Severna Park is part of the Baltimore-Washington Metropolitan Area, and is located approximately 8 miles (13 km) north of Annapolis, 17 miles (27 km) south of Baltimore, and 39 miles (63 km) east of Washington, D.C.
Severna Park was originally named “Boone,” and was a stop along the Baltimore & Annapolis Railroad, which was converted to the B&A Rail Trail in 1990.
The name Severna Park is rumored to originate from a 1906 contest held by Oscar Hatton while the modern community was first becoming established. The winner would receive a portion of land but controversy arose because the winner was an African-American woman, who was instead rewarded $500. However, extensive research by local historian Nelson Molter found no corroborative evidence for this story, suggesting the naming contest is merely a local myth.
Severna Park entrepreneurs have a huge opportunity for expansion and capital is in great demand.… at First Down Funding we love servicing Severna Park Business Owners and we provide fast processing to all funding applications. Apply online or call one of our expert Severna Park funding consultants. First Down Funding is your small business funding source for Severna Park small business owners.
Also known as The Park and The Severn, Severna Park in beautiful Anne Arundel County, Maryland couldn’t be in a better location for businesses. Situated between Baltimore and Washington, DC and just eight miles from the capital city of Annapolis, Severna Park is also close to Pasadena, Lake Shore, Arnold, Herald Harbor, Arden on the Severn, Gambrills, and Millersville.
Severna park is bisected by Maryland Route 2, also known as Ritchie Highway, which provides transportation between Baltimore and Annapolis. Other nearby thoroughfares include Maryland Route 648 and Route 70. Mass transit on MTA’s Route 70 also brings traffic to Severna Park.
The area offers some national chain retail outlets and restaurants as well as diverse small businesses. You’ll find everything from mom-and-pop eateries to healthcare clinics there. The most well known educational institution is the Severn School, which is a K-12 preparatory school for the United States Naval Academy.
There’s no doubt Severna Park’s prime location and potential make it a target for small business owners looking to launch or expand. However, some of these businesses run into roadblocks when looking for funding for their enterprises, particularly when approaching conventional lenders.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects in Severna Park
You may be one of the many small businesses that has discovered it’s challenging to obtain conventional funding for a venture in Severna Park. Perhaps you’ve encountered one of these reasons:
You might be one of those small businesses that lacks the cash reserves, high credit score, income flow, collateral, or proper business plan required by big lenders. But this presents a chicken-and-egg problem for small businesses. How can your business establish itself enough to meet conventional lender requirements without the financing to get established in the first place? Have you been troubled by some of these hurdles below?
When you apply for a small business loan, you will be required to prove your creditworthiness, just like taking out a personal loan or home mortgage. The typical credit threshold to be approved for a business loan is about 700, although this can be difficult to achieve if you have a few dings on your credit report as a business owner. You might have lower credit because of:
If you have not lived in the United States very long, you may not have had a chance to build up a credit history. Similarly, if you are a very young business owner you may also not have a credit profile, and this can result in low or no credit.
Cash flow limitations and feast-or-famine income can happen to all small businesses. This can make your debt-to-income ratio look unappealing to large lending institutions.
Perhaps you are paying down another loan or being responsible and taking care of another debt. If you are a new business, your income may not have hit its target yet. And if you were forced to close or reduce business due to the recent COVID-19 pandemic, you might also have tight cash flow. But how can you adjust your business plan to deal with these issues if you can’t get financing in the first place?
If you apply for a secured business loan for your small business in Severna Park, you will be asked to put up collateral by the lender. Collateral is something valuable that the lender can take in the event you ever default on the loan, like real estate or business property. The issue here is that many small businesses that haven’t been established for very long don’t have the types of collateral that satisfy traditional lenders. You don’t want to put up your personal residence, as this is just too risky and is therefore ill-advised.
You may also be asked to prove that you have capital investors in your business. Capital investment is an infusion of cash from someone that believes in the business and wants to have a stake in it. That might be a friend, a family member, or a third-party investor. Mainstream lenders don’t like funding businesses that only rely on bank loans. However, it can be very difficult for small businesses to find capital investors, especially during recession conditions.
Maybe you’ve heard from a big lender that you have too many loan applications open at once. You may have applied to multiple lenders simultaneously, thinking this would give you the best selection and be an efficient use of your time. Sadly, conventional lenders think otherwise.
Traditional lenders may view multiple loan applications as a sign that your business is not worth funding or is desperate for financing. They can tell how many applications you’ve submitted because these show up on your credit report, along with a hard credit pull that may lower your credit score.
