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Maryland Small Business Loans

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  • Get funds as fast as 24 hours
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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Operating a business in the Free State can be a challenge. Attracting and maintaining customers and staying ahead of the competition demands a lot of attention and capital. But, sometimes, the best intentions to build your business can be stymied by a lack of funds. 

Oftentimes, that leads entrepreneurs in the state to start researching Maryland small business loans. Here’s some helpful information to guide you toward the right funding solution for your company.


Maryland’s Small Business Landscape

There are more than 604,000 small businesses in Maryland, according to the Small Business Administration. These small businesses are responsible for employing 1.2 million workers in the state and 116,000 self-employed minorities. 

Some of the industries employing the greatest numbers of small business workers include these:

  • Health care and social assistance
  • Professional, scientific and technical services
  • Accommodation and food services
  • Construction
  • Retail trade

5 Banks for Maryland Business Loans

Here are a few conventional institutions and SBA lenders in Maryland you can turn to when you’re looking for a business loan.

1. Sandy Spring Bank

This bank was named No. 45 on Forbes’ list of America’s Best Banks. Additionally, several branches have an A+ rating with the Better Business Bureau (BBB), and WalletHub reviewers have given the institution a 4.1-star rating.

Whether you’re looking for SBA Maryland business loans or commercial term loans, you’ll find them here as well as the following:

  • Lines of credit
  • Construction loans
  • Installment loans
  • Business credit cards
  • Leasehold improvement loans
  • Commercial real estate loans

2. EagleBank

EagleBank earned a spot on WalletHub’s 2021 Best Banks in Maryland list. It also earned a 4.8-star rating from more than 400 reviewers on the site. Not to mention, this institution is accredited by the BBB, where it’s A+ rated.

Financing options include the following:

  • SBA loans
  • Term loans
  • Business credit cards
  • Owner-occupied mortgages
  • Asset-based administrative loans
  • Commercial real estate loans
  • Working capital lines of credit
  • Equipment loans and leasing

3. Taylor Bank

Taylor Bank has earned an overall 5-star rating on WalletHub as well as an A+ rating from the BBB. Small businesses, retailers, manufacturers, wholesalers, service and related businesses can apply here. Funding options include unsecured and secured loans, credit and commercial real estate loans.

4. The Harbor Bank of Maryland

Not only is this bank accredited by the BBB and A+ rated, but it also has a 4.4-rating on WalletHub. Find SBA loans for your Maryland business as well as the following funding types:

  • Retail loans
  • Equipment loans
  • Vehicle loans
  • Letters of credit
  • Commercial mortgages
  • Building acquisition loans
  • Construction or renovations
  • Working capital lines of credit

5. Woodsboro Bank

Here’s another SBA lender in Maryland that is A+ rated with the BBB. WalletHub reviewers have also granted Woodsboro Bank a 4.3-star rating. Available SBA loans include the 504 and 7(a). Other financing types include these term loans, lines of credit and commercial real estate loans.


How to Get a Small Business Loan in Maryland

One of the first things to do when you’re wondering how to get a small business loan in Maryland is to understand what qualifications lenders are looking for from applicants

Many small business owners turn to banks first when they’re seeking funding. However, they often realize that the requirements to qualify for financing can be difficult to meet. The process to apply and get funded can also take time. 

Alternative lenders offer another option for business owners in search of financing with less stringent requirements and faster turnaround times. These lenders may be able to offer a range of products, from SBA loans to short-term financing, such as merchant cash advances for Maryland businesses. 

  • Applying for Small Business Funding in Maryland Through Fast Capital 360

    Our financing partners offer lines of credit, term loans, SBA loans and merchant cash advances to Maryland business owners. 

    Benefit from the following:

    Speed

    Apply online in just a few minutes and find out what you qualify for fast. Funds could be available within 1 day of approval. 

    Multiple Offers

    Because we work with lenders throughout the country, you could receive several financing offers. 

    Expert Guidance

    Weigh your options and decide what’s best for your business. A Fast Capital 360 Business Advisor is standing by to answer any questions you may have about your offer.

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Additional Resources for Maryland Entrepreneurs

Here are a few organizations in the state for entrepreneurs seeking financial assistance, training, mentoring and more.

Maryland Small Business Development Financing Authority

If you’re in search of minority business loans in Maryland, consider this agency. Programs are designed to provide financial assistance to small business owners who are economically and socially disadvantaged and who have been unable to secure a conventional business loan.

Entrepreneurs can use funds for a variety of purposes, including construction, real estate improvements, equipment purchases, working capital, franchise investments and more.

The state of Maryland small business loans available here include the following:

  • Contract financing 
  • Equity participation 
  • Long-term guaranty 
  • Surety bonding

Maryland Small Business Development Center

This organization has been helping entrepreneurs for several decades. Find free business counseling here. Get advice about business planning and short- and long-term goals. Get assistance finding funding for your business too. Plus, sign up for free or low-cost training programs.

Maryland Women’s Business Center

Whether you’re just starting out or are a seasoned woman entrepreneur, you’ll find helpful resources here. Take advantage of business counseling or participate in educational workshops and seminars.

Get support with the following:

  • Hiring
  • Networking
  • Accessing capital 
  • Developing a business plan

One application. Multiple loan offers.

Quickly compare loan offers from multiple lenders without impacting your credit score.

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