Best Small Business Loans in Maryland 2024: Finest Selection

LLCBase is your go-to place for everything about LLCs, and it's led by Brian Cohan, who's an expert in the field. Brian and our team are here to give you clear and helpful advice on how to set up and manage an LLC. We've been through the process and know the ins and outs. Our articles and guides are based on real experiences, making them practical for you. We're committed to helping you make smart choices for your business. With LLCBase, you're in good hands as you navigate the world of LLCs.

Best Small Business Loans in Maryland

In 2023, the landscape for small business loans in Maryland is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Maryland LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Maryland. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Maryland. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Maryland banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Maryland

We will discuss Maryland’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Maryland. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Maryland LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

Which banks offer the best small business services in Maryland?
Among the popular options are BB&T, PNC Bank, M&T Bank, and TD Bank.
What is the availability of banking services for small businesses in Maryland?
There are many banks with small business service offerings in Maryland, so finding one shouldn’t be a challenge.
What makes small business loans in Maryland unique?
Maryland offers state-based government-sponsored programs, community-initiated opportunities, and targeted tax incentive options for small business loans in Maryland.
What are the qualifications for a small business loan in Maryland?
The qualifications primarily vary per bank policies, but most often depend on credit history, previous business experience, deposits, financial statements, tax documents, among other factors.
Can someone acquire an SBA loan in Maryland and what is the process for it?
Yes, someone can acquire an SBA loan in Maryland and the process is discussed in detail by the SBA and a guide
Among regional community banks, which one is prevalent in Maryland?
Bay Bank is a prevalent regional bank aquired by Hopkins Federal Savings Bank.
Does Capital One offers small business banking service in Maryland?
Capital One offers small business banking services in Maryland, including the Spark Checking account.
What are the tax implications to a small business that opens a business account in Maryland?
The tax implication would heavily depend on variables like the type of account opened due to the various fees associated with some commercial account options.
Are there different types of accounts offered to small businesses in Maryland?
Yes, banks offer different commercial banking options depending on the need of individual businesses.
What are the cost charges of services offered by banks in Maryland?
Other than various fees charged, the cost of banking services depends on the bank, the size and complexity of the business, services offered, etc. and varies heavily bank wise.
Is online banking easier and safer when it comes to small business-related paper transactions?
Yes, online banking simplifies petty transactions since it can be instantly accessible, iI eliminates the cost of paper-based statements, and can also provide clients with more security—unless adequate precautions are not taken.
Which bank offers more options off other banking services in Maryland apart from business accounts?
Many banks in Maryland offer personal and commercial accounts.
Does insurance come attached when a small business account is opened in Maryland?
No, these services fall outside regular offerings of banks, particularly since they differ on a day-to-day basis.
What are the eligibility requirements when one needs to open a small business account in Maryland?
The qualifications vary depending on the performance index.
Can unique but estate investment-related businesses acquire loans to expand financially?
Many standard qualifications banks won’t accept, tend to be factors like the location of the business, size of operations, assumptions and the applications. Pennsylvania increases at profitability apply to small and medium capital devinations and other revolving more subsidised.
Where can one find banks and programs in Maryland for small business lending relief, especially for companies impacted during the COVID-19 periods?
PPP and other related loans and small business relief initiatives offer virtual assistance through service systems included in Maryland Responsible Business Loans.
What is overdraft protection in Maryland commercial banking, and which regional bank provides it extensively?
Overdraft protection occurs when there are insufficient funds and thus adds an additional cost to the account. Eastern Savings Bank offers IT solutions concentrated solely towards such reported occurrences.
Are there specialized services dedicated to minority-owned small businesses in Maryland?
Yes and this list includes Prince George’s County Minority Business Enterprise Division, Baltimore City Office of Minority and Womens Business Development.
Which banks can support the green banking strategies of small businesses in Maryland, and does the government also offer commercial services for this sort of specialized venture?
There is not ample coverage to accurately state with certainty, even though environmental conservation program-sponsored direct involvement of banks and other industry organisations is increasing.
How proactive are Maryland banks when it comes to incorporating the use of technological advancements to improve applicable commercial transactions?
All banks are making efforts towards integrating innovative technology for demanding small business needs and offer virtual entrances to clients for document delivery and availing additional resources to enable businesses to enhance productivity and targets.
Do banks specialize in business banking for sole proprietorships in Maryland?
Yes, One account fitting for such a cause is PNC Bank Sole Proprietorship Required by some due to fewer documents or physical footprints prior to banking experience.
What is the typical rate amount of interest for the business loans in Maryland as authorised by the Small Business Administration?
At various April than rate percentages, the small business rate amounts currently range from 6.5 Dec to 7.5 per cent according to SBA guidelines computed by Bankrate.com as of early 2021.
Where else besides credit is considered as collateral reasonable when looking for a small business loan in Maryland?
Equipment assets after some relief for commercial usage may provide a business with support and speed a swiftly loan application process.
Can a complete novice, someone opening a small business for the first time or has little experience get financial assistance from banks in Maryland?
If you have legitimate requirements, are eager to learn/find knowledge you are indeed able to obtain small business loans suited to your backdrop could consider contacting a nearby AFC will be forwarded to a banker assigned to area.
Can somebody familiar with the start-up process gain additional insight or lead in any capacity via discussions with banks and so professional bodies in Maryland?
Financing articles by SBA and US Chamber of Commerce pertaining to Maryland-located businesses list banking possibilities enclosed and the government lets entrepreneurs consult their well-prepared networking platforms.
