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Business Funding In Woodlawn, Maryland

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    About Woodlawn, Maryland

    Woodlawn is a suburb of Baltimore with a population of 38,951. Woodlawn is in Baltimore County. Living in Woodlawn offers residents a dense suburban feel and most residents own their homes. In Woodlawn there are a lot of parks. Many families and young professionals live in Woodlawn and residents tend to be liberal.

    Woodlawn MD also famous for being the headquarters of the Social Security Administration, Woodlawn MD is under Baltimore County, and as mentioned earlier it began as a census-designated area, and thus the people here live as an independent community or in other terms unincorporated. It dates back to the year 1904 and is surrounded by some famous cities such as Baltimore city on its east, Catonsville on its south and even counties such as Howard on its west. Theory has it that the Woodlawn MD rose to prominence after the social security administration established its headquarters there and hence attracting hordes of business people and entrepreneurs who saw it as an opportunity to grow.

    First Down Funding is your source of capital to grow your Woodlawn Business. If you are a Woodlawn business owner and looking for business funding, contact First Down Funding, we specialize in small to mid size businesses like yours. Whether it is a long term funding package or short term cash funding, apply online or contact us so we can expedite your request. We are Woodlawn Business Funding source and we are ready to service your capital needs.

    Apply for small Business Funding in Woodlawn

    Small Business Funding in Woodlawn, Maryland

    Woodlawn: Easy Access to Baltimore and More

    Diversity and opportunity

    Woodlawn, Maryland is an unincorporated community in Baltimore County. You may recognize the name as the headquarters of the Social Security Administration and the Centers for Medicare and Medicaid Services.

    As Woodlawn shares a border with Baltimore, its access from Maryland’s largest city is unparalleled. In fact, Woodlawn’s convenient location makes it a magnet for many small businesses who wish to avail themselves of the eastern side of Baltimore and the 695 Beltway.

    Many families are drawn to Woodlawn because of its diversity and location between the city of Baltimore and greenspace beyond. Woodlawn offers a wide range of local businesses, including:

    • Restaurants
    • Medical facilities
    • Automotive repair
    • Clothing retail
    • Fitness centers
    • Hotels
    • Packaged goods
    • Pet shops
    • Recreation centers
    • Craft stores
    • Pharmacies

    Of course, there is always room for more, but some small business owners have run up against obstacles when trying to obtain funding for their business ventures in Woodlawn.

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    Alternative Financing for Woodlawn Small Businesses

    Issues faced with conventional lenders

    The issue many Woodland small businesses have faced is that it’s becoming increasingly more challenging to receive small business financing from conventional lenders. Here are a few reasons why business owners have been denied funding for their enterprises:

    • Traditional lenders like big banks tend to favor larger companies over mom-and-pop businesses.
    • The guidelines for small business lending can be ridiculously hard for the average small business to meet.
    • Many conventional lenders are in the dark about the benefits of small businesses: how much they contribute to Maryland’s economy and their potential to thrive and grow.
    • Small businesses are often seen as a statistic or lumped into a group without any attempt to view them as unique entities.
    • Traditional lenders tend to believe that small businesses should first be funded by venture capital or private financing, such as grants, and they frown on the practice of businesses being financed by bank loans only.
    • Lending requirements have become more and more strict, especially as the economy has experienced a downturn, and small businesses are considered too unpredictable.
    • Many small business owners simply don’t know of options outside of conventional funding.

    Perhaps you’ve already been told that your small business does not have the credit score, cash reserves, collateral, income, or proper documentation for a conventional loan. But how are you to overcome this chicken-and-egg situation? If you need to be established to get funding but need funding to get established, what’s the solution? You may have run into some of these classic small business challenges below.

    Low credit-worthiness

    Traditional lenders require that small business owners have a credit score threshold when applying for a business loan. This is similar to what you find when you apply for a personal loan or home mortgage.

