Best Maryland SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Maryland
SBA Loans in Maryland
Maryland businesses received $528.5M in SBA 7(a) loan approvals across 1,481 businesses in 2025, supporting 14,774 jobs. With 106 active SBA lenders competing for business in Maryland, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Maryland is $357K at 10.87%, which is 0.55% above the national average of 10.32%. The top lender in Maryland is Manufacturers and Traders Trust Company, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in Maryland by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Maryland, here’s how SBA lending breaks down:
Startups represent 21% of Maryland SBA loans (240 loans totaling $108.8M). Business acquisitions (change of ownership) account for 22% (108 loans, $118.1M). Existing businesses make up the largest share at 42% (848 loans). If you’re buying a business in Maryland, acquisitions are a well-established use case for SBA 7(a) loans.
Maryland vs. National Average
How does Maryland’s SBA lending market compare to the national average in 2025?
Maryland10.87%
National Avg10.32%
Maryland’s avg rate is 0.55% higher than the national average
Maryland$357K
National Avg$478K
Maryland’s avg loan is 0.7x the national average
A rate higher than the national average of 10.32% is significant context for Maryland borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Maryland (2025 Data)
The table below ranks every SBA 7(a) lender active in Maryland in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust Company | $65.2M | 554 | 11.42% |
| 2 | Newtek Bank, National Association | $30.9M | 80 | 10.95% |
| 3 | Live Oak Banking Company | $28.2M | 29 | 9.39% |
| 4 | Northeast Bank | $28.1M | 160 | 10.89% |
| 5 | The Huntington National Bank | $25.5M | 39 | 9.63% |
| 6 | Readycap Lending, LLC | $25.1M | 73 | 12.28% |
| 7 | Celtic Bank Corporation | $21.5M | 31 | 10.29% |
| 8 | GBank | $19.1M | 7 | 8.89% |
| 9 | Hanmi Bank | $14.2M | 10 | 9.28% |
| 10 | First Internet Bank of Indiana | $11.8M | 7 | 9.96% |
| 11 | United Midwest Savings Bank National Association | $11.7M | 31 | 10.22% |
| 12 | Fulton Bank, National Association | $11.6M | 21 | 10.06% |
| 13 | TD Bank, National Association | $10.6M | 66 | 10.62% |
| 14 | Harvest Small Business Finance, LLC | $9.5M | 14 | 9.95% |
| 15 | First-Citizens Bank & Trust Company | $9.1M | 5 | 9.02% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Maryland have funded the most deals locally, meaning their loan officers understand Maryland’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Maryland-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Maryland
One 5-minute application. 106 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Maryland
SBA lending in Maryland reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Maryland in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 9 | $37.6M |
| Full-Service Restaurants | 60 | $27.4M |
| Limited-Service Restaurants | 66 | $27.0M |
| Offices of Dentists | 19 | $19.4M |
| Coin-Operated Laundries and Drycleaners | 7 | $14.1M |
| Fitness and Recreational Sports Centers | 27 | $13.8M |
| All Other Specialty Trade Contractors | 24 | $12.3M |
| Child Day Care Services | 27 | $12.1M |
| All Other Amusement and Recreation Industries | 19 | $11.9M |
| General Automotive Repair | 30 | $11.3M |
| Home Health Care Services | 29 | $10.2M |
| Administrative Management and General Management Consulting Services | 41 | $10.0M |
| Pet Care (except Veterinary) Services | 19 | $9.6M |
| Residential Remodelers | 41 | $9.6M |
| Veterinary Services | 6 | $8.7M |
If your business operates in one of Maryland’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Maryland
SBA lending activity within Maryland is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Maryland the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Frederick | 59 | $36.6M |
| Baltimore | 128 | $35.1M |
| Hagerstown | 37 | $26.8M |
| Rockville | 63 | $22.0M |
| Columbia | 51 | $21.6M |
| Hyattsville | 20 | $15.9M |
| Gaithersburg | 46 | $14.4M |
| Silver Spring | 38 | $14.3M |
| Upper Marlboro | 27 | $11.9M |
| Linthicum Heights | 6 | $11.5M |
How to Get an SBA Loan in Maryland
Option 1: Apply directly to one of the top Maryland lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Maryland-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Maryland in 2025?
What is the average SBA loan interest rate in Maryland?
Can I get an SBA loan to start a business in Maryland?
Who is the top SBA lender in Maryland?
What industries get the most SBA loans in Maryland?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
