Downtown Ferndale, Great American Main Street. Small Business in Ferndale, Michigan.
The Main Street Downtowns and heritage corridors are alive and as diverse as the people who visit them. Shoppers delight in the variety of boutiques, retail stores, art exhibitions and galleries. For the freshest produce, flowers and hand-made items, visit the farmers markets. Many downtown districts also offer a wide variety of dining options including tasty bakeries, sidewalk cafes, coffee houses, international cuisine and fine dining. Special events offer fun activities, exciting entertainment, and great food. During your visit, try a nature trail, take a stroll along a vibrant tree-lined street, play in the parks, or just relax and rejuvenate. Soak in the atmosphere and ambiance.
Small businesses throughout Ferndale Michigan, hearken back to a time when the American Dream was alive and well, fueled not by plastic products from China, but by honest, dedicated work. There are still people that conform to these ideals, and these people make up the basis of America's small businesses on main street. Innovative ideas from a number of different catchment areas means that you can open up a business dealing with almost any type of good or service.
Throughout America's main streets in such places as Ferndale Michigan, are new manufacturers, coffee houses, barber shops, craft breweries, bike shops, retail, boutiques, distilleries, pizza shops, bars, restaurants, entertainment centers, and more… These local small businesses are what fuel America's growth and help it to withstand times of economic uncertainty. By keeping true to the values that business owners before them have espoused, these local small business owners throughout Ferndale Michigan serve as the platform that supports the American economy.
According to the Ferndale DDA, Centered on the iconic intersection of Woodward & Nine, Downtown Ferndale is a geographic designation, a favorite destination and a mindset that embraces the diversity of culture, class and creativity. Within its 3.9 linear miles encompassing Nine Mile Road from Paxton to Pinecrest and Woodward from Marshall to Oakridge, are 350+ businesses, most owned and operated by inspired entrepreneurs, driven by a personal passion to deliver goods and services in engagingly unique ways.
The district is managed and marketed by the Ferndale Downtown Development Authority, operating as the economic development engine utilizing a multi-platform approach to revitalizing the Downtown. Over the past decade plus, the DDA’s work has helped to establish Downtown Ferndale as favorite local and regional destination, known for its shopping and entertainment, a 30+piece collection of public art, intimate pedestrian alleys and pocket parks, inviting streetscapes, comfortably wide sidewalks and walk signs that stop traffic with a push of a button.
It is bike-friendly, equipped with six on-street bike parking corrals and another 30 single loops for easy sidewalk lock up.
It is walkable with pedestrians guided by an extensive wayfinding system and streetscapes enhanced by public seating, colorful flowering baskets and ample lighting.
It is auto-friendly, with more than 1,000 parking spots on-street and in lots, serviced by easy-to-use multi-space pay stations.
Throughout the year, Downtown Ferndale is the venue for a myriad of events that reflect its all inclusive status – from its hot, hot, hot wintertime Blues Festival, to Ferndale Pride in early June to a fave doggie event — Fido Does Ferndale in October. It serves up a traditional, slightly quirky, Holiday Ice Festival, is home to two great art fairs – DIY Street Fair & Funky Ferndale Art Fair; and was the birthplace of the ongoing Woodward Dream Cruise.
Downtown Ferndale is an award-winning district and consistently honored by Main Street Oakland County. It received national recognition in 2010 when the district won the Great American Main Street Award (GAMSA) from the National Trust for Historic Preservation’s National Main Street Program. Downtown Ferndale was the first city in Oakland County to receive the national recognition and only the third to be so honored in the state. The GAMSA considers the cumulative results of sustainable programs, and in the case of Downtown Ferndale, it recognized what has become the district’s ongoing mantra — “Change is Good”. We hope you make time to make that discovery yourself. Welcome to Downtown Ferndale!
Securing capital is something that comes in time with virtually every small business, whether it's in the initial exhilarating stages of transforming an idea into a company or later on, once operations begin to grow. Generating the amount of liquid cash necessary to scale appropriately, build inventory, or expand marketing efforts can be a challenge for businesses of any size, making additional cash flow a significant benefit.