    Having too low of a score, which is generally considered anything under 700, can mean being denied for a business loan. However, many people are stuck with lower credit scores for reasons that no longer apply to them. Perhaps the score results from something long in the past or from something beyond their control:

    • Debilitating illness or accident
    • Difficult divorce or entanglement with an ex’s finances
    • Too much debt in the debt-to-income ratio
    • Victimization by predatory lending
    • Errors made by credit bureaus, including slow reporting
    • Living without credit and paying cash
    • Different algorithms applied to derive credit scores
    • Business slowdown since the COVID-19 pandemic

    Other factors influencing credit scores are age and country of origin. If you’re on the younger side as a business owner, you may not have yet established a credit profile.

    And if you haven’t lived in the United States very long, you probably haven’t built up a significant credit history or profile as well.

    Poor cash flow and debt-to-income ratio

    Your business cash flow can influence what’s known as your debt-to-income ratio. Traditional lenders like to see high income and low debt. But if you’re paying off another loan, no matter how responsible you are as a business owner, it may look like you have too much debt on the books.

    You might be a new business as well, and maybe your income hasn’t hit projected levels yet. Has your business been affected by coronavirus restrictions? This is another common reason why cash flow may be limited and the debt-to-income ratio may look unfavorable. But how can you generate more income without getting funding?

    No collateral to offer

    When you apply for a secured business loan, such as some offered by the Small Business Administration (SBA), you will likely be asked to put up collateral on the loan. Collateral is something valuable that you can offer the lender in case you default on the loan, such as business property or real estate. However, small businesses typically don’t have much to offer in terms of collateral. And even if you own your own home, it’s considered risky to use this as a form of collateral for business financing.

    Missing capital investors

    Capital investment may also be required when you take out a business loan. This means that someone else has a stake in your business venture. It might be a friend, a family member, or a third party that has put up some cash already. Conventional lenders frown on small businesses that depend solely on bank loans, and they like to see capital investors involved in the business as well. It can be quite challenging, though, to obtain capital investors, particularly when the economy has been so difficult.

    Too many simultaneous applications

    For efficiency’s sake, you may have applied for a bunch of business loans all at once, thinking this will give you more options and save time. The problem is, conventional funders don’t like to see small businesses applying for multiple loans within a short time period.

    And how do they know you’ve applied for all these other loans? They can see the applications on your credit report. And by the way, the hard credit pulls that these institutions do can lower your credit score. So, it’s unwise to apply for multiple loans at once, as unfair as that may seem.

    Being a startup business

    Startup businesses are known to have a particularly hard time obtaining business funding. They are seen as risky Investments to traditional lenders. Any business that is younger than about two years old is considered a startup. But here, we have another one of those catch-22 situations. If you need funding to start up a business, but you need to be established to get the funding, what’s a startup to do

    Spread too thin running the business

    As a business owner, do you feel that you’re pulled in a million directions every day? This is typical in small businesses. You might be the Chief Financial Officer, Chief Executive Officer, Chief of Operations, and Director of Human Resources all rolled into one person! Plus, you have to juggle whatever is going on outside of work too.

    When it comes to preparing the documentation required by a traditional business lender, it can be impossible to find the time. Banks and other conventional lenders usually want business plans, as well as profit-and-loss statements. It takes time and skill to compose these reports, and that’s time most small business owners don’t have because they’re stretched to the limit running their businesses every day.

    First Down Funding: a solution for Woodlawn business owners

    Luckily for small business owners in Woodlawn, there are alternatives to traditional lenders. If you have struggled to get the funding you need for your small business, First Down Funding would like to serve as an option for you. We offer many types of loans across different Industries, and there’s sure to be one that meets your needs:

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

    Small businesses are the cornerstone of the American economy. Our top goal is therefore to make business funding more accessible to small businesses.

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    Woodlawn Business Financing Options to Check Out

    With First Down Funding, you can skip the frustration and the stress that come with conventional lenders. You’ll also get a higher likelihood that you’ll succeed with your loan. Whether you need funding for a new business or bridge financing to carry you through a break in cash flow, we welcome the opportunity to help you with your small business in Woodlawn.