Are there incubation facilities – together with financial modeling and advisory services – intended to boost small value supply chains in partnership availability in Maryland?
Supply Chain Integration specialist involvement can varies heavily and have sought to enhance an entity’s incentives through corporate advisory services and evaluation chances increased proliferation in business financial inclusion opportunities.
How does the geographical dispersion of your banking sources (in Maryland/Others) vary your commercial viewpoint?
The banking services capabilities need keep ease customization of financing, personalized for SMB organizational development. Is geolocation-based, the financial goals for negotiating the best rates etc. vastly depends on regional barriers to exploration and include assistance provided locally..
How segregated is the tech-focused space for small business owners in Maryland, and is investing in engineering commensurable with the local market growth?
Maryland such as investment option incentives led by the Tech Department of Commerce benefit for the creation of chances and established base within Maryland’s regions seeking to imitate traditional products’ rise for sustainable business veritably structured on application technology.
What are some of the best small business banks in Maryland?
Some of the best small business banks in Maryland include M&T Bank, PNC Bank, and Flushing Bank.
What kind of services are offered by these small business banks?
These small business banks offer a range of services, including loans, lines of credit, business checking and savings accounts, cash management tools, and more.
What sets these small business banks apart from others in Maryland?
These small business banks are known for their user-friendly online banking platforms, excellent customer service, and competitive rates and fees.
What’s the interest rate that businesses could get for loans in Maryland?
Interest rates for a small business loan in Maryland can vary depending on the lender, the type of loan, and the borrower’s creditworthiness.
Which is the best small business bank for Maryland start-ups?
PNC Bank is a great option for Maryland start-ups, offering a wide range of business banking services and a reputation for exceptional customer service.
Are there any small business banks in Maryland that waive ATM fees?
Some banks, like Bank of America and PNC Bank, offer a network of ATMs that small business owners can use without incurring ATM fees.
Are there any credit unions in Maryland that cater to small businesses?
Yes, SECU Credit Union is a popular option for small businesses in Maryland, offering a range of business banking services and low fees.
Does SunTrust Bank offer small business banking services in Maryland?
Yes, SunTrust Bank offers a range of business banking services in Maryland, including business checking and savings accounts, business loans, and more.
Do any of the best small business banks in Maryland offer mobile banking?
Yes, all of the best small business banks in Maryland offer mobile banking, giving business owners 24/7 access to their accounts from their smartphones or another mobile device.
What is a good credit score for a business owner looking for a loan for their Maryland business?
Generally, business owners should aim for a credit score of 680 or higher to be competitive for a small business loan in Maryland.
Is there a specific type of small business loan available to Maryland businesses that are minority-owned?
Many small business loans are available to Maryland businesses that are minority-owned, including SBA 7(a) loans, SBA CDC/504 loans, and microloans.
What are the eligibility requirements for small business loans in Maryland?
Eligibility requirements for small business loans in Maryland can vary depending on the lender and the type of loan, but generally require a business plan, a certain credit score, and proof of income and revenue.
Can businesses in Maryland find fast funding options?
Yes, online lenders like Fundygo, Headway Capital, and BlueVine can offer fast funding options for small businesses in Maryland.
Is it better to apply for a small business loan or line of credit for Maryland businesses?
This decision will largely depend on the business’s specific needs, but a line of credit can provide more flexibility than a loan and allows businesses to draw funds as needed.
What is the interest rate for a small business line of credit in Maryland?
Interest rates for a small business line of credit in Maryland can vary depending on the lender and the borrower’s creditworthiness.
How quickly can businesses in Maryland receive loan funds from a bank?
The length of time it takes to receive loan funds can vary depending on the lender, the type of loan, and the borrower’s qualifications. However, many lenders can have funds available within a few days.
Do any small business banks in Maryland offer free checking accounts?
Yes, BB&T Bank offers a free business checking account with no monthly service fee and unlimited transactions.
Can small businesses in Maryland open a business account online?
Yes, many small business banks in Maryland offer the option of opening a business account online, including M&T Bank and PNC Bank.
Do small business banks in Maryland have any kind of overdraft limit in place?
Overdraft policies can vary depending on the bank and the type of account. Business owners should check with their specific bank to understand any overdraft limits or fees.
Can businesses in Maryland take out a personal loan for business expenses?
While it’s possible to take out a personal loan for business expenses, it’s generally better to take out a small business loan or line of credit to avoid putting personal assets at risk.
Does Maryland’s location matter when it comes to small business loans?
Lenders will consider a business’s location as part of their overall risk analysis, so it’s always possible that location could impact the terms and conditions of a loan.
Do any small business banks in Maryland offer accounting or bookkeeping services?
Some small business banks in Maryland may offer accounting or bookkeeping services themselves or could provide recommendations for local firms or providers.
Can small businesses in Maryland get loans without a personal guarantee?
While it may be more difficult, some lenders do offer non-recourse loans – loans that don’t require a personal guarantee – but these can be rare and come with other eligibility requirements.
How many business savings accounts can a business have in Maryland?
The number of business savings accounts a business can have in Maryland varies by bank.
Do any of the best small business banks in Maryland offer merchant services?
Yes, some banks offer merchant services, allowing businesses to accept a wide range of payment options, including credit and debit cards, electronic transactions, and more.
Can Maryland farmers get loans they can use to expand their farming operations?
Yes, Maryland farmers may be eligible for specialized small business loans, such as USDA loans geared toward rural agricultural businesses.
Are any of the best small business banks in Maryland located in Baltimore?
Yes, several of the best small business banks in Maryland, including M&T Bank and PNC Bank, have branches located in Baltimore.

Also Read

Conclusion

As Maryland, also known as The Old Line State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Maryland economy.

When looking for the best small business loans in Maryland, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Maryland LLC or growing your existing LLC in Maryland, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Maryland.

Leave a Comment