Remember the old days, where you'd walk into your bank and walk out with a small business loan? Well, keep them in memory because that sure doesn't exist today.
In fact, statistically over 80% of small businesses are denied bank loans for one reason or another. Securing capital can be what it takes to motivate growth and truly seize the proverbial day. But what type of capital is available today and what type of loan makes sense for your particular business?
Financing a small business usually requires a lot of creative means in order to come up with a viable financing strategy. There are a number of ways that small business owners throughout Downtown Ferndale can finance his or her business.
A few small business funding options available for stability & growth are:
Small Business Loans - Probably the single most common method for funding business growth is by obtaining a small business loan. However, there are a number of different options that come with small business loans, and in order to choose the right one, you need to understand which loans work best with what type of enterprise. You should take into consideration the type of operation, size of the business in terms of staff and assets, and overall monthly or yearly return. Exploring options for loans can even clue you into loans that are specifically designed for your type of business. Small business loans can be either long-term or short-term, and each have their particular uses. Small business loans are usually very reliable. You can put a small business loan “to work” immediately for your business, whether it means meeting payroll for a few months, negotiating a great deal on inventory for paying in cash or hiring and training those new employees you need. Type of debt financing, generally for working capital, using the expected cash flows that a borrowing company generates as collateral for the loan. You’re essentially borrowing from cash that you expect to receive in the future by giving the lender the rights to a predetermined amount of these receivables. Get up to $2 Million in as little as 24 hours, regardless of credit! LEARN MORE
Small Business Expansion Loans - Designed for prime businesses with better risk profiles, our business expansion loan is an extended-term loan with rates ranging from 9.99% - 36%, terms of 18 to 24 months, multiple payment options, and loan sizes up to $250,000. It’s large-scale growth capital if you're looking to invest in bigger projects, with the same speed and simplicity LVRG is known for. GET STARTED
Small Business Cash Flow Loans - Type of debt financing, generally for working capital, using the expected cash flows that a borrowing company generates as collateral for the loan. You’re essentially borrowing from cash that you expect to receive in the future by giving the lender the rights to a predetermined amount of these receivables. Even if your small business is growing, you may find yourself needing extra cash to cover day-to-day expenses such as payroll, rent and inventory, or to pay for short-term projects that could grow your revenue in the long run. Uneven cash flow is one of the biggest challenges of small businesses throughout all industries. If you haven’t been in business at least two years, or lack good credit and collateral, chances are a traditional bank loan is never going to happen. In order to deal with this shortfall, a cash flow loan may be your best option. Get up to $2 Million in as little as 24 hours, regardless of credit! LEARN MORE
Small Business Revenue Based Loans - Instead of a business being required to pay fixed interest payments like a typical bank loan, a revenue based loan is paid with a percentage of revenues. A revenue based loan could be your business's lifeblood and provide it with several financial benefits. When your business is growing, chances are you'll need an injection of cash to continue its growth. In this situation, a revenue based loan may be the best solution. If you use it wisely, a revenue based loan could do wonders for your business. Without being capitalized, chances are you will wind up in a growth stalemate. With loan amounts up to $2 Million dollars and funding in as little as 24 hours, it helps you grow your business and it does not saddle you down with long-term, highly encumbering debt. LEARN MORE
Bad Credit Small Business Loans - Owners of small and medium-sized businesses often face a common challenge: They need capital to grow and strengthen their businesses, but bad credit may be holding them back. Forget trying to get a loan or line of credit from a “traditional” financial institution. It’s hard enough to get a bank loan with perfect credit these days, so a poor credit history will nearly always result in rejection for funding. Bad credit business loans may also cater to business owners that have cash flow issues or a history of liens, judgments, and bankruptcy.
