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Small Business Loans in Maryland

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10 Small Business Loans in Maryland

Our compilation is the result of dedicated research into small business financing in Maryland, grounded in data that can be independently confirmed. The lenders are ranked by the volume of small business loans they've provided this year.

Essentially, this means these are the financial institutions and lenders that are actively extending the most financing to small businesses within the state.

(This contrasts with many other platforms, which often highlight nonprofits with infrequent lending or government schemes that are out of reach for a majority of businesses!)

Takeaway: Large, national banks do the majority of small business lending in Maryland. 

Methodology: Our review is based on data from SBA 7a loans, confirming that each of these lenders offers SBA financing. We've also compiled information on various small business loan options they advertise on their sites.

Notably, conventional banks typically enforce rigorous borrowing standards, including the necessity for high credit ratings and at least two years of operational history. To bridge this divide, our guide starts with two alternative financing options, aimed at supporting small business proprietors with less-than-perfect credit or those just beginning their entrepreneurial journey.

1. Credit Suite

Credit Suite specializes in business credit advisory and software solutions, alongside two unique non-traditional financing avenues.

Their Cash Flow Financing suits business proprietors with a few years of operation under their belt and minimal credit score requirements. This approach allows you to leverage your ongoing business cash flow to secure adaptable financial backing, with repayment tied to a portion of your business's cash flow rather than fixed monthly amounts.

Additionally, the Credit Line Hybrid is designed to offer financing based purely on your personal creditworthiness, bypassing the need for comprehensive financial records, bank statements, or elaborate business proposals.

This financing solution is meticulously designed for emerging startups and entrepreneurs, offering amounts from $5,000 to $150,000. It's an ideal match for newer businesses, especially those less than two years into their journey. 

Business financing options offered:

  • Credit Suite Cash Flow Financing

  • Credit Suite Credit Line Hybrid

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2. Manufacturers and Traders Trust Company

M&T Bank, based in Buffalo, New York, boasts a robust portfolio of business loans, including a variety of loan products tailored to specific industry needs. 

Business financing options offered:

  • Business Lines of Credit

  • Business Credit Cards

  • Term Loans

  • Equipment Financing

  • Small Business Administration (SBA) Loans

  • Farm & Rural Business Loans

  • Restaurant Business Loans

  • Medical Practice Loans

3. TD Bank

TD Bank, a major banking institution, operates extensively along the East Coast, with the exception of Georgia. With numerous retail outlets, they provide a broad selection of financing options for small businesses. 

Recognized as an SBA Preferred Lender, TD Bank facilitates the application process for business loans both online and through direct visits to their branches.

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

4. BayFirst National Bank

BayFirst National is specialized in SBA loans, as highlighted on their website with slogans like "Lightning Fast Business Loans!" and "In-house team, quick funding." They boast a dedicated in-house underwriting team, ensuring both rapid processing and deep financial acumen.

Given the typically lengthy process associated with SBA loan funding, BayFirst National's ability to expedite this process presents a significant benefit.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

5. Wells Fargo Bank

Wells Fargo, a well-known national banking giant, is a familiar sight in many communities. Despite its size, it offers a relatively limited selection of small business financing options. However, it ranks highly on this list due to the substantial volume of loans it successfully processes and disburses.

Business financing options offered:

  • SBA 7a Loans & 504 Loans

  • 2 Business Lines of Credit

  • Practice Financing

6. PNC Bank

PNC, a prominent national bank, operates numerous branches across the country. Its extensive network naturally leads to a broad spectrum of small business lending options and a selection of five distinct business credit cards.

On their website, you'll find essential details regarding loan amounts and the terms for various financing options. PNC facilitates the application process through online submissions and provides a checklist of required business documentation for each type of loan application. 

Business financing options offered:

  • Term Loans

  • Unsecured Small Business Loans

  • Secured Small Business Loans

  • Small Business Commercial Real Estate Loans

  • Secured Vehicle Finance Loans

  • Small Business Lines of Credit

  • 5 Business Credit Cards

7. Newtek Small Business Finance

Newtek might not be a familiar name like your conventional bank with physical branches, but it stands out as a significant, publicly traded entity heavily involved in small business financing.

While their website showcases just four main small business financing solutions, Newtek offers a comprehensive range of additional financial services tailored for small enterprises, covering everything from payment processing to insurance, employee benefits, and payroll management.

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

8. The Huntington National Bank

Huntington National Bank stands out not just as a top provider of loans to small businesses within this state, but it also claims the title of the number one source of SBA 7a loans nationwide.

Such a noteworthy accomplishment secures their position among the top 10 lenders across most states, showcasing their commitment to bolstering small businesses.

In addition to SBA loans, Huntington offers a broad array of financial services tailored for small businesses, from equipment leasing and agricultural loans to diverse real estate financing solutions.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

9. Bank of America

Bank of America ranks as another major national bank on this roster, with a significant presence in Maryland through numerous branch locations. They are a prominent issuer of small business loans within the state.

The range of small business financing options they offer is commendable. Even more noteworthy is their practice of transparently detailing the requirements for their business loans—a rarity among lenders that deserves recognition. 

If you're considering applying for a small business loan with them, it's advisable to review these requirements closely to ensure you meet the criteria for the financing you seek.

Business financing options offered:

  • Business Advantage Credit Line

  • Business Advantage Term Loan

  • Commercial real estate

  • Equipment loans

  • SBA loans

  • Healthcare practice loans

  • Secured Business Line of Credit

  • Secured Business Term Loan

10. Readycap Lending

Readycap specializes in key small business financing solutions, including SBA 7a loans and USDA Business and Industry loans. Beyond these government-supported options, they have a diverse portfolio of specialized commercial real estate loans. 

For real estate investors and developers, exploring Readycap's unique range of loan products is highly recommended, as they provide several financing types not commonly available elsewhere.

Business financing options offered:

  • SBA 7a Loans

  • USDA B&I

  • Many Niche Commercial Real Estate Loans

How to apply for a small business loan in Maryland 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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