    Why small businesses love First Down Financing

    If our clients have anything to say about it, we know you’ll love the many advantages of partnering with First Down Funding:

    • A loan approval rate that beats what you’ll find with conventional lenders and mainstream banks
    • A group of loan professionals who understand the uniqueness of your business and who take the time to help make your goals a reality
    • A loan decision process with minimum wait time and rapid funding if your loan is approved
    • Minimal documentation required and no need for years of tax returns and mountains of bank statements
    • Repayment options that are both flexible and reasonable
    • The ability to use your funding as you see fit, when you’re the one who knows your business best
    • A menu of funding products that offers something for everyone, with customizable options to suit every business’s needs

    We are different from traditional lenders when it comes to providing financing solutions. We don’t depend on the same financial metrics those other lenders use, and in most cases, we don’t require collateral either. We look at your future projects and projected income when working together to develop a funding package and a corresponding repayment plan. You are sure to appreciate our innovative approach that gives small businesses the edge.

    When we interact with our customers at First Down Funding, we rely on the six tenets of our business: respect, integrity, passion, results, innovation, and support. We love working with businesses here in Maryland, which is our headquarters, but we fund businesses in all 50 US states, from the Atlantic to the Pacific, including 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 to Take You from Surviving to Thriving

    We find many businesses are only surviving when instead they should be thriving. Are you frustrated that you have not achieved your vision for your small business? Our goal is to take your business to the next level, so we have developed a business funding process and products that solve real problems.

    A less complicated application process

    Our approach starts with a less complicated application process. We know that running a business takes time, and you don’t need to be wasting time filling out reams of paperwork. You’re sure to appreciate the simplified First Down Funding application. You can prequalify online, and we only do a soft credit pull, so it’s easier on your credit score.

    Rapid decisions on loans and quick funding

    If you have a valuable business opportunity awaiting a decision, you can’t afford to wait the standard 30 to 90 days that conventional lenders require. At First Down Funding, you’ll receive an answer to your application as quickly as the same day, usually within 24 hours. If your loan has been approved, you can count on a funding timeline of between 24 and 72 hours.

    A more customized approach

    Cookie-cutter solutions don’t get the job done when it comes to small businesses. Therefore, we treat your business as the one-of-a-kind enterprise that it is. We offer a wide range of products with different lending terms and funding for just about every industry. That way, you’re sure to get funding that is more customized to your unique business.

    Financing for the short term

    Long-term loans work for a lot of different situations, but sometimes a short-term loan is a better solution. We have financing with borrowing times ranging from three to 18 months. We have found this to be the ideal tool for businesses that need rapid cash, but it’s also perfect for small businesses with lower credit scores. Our requirement for short-term funding is a credit score of only 525.

    Funding for equipment

    When you need business equipment, you need it now. If you’re looking for equipment financing, be sure to try First Down Funding for its loan programs, specifically for equipment purchases. You’ll love the freedom that comes with being able to borrow up to 100 percent of equipment value and pay the loan back over the entire expected life span of your equipment.

    Small business credit lines

    A small business credit line can be a great alternative to a regular loan. When you take out a line of credit, you only pay interest on the funds you have used. You never pay interest on funds you haven’t drawn upon, although the entire credit line is there at your disposal in case you need it for business expansion or an emergency.

    Bridge financing for quick cash

    Has your business ever found itself in between funding cycles without enough income? Bridge funding was created for this exact scenario. It’s also perfect for when you need quick capital and increased revenue is right on the horizon. No need to disrupt your business plan when you have bridge financing available.

    Get help with troubled credit

    First Down Funding wants to help you get back on track if you have troubled credit. We know that sometimes, credit issues are due to events beyond your control. We offer funding packages for low credit, so you can still make your business dreams come true and start rebuilding your credit record.

    COVID-19 resources for challenging times

    Don’t let the coronavirus pandemic throw a wrench in your business plans. Use our comprehensive COVID-19 Resource Center to stay on top of COVID news and make your business healthy, safe, and resilient. If you’re ready to start exploring alternative small business financing solutions with First Down Funding, give us a call at (833)-FDFUNDING. Or even easier, contact us online to start an application today.

    Apply for Business Funding in Woodlawn

    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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