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Small Business Financing in Baltimore, MD

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Loan Overview

Loan Amount Up to $500,000
Estimated Repayment Terms 1-5 Years
Interest Rate Starting at 7%
Speed of Funding As fast as 1 day
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Competition is strong in Baltimore, with retailers, manufacturers and service providers all vying to be a bigger part of the city’s economy.

Whether you run a small seasonal business or have become a staple in your local community, when revenue is lower than usual or an unexpected expense arises, you need to push through.

Sometimes that takes capital you just don’t have, though. When you need financing, you can look to lenders offering business loans in Baltimore. Check out our list of top contenders, see the state of small business in Baltimore and view helpful resources for local entrepreneurs.

Small Business Landscape in Baltimore

There are more than 12,000 businesses in Baltimore, MD, employing nearly 300,000 workers, according to 2018 data from the U.S. Census Bureau.

Some of the most popular business industries in Baltimore County include the following, ranked from those providing the greatest employment to least:

  1. Transportation, distribution and logistics
  2. Professional and business services
  3. Health care and health services
  4. Financial services
  5. Education
  6. Construction
  7. Manufacturing
  8. Information technology

5 Lenders Offering Small Business Loans in Baltimore

Here are 5 top local banks offering small business loans in Baltimore, MD. See why they’ve made our list and review available loan offerings.

1. Howard Bank

This local business lender features a couple branches in Baltimore city and several more within Baltimore County. The bank is accredited by the Better Business Bureau (BBB) and has earned an A+ rating from the organization too. Loans are available for established businesses as well as startups.

Available financing here includes:

  • SBA loans
  • Equipment loans
  • Term loans
  • Lines of credit
  • Asset-based financing
  • Working capital loans
  • Commercial real estate loans

2. M&T Bank

In operation for more than a century, M&T is another source when you’re in search of small business loans in Baltimore, MD. It’s earned an A+ rating from the BBB and ranked among Forbes’ list of America’s Best Banks for 2020.

Find the following financing:

  • SBA loans
  • Business credit cards
  • Lines of credit
  • Term loans
  • Equipment financing

3. The Harbor Bank of Maryland

Another lender to consider when you’re in search of business loans in Baltimore is this BBB-accredited bank, which has an A+ rating.

Financing available includes the following:

  • SBA loans
  • Term loans
  • Retail loans
  • Equipment loans
  • Vehicle loans
  • Commercial mortgages
  • Building acquisition and rehab loans
  • Construction and renovation loans
  • Working capital lines of credit
  • Letters of credit (100% cash secured)

Term loans can extend 3, 5, 6 or 10 years. Commercial mortgages have 5-year terms and 15- or 20-year amortization periods. Lines of credit start at $25,000 and mature in 1 year.

4. FVCbank

This bank has earned a 5-star rating on Google and is accredited and A+ rated by the BBB. Choose from the following secured and unsecured loans, available at fixed or variable rates:

  • SBA loans
  • Equipment financing
  • Lines of credit
  • Business credit cards
  • Business loans for professionals
  • Business mortgages
  • Business loans for building and construction

5. PNC Bank

Although it’s based in Pennsylvania, PNC Bank has 10 branches in this Maryland city. Not only is it BBB-accredited with an A+ rating, but it was named a top big bank for 2020 by Bankrate.

Small business loans at this Baltimore lending institution include the following:

  • SBA loans
  • Business credit cards
  • Business lines of credit
  • Business vehicle finance loans
  • Commercial real estate loans
  • Unsecured and secured term loans

Alternative Forms of Financing in Baltimore

The pros of conventional lenders, such as the banks listed above, are often competitive rates and repayment terms. However, the cons can include a lengthy application and funding process and the need for applicants to provide collateral.

That’s led many small business owners to turn to alternative financing. Alternative lenders are able to offer fast access to funds, from short-term loans to merchant cash advances. Some even offer SBA loans, including the SBA Express loan.

Funds can be used to purchase inventory, cover payroll expenses and more. Financing is typically offered with shorter repayment periods and less competitive rates than that of conventional lenders.

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Small Business Resources in Baltimore, MD

Here are a few additional resources for small business owners in Baltimore, MD.

Baltimore County Small Business Loan Fund

For business owners in need of fixed asset or real estate loans, the Small Business Loan Fund offers financing for the lesser of these 2: up to $1 million or 40% of the cost of the project.

However, at least 50% of the project cost must be from a bank participating in the program, which include all of the above banks, with the exception of FVCbank, as well as the following:

  • BB&T
  • Bank of America
  • First National Bank
  • Fulton Bank
  • CFG Community Bank
  • Chesapeake Bank of Maryland
  • Orrstown Bank
  • Northwest Bank
  • Old Line Bank
  • Peoples Bank
  • Revere Bank
  • Rosedale Federal Savings & Loan
  • Sandy Spring Bank
  • SunTrust Bank
  • TD Bank
  • Wells Fargo
  • Farmers & Merchants

Small Business Resource Center

An initiative of the Baltimore Development Corporation, aspiring and established entrepreneurs can benefit from training, counseling, networking, technical assistance and educational workshops.

Seminar topics include:

  • Accounting
  • QuickBooks
  • Business taxes
  • Business plan writing
  • Digital photography
  • Government contracting
  • Selling
  • Marketing
  • Nonprofits


SCORE is a nationwide nonprofit dedicated to helping business owners who are in the ideation phase, just starting out or have been operating for years. As with other SCORE locations throughout the country, the Greater Baltimore chapter offers free business mentoring and low- or no-cost business training. They also have a library of free online resources, including templates and helpful articles.

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