Do you have a young business? Any business that is less than two years old is generally considered a startup. And startups are often seen as a risky investment for mainstream lenders. If this seems like another catch-22, you’re right, it is. How do you create a business track record if you can’t get funding to launch your business to begin with?
If you’ve completed even one loan application with a conventional lender, you’ll know how much paperwork you are required to fill out. Big banks typically want profit and loss statements, detailed business plans, and other documentation before they approve a loan. But all of these reports take an incredible amount of time and energy to complete.
How much extra time do you have in a day? Probably not a lot. You are likely wearing hats for the CEO, CFO, COO, and Director of Human Resources. It’s hard enough to juggle all these roles plus regular life without having to produce mountains of paperwork for a business loan.
You do have other options, though, when it comes to financing for your Severna Park small business. We hope you will check out First Down Funding as an alternative for your small business loan. If you have struggled to get the funding you need, check out the many loan products we have available for a huge range of industries:
If you have found small business funding less accessible than you would like, we’re here to help. Our goal is to assist the small businesses that make the American economy succeed.
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Have you been frustrated when searching for a traditional lender for your Severna Park small business? Or maybe you haven’t even applied for a loan yet, but you want to skip the stress and improve your chances for success. Whether you need bridge funding for quick, short-term cash flow or financing for your startup enterprise, First Down Funding welcomes the chance to learn more about your vision.
Our many satisfied customers appreciate the perks of working together with First Down Funding:
You won’t have to meet arbitrary financial metrics or provide collateral for most of our funding solutions. We take a different approach because our goal is to give you real tools to set up or expand your business. We place an emphasis on future projects and income, and we offer repayment plans that really work. We think you’ll find us a refreshing change from conventional lenders.
Our values are clear whenever we work with our customers: support, respect, integrity, passion, innovation, and results. We finance businesses throughout the United States in all 50 states, as well as in Washington, DC, although we specialize in working with businesses here in Maryland, which is our home state.
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 feel like your business is just in a holding pattern, only surviving when it should be thriving, you’ve come to the right place. At First Down Funding, our goal is to help your small business realize its dreams by solving real problems with alternative solutions.
Running a business eats up your day. Who has time for long loan applications? We offer an uncomplicated application process so your time isn’t wasted. You are able to prequalify online for your convenience. And we only use a soft credit pull to avoid those unnecessary dings to your credit report.
Loans with mainstream lenders typically take from 30 to 90 days for approval and funding. But if you have a valuable business opportunity waiting for you, that can be too long. We will let you know the results of your loan application in 24 hours and maybe even the same day. If your loan is approved, you’ll have your money in 24 to 72 hours.
If you’re tired of cookie cutter approaches to lending, we hear you. We see your small business as the one-of-a-kind enterprise that it is. That’s why we offer many different loan products, from business lines of credit to short-term funding to equipment financing. With our tailored processes, you’re sure to find financing that suits your unique requirements.
Sometimes a shorter borrowing term makes more sense, rather than a long-term loan. First Down Funding offers short-term financing with borrowing terms of three to 18 months. When you have an improvement that can’t wait, this might be a good option. And with a minimum credit score of only 525 required, this choice is also ideal for troubled credit.
We offer financing that’s specially created for equipment purchases too. This type of package lets you borrow up to 100 percent of the equipment’s value. And you can repay the loan over the entire expected lifespan of the equipment.
If you’re not sure how much financing you will need, a line of credit might be the perfect solution. The great thing about this type of funding is you only pay interest on the money you borrow. However, you have an entire line of credit available if you need it to cover a short-term drop in revenue, make a capital purchase, or handle an emergency.
If your small business in Severna Park has found itself in between rounds of funding with no incoming cash, we have the right product for you: bridge funding. This can fill a revenue gap when you know more income is coming soon. There’s no need to stop business operations just because cash is tight.
Because we want to make small business funding available to as many companies as possible, we have lending options for challenged credit. We understand not all credit scores are a true reflection of your creditworthiness. Get back on track with our programs for low credit scores and enjoy seeing your business dreams come true.
Are you struggling to maintain your business during the current pandemic? Check out our COVID-19 Resource Center, which gives you all the news, plus tips for how to weather the storm with safety and resilience.
If any of these benefits sound like they’re right for your Severna Park small business, we welcome hearing from you. Call us with questions at (833)-FDFUNDING, or use our easy online form to apply for funding today. Why wait when you have alternative options to traditional lending?
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