Maryland small business lenders connect businesses to the funds they need.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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For those who live in the Mid-Atlantic state of Maryland, life is often very busy. From its location near Virginia and Washington D.C., this is a state that is home to a wide range of businesses, politicians, and higher education facilities. It sits on the Atlantic Ocean, creating some exceptional locations for beach goers who are looking for recreation. The state, called “Old Line State” and “Free State” has played a role in the country’s founding, and it’s still easy to find Colonial homes and beautiful architecture dotting the landscape. From the capital of Annapolis to the largest city of Baltimore, Maryland is home to 6.1 million people. It has a higher cost of living than other states, but it’s also an excellent location for those who are starting a business, or growing one.
Small business makes up a big part of the economy here. The major economic sectors in Maryland include information technology, healthcare, higher education, retail services, and some manufacturing, as well as biotechnology. Yet, there are many small businesses that contribute to the economic health of the state outside of those areas. The U.S. Small Business Administration shares that there are 634,622 small businesses operating in the Maryland. Those businesses contribute 1.2 million jobs to the economy, which pumps $61,158,465 through payroll into the state. There’s no doubt that a significant number of people are dependent on these businesses.
For businesses to grow and flourish, they need capital. That is where small business lenders in Maryland come into play. According to the latest three years worth of data from the U.S. Small Business Administration, there are 2,026 active small business loans in Maryland. Those loans have a total value of $1,071,942,448. They provide resources such as capital for businesses to develop new products and funds to expand operations. The average loan size in the state is $529,093. That’s a significant amount of money that goes to help support those organizations.
Small business loans are a financial tool. Like any other loan, lenders provide the capital from the loan to use for various reasons by the business, who is the borrower. The business then repays the loan, along with interest, over a period of time. There are a few things that make small business loans a bit different than others. First, they are typically available to small businesses which are often defined as companies with under 100 employees. Most often, these loans are meant for companies that are established rather than as funds used for startups.
Small business lenders in Maryland are available in various forms. Some are private lenders while others are big banks. While the lender does matter, it is always important for companies to consider the actual qualifications the lender has for borrowers. Lenders take on risk when offering this capital, which is why most will have very specific and sometimes stringent requirements for companies to meet. Some of the requirements will center around the business owner’s credit score unless the business has its own established credit history.
Other information is about the company’s financials. How much revenue is the company producing each month? How much other debt does the company have? Maryland small business lenders also often consider the industry the company is in, the types of products and services offered, and the competition. Companies with a business plan can present that information to the lender for consideration. Ultimately, most lenders need to be sure the company can make payments on the borrowed funds with good consistency.
Whether you need to buy real estate, acquire new equipment, or simply expand operations, many entrepreneurs turn to small business loans as a leading way to get the funding to accomplish these goals. After you have exhausted your research with the Maryland Department of Commerce, the U.S. Small Business Administration and federal government, women-owned business associations, and incentive programs in your local area, it may be time to expand your search for business lending and business assistance to Maryland small business loans from credit unions and banks directly.
While nonprofit organizations can usually apply for grants to get support with expanding their operations, or use tax credits to generate savings, for-profit businesses might need loans to support their cash flow.
Small business lenders in Maryland may offer a variety of types of loans, too. This could include loans such as:
Some loans have a very specific requirement – such as being used to purchase equipment the company needs to operate or grow. Other loans are more flexible, but most often, lenders still want to know that the funds are being used to support business operations. Some loans provide a single infusion of capital while others are a line of credit to use over time.
Small business owners must take into consideration the qualifications of lenders, too, considering who they are and what types of loans they offer.
| Rank | Bank Name | # of Maryland Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | M&T Bank | 284 | 6.70% | $193,810 |
| 2 | Wells Fargo Bank | 28 | 7.68% | $249,436 |
| 3 | TD Bank | 26 | 7.89% | $164,804 |
| 4 | Newtek Small Business Finance | 24 | 6.16% | $635,929 |
| 5 | Hanmi Bank | 20 | 4.99% | $1,269,800 |
| 6 | Live Oak Banking Company | 20 | 5.44% | $1,932,170 |
| 7 | WSFS Bank | 19 | 5.72% | $735,774 |
| 8 | United Midwest Savings Bank | 16 | 6.00% | $140,938 |
| 9 | Truist Bank | 14 | 5.01% | $1,348,329 |
| 10 | Fulton Bank | 13 | 6.79% | $699,685 |
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M & as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Newtek offers a number of services for businesses to help them to meet their financial needs. Products such as loans, cloud solutions, IT security, payment processing, payroll, and options when it comes to disaster recovery are available to protect and help a business to thrive and grow.
We reached out to Newtek to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Established in 1982 as the Korean American Bank, Hanmi Bank is now available in 9 states with 35 branches and 8 product offices to meet the needs of its customers. Hanmi Bank has $7.1 billion in assets to meet the needs of its customers through loans and other financial products.
We reached out to Hanmi Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Building a strong business may make it easier for companies to obtain the capital they need to grow. To do that, it is often necessary to use a variety of resources to grow your education and knowledge. There are free tools that can help.
One of those tool is SCORE, an organization that provides training programs, workshops, and lots of small business support from established and successful businesses. This information can be very helpful in growing your skill to building and managing your company. There’s a main office in Baltimore, but there are lots of resources right online.
The Small Business Administration in Maryland can also be an excellent place to get information. It offers a wide range of resources and tools to support company’s including access to credit building tools, taxation management, hiring employees, and building a business plan. This is also a free resource packed with exceptional tools.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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