Healthcare practice financing in Maryland

Every column above shows the official source it came from. This is a reading of published Maryland material, not legal advice, and counsel should confirm it against the entity being funded. Verified

Source: SBA 7(a) and 504 approval files, fiscal year 2025. Verified

FREDERICK leads Maryland with $11.5 million across 13 approvals, $888,169 each, which is the comparable set an appraiser reaches for on a purchase there. Verified

Categories CMS does not certify in Maryland do not appear. A dataset that has not been read yet is labeled, not filled in. Directional

Prince Georges leads Maryland with 46 certified providers, ahead of Baltimore City at 29. Concentration decides whether an underwriter has local precedent or has to build the case from the practice's own collections. Verified

Across the tracked fields Maryland holds 15,666 establishments, the deepest being physician and specialty offices. Only 1.3 approvals per 100 establishments show up in the loan file, so most capital here is not SBA capital. Verified

The heaviest county in Maryland is Montgomery at 3,420 establishments. Where the base thins out, expansion is a build rather than a purchase, and the capital request changes shape with it. Verified

The deepest Maryland occupation on this table is registered nurses: 52,910 employed, $99,790 mean. Payroll is the biggest line in most Maryland practice budgets, so a forecast that ignores the local wage is a forecast a funder discounts. Verified

Baltimore City tops the Maryland list with 2,353 of the state's 3,755 designations. Designation changes recruitment before it changes pricing: repayment support reaches a clinician hired there, and a stalled vacancy becomes fillable. Verified

• Dental offices: 21 Maryland approvals totaling $20.2 million, $964,090 each. With only 21 Maryland approvals behind $20.2 million, the underwriter reads documents rather than precedent.
• Home health and hospice: 30 closings, $10.5 million approved, $349,807 typical. That average is the reference point a Maryland credit committee starts from on a similar file.
• Veterinary practices: $1.5 million on average, 6 approvals, $8.7 million in total. Match $1.5 million and the timeline is ordinary; ask well above it and the Maryland diligence list lengthens.
• Physician and specialty offices: 32 closings, $7.9 million approved, $246,072 typical. That average is the reference point a Maryland credit committee starts from on a similar file.
• Home care, non-medical: average approval $858,567 over 9 closings worth $7.7 million. At $858,567 against $7.7 million of state volume, that is an equipment or fit-out request more often than an acquisition.
• Behavioral health and ABA: $274,729 on average, 24 approvals, $6.6 million in total. Match $274,729 and the timeline is ordinary; ask well above it and the Maryland diligence list lengthens.
• Residential care and treatment: $317,333 average across 15 Maryland approvals worth $4.8 million, so a request in that range reads as routine rather than exceptional.
• Pharmacies: $4.7 million over 11 approvals in Maryland, $429,818 each, which sets what a comparable request can be documented against.
• Med spa and personal care: $310,807 on average, 15 approvals, $4.7 million in total. Match $310,807 and the timeline is ordinary; ask well above it and the Maryland diligence list lengthens.

• The largest dollar block in Maryland is dental offices: 21 approvals, $20.2 million, $964,090 on average. At that size the underwriting question is collections history and lease term, which means the documents worth assembling before an inquiry are the last 3 years of returns and the lease.
• Next in the Maryland file is home health and hospice at $10.5 million over 30 approvals, followed by veterinary practices. Where volume thins out, expect a longer memo, more history, and a smaller first advance.
• Certification files put 939 medical equipment suppliers in Maryland. Where that base is deep, growth capital tends to fund acquisitions; where it is shallow, it funds the wait for a license.
• 7 of the Maryland approvals came through 504 rather than 7(a), which is the real estate signal in this file: the borrower bought the premises. Real estate deals run longer than working capital deals, and the local count tells an owner whether lenders here are used to closing them.

• 196 SBA approvals to Maryland healthcare borrowers in FY2025¹
• $82.8 million approved, averaging $422,589 per loan¹
• 1,462 CMS-certified providers across 5 categories²

• Healthcare AR line and payroll funding
• Partner buy-in, buy-out, and refinance
• Commercial real estate, owner-occupied
• Expansion, relocation, and build-out
• Medical receivables factoring
• SBA 7(a) and 504
• Working capital term loan

• Maryland Loan Repayment Programs (MLRP), the state loan repayment route for clinicians recruited into shortage areas
• Maryland Board of Physicians, licensure and ownership questions for physicians
• Maryland State Board of Dental Examiners, licensure and ownership questions for dentists

Also covered in Maryland: Salisbury, Cambridge, Takoma Park, New Carrollton, Havre de Grace, Greenbelt, Hyattsville

• All states covered
• Every financing program
• Mississippi healthcare practice financing, if the practice operates across the line
• Nevada healthcare practice financing, where the same fields price differently
• New York healthcare practice financing, for a second reading of the same datasets
• NEMT and ambulance, with the payer profile behind the numbers
• Dental labs, including what collections history is asked for
• Dental specialties, with the capital events that field actually runs
• Veterinary, with the payer profile behind the numbers
• IV hydration and infusion, and the revenue mix a funder checks first
• Podiatry, and where the collateral usually comes from

1. 1SBA 7(a) and 504 approvals, FY2025
2. 2CMS provider certification files
3. 3NPPES provider registry
4. 4County Business Patterns 2022
5. 5BLS Occupational Employment and Wage Statistics, OEWS 2025
6. 6HRSA health professional shortage area file
7. 7Maryland corporate practice rules
8. 8Maryland certificate of need
9. 9Maryland Loan Repayment Programs (MLRP)
10. 10Maryland Board of Physicians
11. 11Maryland State Board of Dental Examiners