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Business Funding In Severna Park, Maryland

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    About Severna Park, Maryland

    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.

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    Small Business Funding in Severna Park, Maryland

    Severna Park: The Perfect Business Location

    Close to Baltimore, Washington and Annapolis

    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.

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    Severna Park Small Businesses Alternative Financing

    Conventional lender hurdles

    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:

    • Mainstream lenders tend to find larger businesses more appealing than small businesses.
    • Many small businesses struggle to meet the rigid guidelines imposed by conventional lenders.
    • Small business operations are a mystery to many conventional lenders, and they’re unaware of how much potential small businesses have or how much they contribute to Maryland’s economy.
    • If you’re a small business you may be only a statistic or one of a group to traditional funding sources, rather than a unique company.
    • Many big banks are under the impression that start up businesses need to be funded by venture capital or private financing, and they disapprove of small businesses that rely on bank loans only.
    • With the recent economic downturn, some lenders have tightened their loan requirements and consider small businesses too risky to fund.
    • Some small business owners are unaware of alternatives to conventional lenders, so they keep applying to the same national chains.

    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?

    Low credit score

    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:

    • Previous loans with a predatory lender
    • Divorce issues
    • Past illness, such as cancer
    • Errors made by credit bureaus
    • Unfavorable debt-to-income ratio
    • Student loans
    • Slow credit reporting
    • Various algorithms used by credit bureaus
    • Business closures due to COVID-19
    • Living on cash instead of credit

    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.

    Inconsistent cash flow

    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?

    No collateral

    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.

    Missing capital investment

    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.

    Too many loan applications at once

    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.

    Business is too young

    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?

    No time for arduous documentation

    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.

    First Down Funding: the option Severna Park businesses need

    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:

    • Business working capital
    • Business funding for women
    • Unsecured business funding
    • Bridge financing
    • Business expansion funding
    • Merchant cash advances
    • Revenue-based business funding
    • Invoice and receivables financing

    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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    Severna Park Business Financing Options to Explore

    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.

    The perks of First Down Funding

    Our many satisfied customers appreciate the perks of working together with First Down Funding:

    • A rate of loan approval that beats traditional lenders and mainstream banks
    • Our team of loan experts who understand that your business is unique and who invest the time to help you turn your goals into reality
    • Rapid turnaround time for both loan decision and loan funding if a loan is approved
    • Minimal loan documentation, so no sifting through years of old bank statements and tax returns
    • Repayment plans that are flexible and reasonable for you so you are set up for success
    • The possibility to do whatever you want with your funding, since you know your business best
    • Customizable funding products with options in every industry for every type of business need

    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.

    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

    Severna Park Small Business Loans for Real Problems

    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.

    Uncomplicated application

    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.

    Quick turnaround time

    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.

    Lending for unique businesses

    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.

    Short-term financing

    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.

    Equipment funding

    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.

    Line of credit option

    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.

    Bridge funding

    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.

    Help for credit challenges

    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.

    COVID-19 assistance

    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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    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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