From October 2023 through September 2026, Maryland businesses received 3,336 SBA 7(a) loans totaling $1.33B, net of cancellations. That ranks 17th of 52 by number of loans and 23rd by dollars. The median loan was $130K at a median starting rate of 10.50%. In FY2026 alone, lenders approved 1,236 Maryland loans for $552M before cancellations.
What stands out in Maryland
One lender dominates
Manufacturers and Traders Trust Company approved 1,399 of Maryland's 3,336 SBA 7(a) loans in FY2024 to FY2026, a 41.9% share. The top three lenders together made 50.6%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. In practice, a Maryland business shopping for an SBA loan is likely to meet this bank first, so comparing at least one other lender's terms matters more here than in most states.
Higher charge-offs on older loans
Of the 1,118 Maryland 7(a) loans approved in FY2020 and FY2021, 7.1% had been charged off by September 2026, against 3.7% nationally. Measured in dollars, 0.9% of the amount approved was charged off (1.0% nationally).
Light use of SBA 504
Maryland had 105 SBA 504 loans, 0.03 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company; in Maryland the most active was Business Finance Group, Inc. (62 loans).
A milder FY2026 drop than the country
Maryland approvals went from 1,481 in FY2025 to 1,236 in FY2026 (−16.5%), against −28.1% nationally. Dollar volume went from $528M to $552M (+4.4%).
SBA Express is the main channel
47.6% of Maryland's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median Maryland loan was $130K (national median $175K).
Health care stands out
Health care accounted for 13.6% of Maryland's 7(a) loans (453 loans), 1.4 times its 10.0% national share. The median health care loan in Maryland was $150K at a median rate of 10.50%.
Top SBA 7(a) lenders in Maryland
| Lender | Loans | Share of state |
|---|---|---|
| 1. Manufacturers and Traders Trust Company | 1,399 | 41.9% |
| 2. Readycap Lending, LLC | 150 | 4.5% |
| 3. TD Bank, National Association | 140 | 4.2% |
| 4. Newtek Bank, National Association | 122 | 3.7% |
| 5. Northeast Bank | 119 | 3.6% |
| 6. The Huntington National Bank | 118 | 3.5% |
| 7. Live Oak Banking Company | 87 | 2.6% |
| 8. BayFirst National Bank | 81 | 2.4% |
| 9. Celtic Bank Corporation | 59 | 1.8% |
| 10. United Midwest Savings Bank National Association | 53 | 1.6% |
How older loans performed
Of the 1,118 SBA 7(a) loans approved for Maryland businesses in FY2020 and FY2021 (not cancelled), 79 had been charged off by September 30, 2026: 7.1% by count and 0.9% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
Maryland SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 1,232 | 1,481 | 1,236 |
| Dollars approved | $434M | $528M | $552M |
| Loans not cancelled | 1,075 | 1,201 | 1,060 |
| Median loan | $105K | $150K | $143K |
| Median rate | 11.25% | 10.50% | 9.75% |
| Loans of $150K or less | 62.3% | 58.3% | 55.0% |
| SBA Express share | 43.9% | 44.5% | 54.9% |
FY2026 approvals in Maryland changed by −16.5% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Maryland SBA loan looks like
| FY2024-FY2026, not cancelled | Maryland | United States |
|---|---|---|
| Median loan | $130K | $175K |
| Average loan | $397K | $508K |
| Median starting rate | 10.50% | 10.25% |
| Variable-rate loans | 92.3% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 58.5% | 49.0% |
| Loans of $500K or less | 82.5% | 76.9% |
| Loans of $1M or more | 10.3% | 13.6% |
| Startups (loan opens the business) | 18.9% | 16.1% |
| Startups and businesses 2 years old or less | 38.7% | 32.0% |
| Change of ownership (buying a business) | 9.0% | 10.9% |
| Franchise businesses | 11.8% | 11.0% |
| SBA Express loans | 47.6% | 35.8% |
| Jobs supported (reported at approval) | 32,949 | 1,733,816 |
Industries that borrow most in Maryland
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Health care | 453 | 13.6% | $150K | 10.50% |
| Professional services | 443 | 13.3% | $130K | 11.25% |
| Construction | 409 | 12.3% | $130K | 10.75% |
| Restaurants and hotels | 403 | 12.1% | $210K | 10.25% |
| Other services (repair, personal care) | 378 | 11.3% | $101K | 10.50% |
| Retail | 309 | 9.3% | $150K | 10.50% |
| Administrative and support services | 214 | 6.4% | $128K | 10.50% |
| Transportation and trucking | 139 | 4.2% | $50K | 10.75% |
Where in Maryland the loans go
| County | Loans |
|---|---|
| Montgomery | 521 |
| Baltimore | 487 |
| Prince Georges | 477 |
| Anne Arundel | 347 |
| Howard | 275 |
| Baltimore City | 260 |
| Frederick | 197 |
| Harford | 158 |
| City | Loans |
|---|---|
| Baltimore | 306 |
| Frederick | 133 |
| Columbia | 122 |
| Rockville | 111 |
| Gaithersburg | 103 |
| Silver Spring | 99 |
| Laurel | 83 |
| Upper Marlboro | 68 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Maryland
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Maryland | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 105 | 18,076 |
| 504 dollars | $149M | $20.82B |
| Median 504 loan | $933K | $742K |
| Jobs supported (reported at approval) | 1,987 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Business Finance Group, Inc. | 62 |
| Rappahannock Economic Development Corporation | 18 |
| 504 Capital Corporation | 10 |
| Chesapeake Business Finance Corporation | 10 |
SBA district office for Maryland
Maryland loans are split between the Baltimore District Office (70% of loans) and the Washington District Office (30% of loans). District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Maryland
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide, and see our guide to business funding in Maryland.
Frequently asked questions
How many SBA loans were made in Maryland?
Lenders approved 1,232 SBA 7(a) loans for Maryland businesses in FY2024, 1,481 in FY2025 and 1,236 in FY2026, before cancellations. Net of cancelled loans, the three years total 3,336 loans worth $1.33B, plus 105 SBA 504 loans worth $149M.
Which banks make the most SBA loans in Maryland?
In FY2024 to FY2026 the most active 7(a) lenders in Maryland were Manufacturers and Traders Trust Company (1,399 loans, 41.9%), Readycap Lending, LLC (150 loans, 4.5%), TD Bank, National Association (140 loans, 4.2%).
What is the typical SBA loan size and rate in Maryland?
The median 7(a) loan in Maryland was $130K and the average was $397K. The median starting interest rate was 10.50%, 92.3% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Maryland by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Minnesota, Arizona, Virginia, Utah, or see all states.