SBA 7(a) Data Center Feasibility Study in Maryland
What SBA's own loan files show about SBA 7(a) lending to data center projects in Maryland, and what a feasibility study for an SBA 7(a) loan there has to test.
Size and standing of the Maryland data center record
The Maryland data center cell holds 31 loans under SBA 7(a), $22.5 million in all, from FY2017 through FY2026. Maryland is 7 among states by data center loan count, while Maryland holds data center at 20 of 39 among its classes. Maryland borrowers took a median of $170,000, which is 0.85x of the figure that data center borrowers elsewhere receive, in Maryland, below the SBA 7(a) norm for data center. The central half of Maryland loans starts at $97,300 and, for data center, tops out near $1.0 million; 0.00% of Maryland data center loans carry a franchise flag.
Maryland holders and counties
By data center loans approved in Maryland, Manufacturers and Traders Trust Company (15; $6.7 million) come first. SBA lists each Maryland data center holder as current. Geographically, Montgomery (11), Howard (8), Baltimore (4), Anne Arundel (3) and Prince Georges (2) lead Maryland data center lending.
How the data center pipeline moved
Maryland data center approvals per year: FY2017 2 ($145,000), FY2018 5, FY2019 0, FY2020 1, FY2021 3 ($205,900); then for data center in Maryland FY2022 6, FY2023 2, FY2024 4, FY2025 7, FY2026 1. The top Maryland dollar year, $3.9 million, was FY2025. In FY2019, Maryland saw no data center approvals.
How Maryland loans ended up
In Maryland, no cancellation rate is published for data center; the Maryland cohort is too thin, and silence on data center is not zero. Charge-offs of Maryland data center loans are withheld: Maryland funded too few data center loans in Maryland, so no rate is printed in Maryland for FY2017 to FY2021, and the data center gap is not a zero.
Maryland data centers: what must be shown
The Maryland study should open with power: utility capacity, delivery dates and backup design, followed by cooling, security and connectivity. It must show who the customers are, whether hyperscale, enterprise or local firms, and on what contract length. Fit-out is set against loans around $170,000, coverage is shown after a real lease-up, and the appraiser will want contracted revenue, not a pipeline. Proximity to government and defense customers can shape demand.
Maryland colocation and the mixed code
Colocation buildings and hosting firms are filed together, so Maryland figures cannot separate them.
SBA 7(a) data center loans in Maryland
| Loans approved, FY2017 to FY2026 | 31 |
|---|---|
| Gross dollars approved | $22.5 million |
| Median loan | $170,000 |
| Middle half of loans, from | $97,300 |
| Middle half of loans, to | $1.0 million |
| Franchise share of loans | 0.00% |
| Rank among states for SBA 7(a) data center loans, by number of loans | 7 |
| Rank of data center among classes in Maryland | 20 of 39 |
| Median loan against the national SBA 7(a) median for the class | 0.85x |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | not reported: fewer than 30 loans in the cohort |
|---|---|
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | not reported: fewer than 30 loans in the cohort |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
SBA 7(a) data center loans approved in Maryland, by fiscal year
| Fiscal year | Loans | Dollars |
|---|---|---|
| FY2017 | 2 | $145,000 |
| FY2018 | 5 | $2.7 million |
| FY2019 | 0 | $0 |
| FY2020 | 1 | $249,100 |
| FY2021 | 3 | $205,900 |
| FY2022 | 6 | $4.9 million |
| FY2023 | 2 | $4.1 million |
| FY2024 | 4 | $6.2 million |
| FY2025 | 7 | $3.9 million |
| FY2026 | 1 | $150,000 |
Most active SBA lenders
| Lender | Loans | