Over 6 million people live in the Mid-Atlantic state of Maryland, situated along the United States’ eastern coast. The state’s largest city is Baltimore, but its capital is located in Annapolis. Maryland is bordered by a few other states, including Pennsylvania, Virginia, and nearby Washington, D.C.
Maryland’s diverse economy includes industries such as defense, aerospace, healthcare, biomedical research, and several higher education facilities. Johns Hopkins University and its medical research facilities are the largest employers in Baltimore, MD. Other industries supporting the state’s economy are federal government agencies, manufacturing, agriculture, fishing, biotechnology, tourism, and healthcare.
Maryland is also home to many small businesses contributing significantly to the state's economy. From local shops and restaurants to tech startups and manufacturing companies, small businesses in Maryland play a vital role in creating jobs and driving growth.
Maryland Small Business Loans
Maryland small businesses often need help to obtain financing from traditional lenders like banks or credit unions due to strict guidelines and credit requirements, an overwhelming amount of paperwork, and limited offerings for small businesses. However, AdvancePoint Capital provides a solution with our wide array of financing options that cater specifically to the needs of small business owners in Maryland. With Maryland small business loans, we provide quick and easy access to capital that credit unions or banks may not offer.
How To Secure A Small Business Loan in Maryland?
The first step is to fill out our easy online application. We ask for some basic information about your business and your financing needs. Once you’ve submitted your application, one of our dedicated loan specialists will reach out to you to discuss your options and guide you through the rest of the process.
We work with small businesses in all industries and have many different types of loans available, so all you need is to have a business in good standing with a steady income. We understand that businesses have different needs, so we tailor our loans specifically for you.
9 Best Loans for Maryland Small Businesses (May 2023)
Small Business Loans
Small business loans are popular because of fixed rates, terms and payments. Application process is straightforward and simple.
SBA Loans in Maryland
SBA loans are loans back by the federal government, but serviced by approved SBA lenders. Application process requires good credit and documentation must prove suitability for approval.
Merchant Cash Advance
An advance is a funding based on credit card processing and repaid by a set percentage of future credit card processing until paid back in full. A popular alternative to loans.
Business Cash Advance
This is an advance based on overall revenue of the business and repaid by a percentage of future sales deposits of the business. High approval rate due to low credit requirements and minimal paperwork compared to traditional loans.
Business Line of Credit
A line of credit is a revolving credit facility that allows business owners to draw on demand when needed up to a credit limit. Based on simple interest so you only have to pay interest on the outstanding balance.Easy application process.
A product created to purchase equipment by a lease or a loan. The equipment is the collateral which allows for terms of 2 to 7 years depending on credit and qualifications.
Invoice Financing in Maryland
Invoice financing, known as factoring, advances a lump sum of money on invoices at the time of issuance to the issuer for a nominal fee. Fast approvals are an easy process.
Short Term Small Business Loans
Short term business loans typically have 6 to 24 months to repay and are an alternative to traditional business loans when approval can’t be achieved at a bank or when time is of the essence. Fast application and approval process.
Long Term Business Loans
Established businesses with good credit and can prove profitability with financial statements turn to long term financing to support business expansion that requires long term financing due to the cost.
U.S. Small Business Administration
Small Business Resource Guide: Grow your Business in Maryland
View the Maryland Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
Why Do Small Business Owners Need Funding?
The list of the most common reasons small business owners use business funds.
- Working Capital loans
- Equipment Purchase and Repair
- Stock (supplies)
- Business Plan Expansion (capital for growth)
- Special Projects
- Cash Flow shortages
- Website development/ maintenance
- Emergency Resources
- Advertising and marketing strategies to acquire customers
- Jobs Creation and employee training resources and expenses
Business Grants, Funding Programs and Additional Resources in Los Angeles
Maryland Business Resources and Funding Programs – Review Available Finance Programs, Find Benefits for Small, Minority and Women-Owned Businesses, and Benefits for Veteran-Owned Businesses in Maryland.
Maryland “Open for Business” Maryland Financial Incentives for Businesses
Maryland Business Express Resources: Find Funding for Small, Minority & Women-Owned Businesses – Information and resources for small, minority & women-owned businesses.
State of Maryland Department of Commerce – Offers various resources, information, programs and financial incentives such as Grant’s, Tax Credit’s, Loans, Training, Services, Bond, Contract Finance, Investment, Loan Guarantee and Venture Capital.
State of Maryland Small Business COVID-19 Emergency Relief Loan Fund
Maryland Capital Enterprises Inc. – Maryland Capital Enterprises, Inc. empowers businesses to grow, provide resources, create jobs, and generate wealth on Maryland’s Eastern Shore and across the State. Maryland Capital Enterprises, Inc. (MCE) has sought, and received, both public and private sources of funding such as State Agencies, Federal Agencies, donations, and foundation support since its inception in March of 1998. Several funding sources have provided repeat funding. Received funding is leveraged through technical assistance and other in-kind donations provided by the many cooperative partnerships Maryland Capital Enterprises, Inc. has forged in the public and private arenas. A growing portion of funding comes from fees and interest earned.
TEDCO – provides entrepreneurial business assistance, resources and seed funding for the development of startup companies in Maryland through various programs. Explore TEDCO programs here.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.