Maryland Small Businesses: Five Fast Facts

April 10, 2024

Delaney Sexton
Contributing Editor

Maryland Small Businesses: Five Fast Facts

18,588 small businesses opened between March 2021 and March 2022.
Total reported new lending to businesses through loans of $1 million or less was $6.3 billion in 2021.
Total reported new lending to businesses through loans of $100,000 or less was $2.3 billion.
Women owned 44.6% of small businesses, and racial minorities owned 38.5% of small businesses in Maryland.
Maryland’s small business employment grew by 18.8% between 1996 and 2020, which exceeded the national small business employment growth rate.