Small Business Line of Credit - A small business line of credit provides flexibility that a regular business loan doesn’t. With a small business line of credit, you can borrow up to $100,000 and pay interest only on the money borrowed. You then draw and repay funds as you wish, as long as you don’t exceed your credit limit. Need to manage cash flow? Buy inventory? Pay for a surprise expense? Then a business line of credit makes sense. LEARN MORE
Small Business Merchant Cash Advance (MCA) – A merchant cash advance can provide business borrowers with an upfront fixed amount of cash in as little as 24 hours. The funding amount is based upon a percentage of the businesses credit card receivables or daily cash balances using historical credit card receipts and bank statements to determine the initial advance. The business pays back the advance, plus a percentage, often referred to as a discount factor, from a portion of their credit card receivables or cash available plus a percentage which is often referred to as a discount factor. The remittances are drawn from the business customer on a daily, or weekly basis until the obligation has been met. MCA's are good options for small business owners who may not have strong credit but have lots of credit card activity and need financing quickly. LEARN MORE
Small Business Term Loan - Small business term loans can get you the money you need to bridge cash flow gaps, handle emergencies and unexpected expenses or take advantage of a business opportunity. Funding amounts from $15,000 to $250,000 and terms of 3-24 months, a term loan from LVRG is small business capital for big business growth. LEARN MORE
Small Business Working Capital Loan - At any stage of growth, fast, flexible funding is essential to the continued success of your small business. Our working capital loans feature 6 to 18 month terms and fixed payment options to accommodate your specific needs, so you can focus on what you do best, running and building your business. LEARN MORE
Small Business SBA 7a Loans - Small Business Administration Loans (SBA) are generally the least expensive financing option for small business owners. The SBA 7(a) loan is the Small Business Administration’s most popular product and offers a flexible sum of cash that can be used for anything from managing daily operations to purchasing new products and refinancing high-interest loans. LVRG offers SBA 7(a) loans up to $350,000 in the most streamlined and efficient way possible. And, you can have funds in as fast as 7 days after the application is completed! *Typical funding time at a bank is 2-8 months. LEARN MORE
Access to capital is a great way to take advantage of new opportunities. In others, however, it can be a good way to pull a struggling company out of a pit of poor circumstances. Despite the potential for risk, capital can be the saving grace when trouble comes to call, providing the means to bridge the gap between failure and success. A few extra dollars today may mean an empire tomorrow, and can be the necessary protection against closing up for good.
A small business loan or any of the funding options mentioned above, whether for a few thousand dollars or a few million, can make previously unavailable opportunities obtainable, providing a customized solution in a time of need and keeping the lights on even when the going gets rough. With ready access to business capital, the possibilities are literally limitless, offering the assets you need to promote a positive trajectory and inspire healthy growth.
Moreover, the growth of online lending has resulted in the introduction of sub-optimal lenders that engage in less than ethical practices. Unfortunately, some lenders push small business owners to take on more credit than needed, or initially promise unsubstantiated terms and rates in a bait-and-switch scenario. Yet, there is some hope. Reliable and experienced small business funding sources such as LVRG Funding have begun to focus on dealing with specific groups of small business customers throughout America’s main street downtown's, to provide a more prudent and specialized financing advice in supporting small businesses’ initiatives for success. By better understanding the characteristics of industry-relevant financial statements and business models, such loan provider offers optimized funding solutions in a more efficient manner.
Small business owners are finally coming around, realizing that those cookie cutter, one size fits all small business loans being sold all over the internet are counterproductive and potentially detrimental to their business. Small business owners face unique challenges that require the partnership of an experienced funding firm; not product pushers or overly forceful boiler room salesmen. Indeed, for small businesses, whether receiving funds from an investor or small business funding from a group like LVRG, main street America small business owners will benefit from finding a lender that knows their businesses, and has their best interest at heart. For a small business in Ferndale Michigan looking at growth, or needing small business capital to sustain operations, a small business funding company such as LVRG is your best bet. Headquartered in Detroit's Historic Ford Building, we are a local finance company dedicated to helping the Downtown Ferndale Small Business Community thrive and grow. With a dedication to our clientele and a reputation for excellence, you'll understand why LVRG is such a respected member of Ferndale’s small business community. Give us a call today (855) 998-LVRG, or click below to get started!