Maryland has almost half a million small businesses operating within the state, employing close to 200,000 people and creating an estimated 40,000 new jobs every year. These small businesses make up 99.5% of the total economy in the state. Growing these small businesses is in the best interest of the Maryland economy, and one way of doing this is through granting small business loans in Maryland.
Top Four Maryland Small Business Loan Options
When looking for funding, there are specific criteria that you need to consider. Things like the interest rate, the loan term, and the cost of attaining the loan are essential factors. Many lenders specialize in the state of Maryland and can help your business grow.
1. The Harbor Bank of Maryland
The Harbor Bank of Maryland offers a variety of funding options to Maryland-based small business owners and entrepreneurs. As such, you are welcome to apply for equipment and vehicle loans, Small Business Administration loans, working capital lines of credit, retail loans, and more.
For example, a business line of credit issued by the Harbor Bank of Maryland can be used for payroll, inventory, or working capital purposes. It comes with a minimum value of $25,000 and a one-year maturity. If you need longer-term financing to purchase furniture, equipment, or business vehicles, you might want to apply for a term loan instead. Here, you can choose between 3, 5, 7, and 10-year terms.
2. Fulford Lending
Serving Maryland, Virginia, and Washington, DC, Fulford Lending promises rapid approvals for residential and commercial borrowers. Fulford Lending doesn’t do a credit check but instead looks at your equity position to determine how much you’ll be allowed to borrow. To speed up the process, the company often gives provisional approval for loans over the phone, whereafter you’ll be able to negotiate the terms and conditions.
With Fulford Lending, you can pay off your loan early without a prepayment penalty. The company offers small business loans in Maryland with various repayment terms, interest rates, and amounts, allowing you to quickly access the funds you need. Fulford Lending also provides excellent customer care available during business hours to answer any questions you have about your loan.
3. Innovation Gateway
Innovation Gateway operating under the University of Maryland offers a multitude of small business resources, including everything from business workshops and networking, to funding through loans and grants.
An organization specifically aimed at helping African-American entrepreneurs, Innovation Gateway offers startups the opportunity to apply for a microloan or a commercial bank loan through the Maryland Small Business Development Centre (SBDC). In addition, they will assist you in starting the business by assigning a business counselor to train you. All in all, if you’re interested in starting a business as an African-American, this organization will offer plenty of assistance.
4. Howard Bank
Since 2004, Howard Bank has been offering financial products and services to families and entrepreneurs in the local communities of Maryland. So, whether you require financial assistance to start or expand an existing business within the state, consider contacting Howard Bank to learn about the flexible financial solutions available to help you achieve your goals.
The bank offers small business term loans, asset-based financing, and lines of credit to meet various business needs, such as:
- Purchase, improvement, or expansion of commercial property or business facilities
- Purchase of machinery or equipment
- Working capital to cover short-term operating expenses, such as marketing, inventory, insurance, or payroll
Top Online Maryland Small Business Loan Options
Various online sites provide loans for small businesses in Maryland. If you’re interested in saving time while applying for a loan, an online application might be the right way to go.
