First Down Funding is a company that offers next-day loans and other small business funding services to small to medium-sized businesses in the U.S. They work with small business owners to help them find funding solutions to support business growth aligned to their specific business needs.
Even in the best of times, small businesses face cash flow issues. Sometimes it is a good problem — you have a chance to grow but need a capital boost to accomplish it. Sometimes it’s a recurring problem — you have your slow month just before you need to invest in inventory or supplies to gear up for a big season. Sometimes it’s a bad problem — a big client just dropped you when you were expecting a big payout, and you need to scramble to fill in the gap.
Traditional banks may not be responsive to these kinds of issues because their loan process is drawn out, and loans are based on assets, not your company’s revenues. First Down Funding next day loans can provide the perfect solution for these situations, providing the quick funds you need to get your business back on track and thrive. First Down Funding provides:
- Effective business financing solutions.
- Fast approvals.
- Flexible terms for short or long-term funding
- An easy online application
- Personalized customer service.
Unlike a traditional funding provider, they look at other requirements other than credit scores. So if even if you have a bad credit score or no collateral, First Down Funding can still help you secure business funding.
What Are Next Day or Same Day Loans?
Next-day loans from First Down Funding are smaller loans ($2,000 to $300,000) issued the same day or next business day to help small businesses in emergencies.
The loans are made based on your business’s cash flow and generally are paid off over a short time, like three to 18 months. So, for example, if you’re in the retail industry and need inventory for the holiday shopping season, your loan could be structured to pay off through your best sales season.
The loans come at a higher cost than traditional bank loans because First Down Funding assumes greater risk. However, first Down Funding typically charges a small percentage of the total purchased receivables (an administrative fee) plus interest based upon your funding needs and history.
Payments on next-day business loans typically are made daily or weekly, depending upon your company’s cash flow.
How to Qualify for a First Down Funding Next Day Loan
First Down Funding offers a simple, online process for applying for next-day loans. The typical business that qualifies will have at least $150,000 in annual revenue and at least two years in business. The owner also should have a personal credit score of 600 or better. However, First Down Funding will seek to understand your business’s whole financial nature to determine the best funding route to approve your business funding.
Some documents you’ll need to provide during the application process include:
- Drivers license
- Voided business check
- Proof of ownership
- Bank Statements
- Credit score
- Personal tax returns
You can apply directly online or discuss your business’s capital needs with one of First Down Funding’s funding experts before making your application.
After your loan is approved, funds are deposited in your business bank account the same day or the next day. The terms of your repayment process will be worked out during the application process, so you understand your commitments before agreeing to the loan.
Of course, First Down Funding expects you to succeed and hopefully become a return customer. So they will work with you on the process to give you the terms your business can meet.
Why First Down Funding?
First Down Funding is a company based in Annapolis, Maryland, which serves small businesses across the country with passion and integrity.
First Down Funding believes in working with business partners, not anonymous clients who serve only as revenue sources. The company’s success is based upon the success of those clients.
For those reasons, First Down Funding provides the widest variety of business loans to meet each business sector’s needs, so small businesses can thrive and continue to drive the American economy. And funding approvals to get your funds faster.
While you are welcome to go directly to online applications, you can also speak with one of their knowledgeable business funding managers to better understand what type of business loans would serve your immediate and ongoing financial needs.
Would Another Type of Business Loan Serve You Better?
Depending on your business’s situation, maybe another type of loan would benefit your company.
The best loan for any business is the one that costs the least amount but also provides the needed benefit. Maybe today that’s a next-day loan. But perhaps it’s one of the other loan types First Down Funding provides. Unfortunately, traditional banks are typically limited in the types of business loans they offer.
First Down Funding offers a full array of business loans. One of the company’s business funding experts can discuss the various options with you and find the perfect fit for your business’s needs:
- Working Capital Funding: When you need to cover short-term, day-to-day operations, a working capital loan could be your preferred option. These loans are not intended to cover investments or growth but to get you through your current needs. Interest rates tend to be slightly higher, but you can get the needed capital quickly and pay it back with longer-term options.
- Merchant Cash Advance: Merchants can get immediate cash by agreeing to repay the loan through deductions from their credit/debit card payments. Rather than a fixed monthly payment, each time you sell something via a debit or credit card, a portion of that money goes to the lender. These loans are easier to qualify for, especially for newer businesses or those whose owners have a lower credit score.
- Small Business Funding: You can use small business funding for expanding can access various financing solutions, such as credit lines or invoice financing.
- Bank-Only ACH: Access immediate funds as needed without going through a traditional route like a bank.
- Bridge Funding: A loan to cover expenses between two business financing periods.
- Short-Term Funding: Allows business owners to get cash quickly and repay it in a shorter amount of time for more favorable terms.
- Long-Term Funding: Usually used to expand or fund a business for a more extended period.
Easily apply online today to get approved for a next-day loan for your business, or get in touch with First Down Funding to discuss the best funding option for your small business.