Compare Top Business Loans
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Seek Business Capital
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Startup Consulting • Business Services |
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Imperial Advance
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Imperial Advance is a business loan broker that finds loan offers for you. Simply create an account, fill out your financial information and you will receive several different quotes. Funds are available within 24 hours. |
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National Business Capital
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Founded in 2009, National Business Capital is a business financing provider best known for their fast approval and funding processes. NBC specializes in business equipment financing, lines of credit and small business loans. |
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Baltimore Business Lending
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Location
875 Hollins St., Ste. 301
Baltimore, MD 21201
(410) 727-8590
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SunTrust
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Location
120 E. Baltimore St.
Baltimore, MD 21202
(410) 986-1540
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Maryland Capital Enterprises Inc.
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Location
144 E. Main St.
Salisbury, MD 21801
(410) 546-1900
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Baltimore Development Corporation
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Location
36 S. Charles St., Ste. 2100
Baltimore, MD 21201
(410) 837-9305
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MECU of Baltimore
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Location
301 E. Baltimore St.
Baltimore, MD 21202
(410) 752-8313
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BB&T
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Location
2 N. Charles St.
Baltimore, MD 21201
(410) 727-7511
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Maryland Small Business Development Financing Authority (MSBDFA)
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Location
401 E. Pratt St.
Baltimore, MD 21202
(410) 767-6300
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How to get a business loan in Baltimore
Baltimore is ripe for small business development and startup companies, yet the number of new businesses here isn’t on par with business development in similarly sized and situated cities elsewhere in the country. A study by the 21st Century Cities Initiative at Johns Hopkins University shows that Baltimore has fewer business lenders than many other cities of similar size, which has slowed development.
With Baltimore’s lending infrastructure in need of improvement, many companies are looking to investors outside of the city to find the necessary capital to begin or expand a small business, according to the study. While this makes it more difficult to find small business loans, funding is still available for companies that know where to look.
Types of business loans in Baltimore
There are multiple types of business loans available for Baltimore businesses, and knowing which one fits your needs increases the likelihood you’ll be approved. Choosing the right loan for your company’s situation can also help you ease the burden of repayment.
| Loan type | Recommend for | Quick facts |
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| Term loan | Growing an established business | Repayment over fixed period; collateral usually required |
| SBA loans | Established small businesses | Long wait times; extensive qualifications; low rates; longer terms |
| Microloans | Startups and businesses in disadvantaged areas | Smaller amount; extensive requirements; low cost |
| Equipment loans | Equipment purchases | Competitive rates; often requires down payment; equipment used as collateral |
| Business line of credit | Short-term business needs and unexpected expenses | No collateral required; higher fees and rates |
| Invoice financing | Businesses with unpaid invoices | High rates and fees; unpaid invoices serve as collateral |
| Merchant cash advances | Businesses with high volume of credit card sales | Fast cash; extremely high rates; rapid repayment |
| Purchase order loans | Small businesses without capital to meet large orders | Lender takes control over process and remits payment, minus their fees, to business owner |
| Rollover for business startups (ROBS) | Young entrepreneurs with extensive retirement savings | Risks retirement savings; no fees |
Finding business lenders in Baltimore
While going through traditional lenders such as banks is still an option, many Baltimore small business owners are turning to nontraditional online lenders, non-profit organizations or government programs to find capital.
Online lenders offer convenience, easy application processes, few requirements, multiple loan types, speedy approval and quick access to money. While some online lenders require good credit scores, others may choose to focus on your business plan and viability when deciding whether your company qualifies for a loan.
The city and state offer several programs for small businesses. The Maryland Department of Commerce provides access to more than a dozen general business, industry-specific and location-based loans, and Baltimore offers community catalyst grants for neighborhood-based organizations and community development corporations as well as other redevelopment initiatives.
There are also a growing number of nonprofit lending options in the area, such as programs from the Maryland Small Business Development Financing Authority, Baltimore Development Corporation and Baltimore Business Lending.
Fees and requirements for business loans in Baltimore
Depending on the type of loan you qualify for, your lender may require collateral. The amount of collateral varies between lenders, but it’s not uncommon for collateral requirements to be equal to the amount of the loan.Be prepared for application fees and have the following information ready before you apply:
- Your credit score
- Desired loan amount
- Value of the assets you're willing to use as collateral
- Proof of assets, income and revenue
Be sure to read all the eligibility requirements before applying for a loan. If your loan application is denied, it’s possible your credit score could be damaged. Lenders may also charge fees for the loan, so be sure you understand all fees and compare the total costs of loans before committing.
For more information on lending in Baltimore, check out this report by the National Community Reinvestment Coalition.
Business Loans Reviews
Seek Business Capital |
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With a funding approval rate of more than 92 percent for qualified businesses, a well-designed and easy to use website and funding estimates that arrive within hours, Seek Business Capital is considered a go-to lender for startups and small businesses. Baltimore customers say the company got them the funding they needed quickly. |
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Imperial Advance |
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Imperial Advance offers an online capital qualification calculator, same-day funding, flexible plans, no-obligation offers and financial consulting services. The company provides a variety of loans, including term loans, merchant cash advances and business lines of credit. Baltimore business owners appreciate how the company’s representatives work to find financing solutions. |
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National Business Capital |
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National Business Capital has put more than $1 billion into the global marketplace through their business financing and lending. The company offers options including term loans, equipment loans and commercial mortgages. Baltimore customers say this lender has a team that exceeds expectations, but the company could be more transparent about fees. |
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Baltimore Business Lending |
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Baltimore Business Lending provides microloans from $10,000 to $50,000 to small business owners and startups that lack the credit history for traditional lending service. The organization works to revitalize local neighborhoods by providing Baltimore business owners with access to capital and has the support of local officials and experienced lenders. |
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SunTrust |
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SunTrust offers many different financing options, including term loans, equipment loans and business lines of credit. Members have access to multiple business services and resources. SunTrust says their goal is to help clients achieve financial confidence. While long-time account holders in Baltimore recommend the service, owners of startups report having difficulty with the lender. |
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