to your credit profile.
If you apply for a loan with a conventional lender, you’ll wait anywhere from 30 to 90 days to hear if you’re approved and to receive funding. We know that’s too long if you have a business opportunity on the horizon that needs an answer now. We provide fast funding, meaning you’ll know within 24 hours whether or not you’re approved. And, if you are approved, your loan will be funded between 24 and 72 hours later.
Your small business in Salisbury is unique. For that reason, we avoid cookie-cutter lending and offer customized loan packages. You’ll love our range of lending terms, the breadth of industries we fund, and the different types of financing we provide, from short-term loans to small business lines of credit.
For some small businesses, a short-term loan is the perfect solution. First Down Funding has this option as well, with borrowing periods from three to 18 months. Our clients like this choice for quick cash and for poor credit since the minimum credit score we require for short-term loans is only 525.
For heavy equipment and business equipment financing, First Down Funding is the place to turn. We have funding specifically designed for equipment purchases. We loan up to 100 percent of the equipment’s value, while you can have the entire life expectancy of the equipment to pay it back.
Another option many small businesses appreciate is a line of credit. The benefit of this type of financing over a loan is you only have to pay interest on the money you use, not the funds you’re not drawing. However, the entire credit line is there for you, should a hot business opportunity or emergency arise.
Do you need funding to stay in operation between cycles of funding or when you know more revenue is coming soon? Consider bridge funding. With this rapid infusion of capital, you can keep your business on track without disruption.
We realize you may have troubled credit due to events beyond your control. First Down Funding has the answer: business financing for bad credit. Get the money you need to bring your business’s vision to life without letting your credit problems hold you back.
First Down Funding is committed to making the business community safer and healthier during the coronavirus pandemic. Be sure to check out our COVID-19 Resource Center for the latest news updates and tips on how to make your small business more resilient to the ups and downs of our times.
We want to learn more about what you need to make your small business in Salisbury a success. Call First Down Funding with your questions at (833)FDFUNDING. Or, if you’re ready to get started, fill out an application online today.
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