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County19th of 24 in Maryland by approvalsFIPS 24023
SBA loans in Garrett County, Maryland
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Garrett County, Maryland, received 41 SBA loan approvals worth $9.4M in FY2021 to FY2025 (37 7(a), 4 504).
That is 43.1 approvals per 1,000 business establishments (951 establishments in 2023), above the Maryland figure of 37.3 and close to the national 41.0.
It ranks 19th of 24 Maryland counties with approvals. In FY2025 there were 12.
11 lenders had approvals here; the most active were Manufacturers and Traders Trust Company (20), Clear Mountain Bank, Inc. (8) and Newtek Bank, National Association (3). The most common industry was restaurants and other eating places.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Garrett County
By number of approvals to businesses in the county, FY2021–FY2025; 11 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust CompanyBuffalo, NY | 20 | $2.1M | 48.8% | |
| 2 | Clear Mountain Bank, Inc.Bruceton Mills, WV | 8 | $1.0M | 19.5% | |
| 3 | Newtek Bank, National AssociationMiami, FL | 3 | $1.4M | 7.3% | |
| 4 | Business Finance Group, Inc.Fairfax, VA · CDC | 3 | $707K | 7.3% | |
| 5 | IncredibleBankWausau, WI | 1 | — | 2.4% | |
| 6 | 504 Capital CorporationChesapeake, VA · CDC | 1 | — | 2.4% | |
| 7 | Northeast BankLewiston, ME | 1 | — | 2.4% | |
| 8 | Readycap Lending, LLCBerkeley Heights, NJ | 1 | — | 2.4% | |
| 9 | FNB Bank IncRomney, WV | 1 | — | 2.4% | |
| 10 | Lendistry SBLC, LLCLos Angeles, CA | 1 | — | 2.4% | |
| 11 | BayFirst National BankSaint Petersburg, FL | 1 | — | 2.4% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 5 | 12.2% | |
| 2 | Traveler AccommodationNAICS 7211 | 4 | 9.8% | |
| 3 | Residential Building ConstructionNAICS 2361 | 3 | 7.3% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 3 | 7.3% | |
| 5 | Drycleaning and Laundry ServicesNAICS 8123 | 2 | 4.9% | |
| 6 | Animal Slaughtering and ProcessingNAICS 3116 | 2 | 4.9% | |
| 7 | Glass and Glass Product ManufacturingNAICS 3272 | 2 | 4.9% | |
| 8 | Architectural, Engineering, and Related ServicesNAICS 5413 | 2 | 4.9% | |
| 9 | General Freight TruckingNAICS 4841 | 2 | 4.9% | |
| 10 | Other Electrical Equipment and Component ManufacturingNAICS 3359 | 2 | 4.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 9 | 22.0% | |
| 2 | Manufacturing | 8 | 19.5% | |
| 3 | Construction | 4 | 9.8% | |
| 4 | Professional, Scientific, and Technical Services | 4 | 9.8% | |
| 5 | Retail Trade | 3 | 7.3% | |
| 6 | Other Services (except Public Administration) | 3 | 7.3% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 3 | 7.3% | |
| 8 | Transportation and Warehousing | 3 | 7.3% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 4 | $636K | $139K | 0 | — | 4 | 36 |
| FY2025 | 12 | $2.1M | $74K | 0 | — | 12 | 110 |
| FY2024 | 8 | $543K | $47K | 1 | — | 9 | 35 |
| FY2023 | 4 | $261K | $48K | 1 | — | 5 | 17 |
| FY2022 | 4 | $516K | $122K | 2 | — | 6 | 13 |
| FY2021 | 9 | $3.7M | $75K | 0 | — | 9 | 66 |
| FY2020 | 6 | $357K | $53K | 0 | — | 6 | 8 |
| FY2019 | 3 | $561K | $182K | 0 | — | 3 | 9 |
| FY2018 | 2 | — | — | 0 | — | 2 | 13 |
| FY2017 | 3 | $375K | $50K | 0 | — | 3 | 6 |
| FY2016 | 8 | $2.5M | $73K | 0 | — | 8 | 22 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 22 approvals.
Against Maryland and the country
| FY2021–FY2025 | Garrett County | Maryland | United States |
|---|---|---|---|
| Approvals | 41 | 5,330 | 342,825 |
| Approvals per 1,000 establishments | 43.1 | 37.3 | 41.0 |
| Median 7(a) approval | $60K | $138K | $190K |
| Median 504 approval | $302K | $866K | $657K |
| Average approval | $229K | $433K | $573K |
| 504 share of approvals | 9.8% | 4.0% | 11.0% |
| Jobs supported per approval, as reported | 5.9 | 11.1 | 10.5 |
| Share of state approvals | 0.8% | 100.0% | — |
Approval sizes
- $50,000 or less39.0%16
- $50,001 to $150,00029.3%12
- $150,001 to $350,00014.6%6
- $350,001 to $1 million9.8%4
- $1 million to $2 million7.3%3
Age of the businesses
- Existing, more than 2 years old53.7%22
- New business, 2 years or less29.3%12
- Startup, loan funds will open the business12.2%5
- Change of ownership4.9%2
Questions and answers
Which lenders make the most SBA loans in Garrett County?
By approvals in FY2021 to FY2025: Manufacturers and Traders Trust Company (20), Clear Mountain Bank, Inc. (8), Newtek Bank, National Association (3), Business Finance Group, Inc. (3), IncredibleBank (1). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Garrett County?
The median 7(a) approval was $60K and the median 504 approval $302K; the Maryland 7(a) median was $138K.
Which industries get the most SBA loans in Garrett County?
Restaurants and Other Eating Places (5); Traveler Accommodation (4); Residential Building Construction (3); Services to Buildings and Dwellings (3); Drycleaning and Laundry Services (2).
Is SBA lending in Garrett County rising?
Approvals in the three latest complete fiscal years total 26, against 21 in the three before: rising (+24%).
How does Garrett County compare with the rest of Maryland?
43.1 approvals per 1,000 establishments against 37.3 statewide, and 41 of the state's 5,330 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error