GoSBA’s Top 50 Maryland SBA Lenders in 2024
Overview of SBA Loans in Maryland
Maryland, with a population of approximately 6.2 million people, has a diverse economy driven by industries such as healthcare, technology, defense, and manufacturing. The state is home to a wide range of businesses, from startups to large corporations, and benefits from its proximity to Washington, D.C., making it an ideal location for government contractors and tech companies. With cities like Baltimore, Bethesda, and Columbia, Maryland provides a favorable environment for businesses to grow and succeed.
Popular industries in Maryland include healthcare, technology, defense, finance, and tourism. In FY 2024, Maryland SBA loan providers funded 2,300 businesses, with a total loan volume of $1.9 billion. Maryland also has a vibrant entrepreneurial community, with many women-owned businesses contributing significantly to the state’s economic growth.
Finding the Best Maryland SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Maryland for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Maryland.
Challenges in Accessing SBA Loans in Maryland
A significant challenge for small businesses in Maryland is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like M&T Bank, Sandy Spring Bank, Truist Bank, Wells Fargo, Bank of America, Capital One, Howard Bank, PNC Bank, Fulton Bank, and Revere Bank. These ten lenders funded 1,300 businesses in Maryland, with a combined loan volume of $1.5 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Maryland Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Maryland, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Maryland SBA lenders in 2024.
Top 50 Maryland SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| Manufacturers and Traders Trust Company | $32,886 | $40,452,100 | 317 | 12.24% |
| Newtek Bank, National Association | $6,940 | $26,354,600 | 55 | 11.81% |
| Live Oak Banking Company | $2,355 | $18,948,000 | 18 | 10.25% |
| Readycap Lending, LLC | $6,564 | $15,579,200 | 55 | 12.97% |
| The Huntington National Bank | $4,107 | $12,598,000 | 34 | 10.76% |
| Capital Bank, National Association | $1,512 | $10,197,000 | 10 | 10.30% |
| TD Bank, National Association | $7,620 | $8,743,800 | 63 | 12.23% |
| Truist Bank | $621 | $8,662,000 | 4 | 8.99% |
| Bank of America, National Association | $3,231 | $8,613,700 | 22 | 9.62% |
| Bank Five Nine | $492 | $8,235,000 | 2 | 9.50% |
| BayFirst National Bank | $5,880 | $7,476,700 | 49 | 13.21% |
| First Internet Bank of Indiana | $480 | $7,441,000 | 4 | 11.19% |
| Hanover Community Bank | $552 | $6,645,000 | 3 | 10.25% |
| Univest Bank and Trust Co | $913 | $6,244,000 | 6 | 11.00% |
| Capital One, National Association | $360 | $5,775,000 | 3 | 9.80% |
| Celtic Bank Corporation | $1,098 | $5,007,100 | 9 | 11.28% |
| Hanmi Bank | $1,140 | $4,923,000 | 5 | 10.00% |
| Harvest Small Business Finance, LLC | $1,200 | $4,809,100 | 4 | 11.00% |
| United Midwest Savings Bank, National Association | $1,320 | $4,590,000 | 11 | 11.23% |
| VelocitySBA, LLC | $366 | $4,515,000 | 3 | 11.33% |
| Pathward National Association | $360 | $4,510,000 | 3 | 10.42% |
| Fund-Ex Solutions Group, LLC | $240 | $4,324,800 | 2 | 11.38% |
| First National Bank of Pennsylvania | $660 | $4,251,800 | 4 | 10.44% |
| T Bank, National Association | $299 | $3,901,000 | 1 | 10.00% |
| Woori America Bank | $420 | $3,667,000 | 2 | 9.88% |
| Bank of Clarke | $486 | $3,287,700 | 4 | 10.88% |
| SouthState Bank, National Association | $1,440 | $3,110,000 | 12 | 11.25% |
| Berkshire Bank | $360 | $2,999,600 | 3 | 10.83% |
| Fulton Bank, National Association | $1,210 | $2,992,000 | 7 | 10.96% |
| WesBanco Bank, Inc. | $360 | $2,868,700 | 3 | 10.50% |
| Mission Valley Bank | $300 | $2,787,200 | 1 | 10.00% |
| East West Bank | $240 | $2,760,000 | 2 | 10.50% |
| Citizens Bank | $788 | $2,702,800 | 5 | 11.15% |
| Northeast Bank | $2,640 | $2,603,200 | 22 | 11.25% |
| Firstrust Savings Bank | $396 | $2,500,000 | 3 | 10.83% |
| Meridian Bank | $600 | $2,425,000 | 5 | 10.95% |
| Heritage Bank, Inc. | $1,140 | $2,358,000 | 8 | 12.03% |
| JPMorgan Chase Bank, National Association | $1,632 | $2,135,000 | 13 | 12.95% |
| Wilmington Savings Fund Society, FSB | $360 | $2,105,000 | 3 | 10.67% |
| Industrial Bank | $480 | $2,104,500 | 4 | 10.13% |
| Cadence Bank | $840 | $2,040,000 | 7 | 11.25% |
| American Momentum Bank | $240 | $2,004,500 | 2 | 11.13% |
| First Bank of the Lake | $720 | $1,900,800 | 6 | 12.79% |
| Byline Bank | $420 | $1,870,000 | 2 | 11.25% |
| First Chatham Bank | $370 | $1,702,000 | 3 | 10.83% |
| Wells Fargo Bank, National Association | $3,000 | $1,465,200 | 22 | 13.17% |
| PNC Bank, National Association | $3,000 | $1,463,000 | 25 | 12.84% |
| Gulf Coast Bank and Trust Company | $126 | $1,364,500 | 1 | 11.25% |
| Bank of Oak Ridge | $120 | $1,134,000 | 1 | 10.75% |
| Atlantic Union Bank | $240 | $1,107,000 | 2 | 11.00% |
Leading Maryland SBA Lenders by Loan Volume
Analyzing the table above, Manufacturers and Traders Trust Company (M&T Bank) leads the way in Maryland with the highest loan volume, funding over $40.45 million across 317 loans. This positions M&T Bank as a strong choice for businesses looking for substantial financing in Maryland.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, Manufacturers and Traders Trust Company also takes the lead with 317 loans totaling over $40.45 million. This makes M&T Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Maryland
TD Bank, National Association and BayFirst National Bank are also significant players in the Maryland SBA lending market. TD Bank funded 63 loans totaling $8.74 million, while BayFirst National Bank funded 49 loans with a loan volume of $7.48 million. These institutions are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Capital Bank, National Association, Hanmi Bank, and Woori America Bank provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Maryland?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Maryland. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Maryland Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Maryland’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Maryland?
If you’re ready to find the best SBA lenders in Maryland, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
