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Are you looking for Maryland’s best business loans & startup financing companies? For your small business in the Free State, many banks, credit unions, and unconventional lenders are offering different loan types. Keep in mind that Maryland is home to more than 245k businesses that are regarded as small firms by the Small Business Administration (SBA).
Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.
Consider these 8 business loans & startup financing options in Maryland to get started. Check our reviews of these lenders to decide which one’s the best option for you:
Swoop Funding is every Maryland-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.
At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.
Truist is one of the most reliable lenders for Maryland-based businesses. The interest rate is not very low (over 5.00% on average) but the average payout amount is $1.348 million. So, you can easily borrow enough money to keep your business running for ages. These loans come with very flexible terms and competitive rates. This lender offers a variety of lending options online & one option is described in this manner: “Borrow up to $50,000 for whatever you need for your business—no collateral required and no financial statements or liquidity verification for eligible requests.”
Even though the average interest rate at the Fulton Bank is around 6.80%, the average amount it lets you borrow also averages around $700,000. We’ve mentioned this bank before in the blog about Delaware’s best business loans & startup financing companies. So, you can apply for fair SBA loans to simply open a new line of credit through this lender. Fulton also allows you to take out real estate investment loans so your business can reach new heights of success confidently. If you apply for term loans, both secured and unsecured options are available at this lender.
This lender isn’t on our list simply because it bears the Free State’s name. Based in Baltimore, it offers local businesses a variety of lending options to choose from, making sure that you have a loan type that fits your unique corporate needs. You can open a working line of credit with loans starting from $50,000. You can also borrow money to invest in commercial real estate. Keep in mind that permanent loans come with up to 10 years of maturity. SBA loans up to $5 million are also available at Maryland’s very own Harbor Bank.
Let’s not forget about the prestigious Woodsboro Bank. This lender also provides keen lending solutions to Maryland-based small businesses, especially minority-owned ones. The SBA 7(a) loan program offers loans of up to $5 million to small business owners. However, 7(a) loans taken out under the SBA Express and Export Express are capped at $500,000. That’s how you can save your business from ruin in Maryland’s trying economy.
When traditional lending options fail you and the bank rejects your loan application, you can get in touch with Sunny Lending LLC to lay your hands on much-needed funding. This lender helps Old Line State businesses get the cash they need to expand, stay afloat, hire more people, and transform into a unicorns eventually. So, you should get in touch with Sunny Lending and see if their services are your cup of tea or not.
This bank gives you loan at a very high interest rate, i.e., 6%. Also, the loan amount is quite low, hovering at a meager $140k. That’s why we’ve placed this lender at $7 on our list. Moreover, it offers you SBA/USDA loans up to $150k. You can work with United Midwest’s lenders to find the right lender partner based on your Maryland-based business’s unique needs. This lender helps businesses in multiple niches, such as accounting, healthcare, funeral homes, hospitality, etc.
Lastly, don’t forget to consider Maryland’s Capital Bank when your business needs ample cash to stay afloat in the modern economy. This bank provides small business loans starting at $150k and can be customized to fit your business’s needs. Whether you wish to build, expand, acquire, or start something from scratch, this lender will lend a helping hand. As per their website: “Some popular small business loans are the SBA’s 7(a) Loan with a maximum loan amount of USD 5 million. The SBA 7(a) Small Loan is another popular loan that offers a maximum loan amount of USD 350,000.”
Maryland Government Resources
Check out these government resources about business grants/funding and startup financing options in MD:
- Maryland’s Business Funding Programs
- Business Loans in Snow Hill, Maryland
- Funding Options in Howard County, MD
- Business Funding & Incentives Montgomery County, MD
Top Cities in Maryland for Business Loans
Curious to know which cities or municipalities in Maryland are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:
- Baltimore
- Columbia
- Silver Spring
- Snow Hill
- Frederick
- Rockville
- Gaithersburg
- Bowie
- Hagerstown
- Annapolis
- Salisbury
- Ellicott City
- Aberdeen
- Laurel
- Towson
- Bel Air
- Westminster
- Easton
- Dunkirk
- Owings Mills
- Severna Park
- Forestville
- Pikesville
- Linthicum Heights
- Mount Airy
- Cambridge
- Chestertown
- Hyattsville
- Middletown
- St. Charles
Conclusion
Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Old Line State in this economy. You can look into lenders based in West Virginia Washington DC, New Jersey, Virginia, or Pennsylvania. That’s because these states have many lenders offering financing solutions in Maryland.
Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.
Brandi is a financial writer and entrepreneur with decades of expertise covering U.S. business and financial topics. Her work has been featured on Consumer Affairs, ASBN Small Business Network, Koho and many other top financial publications.
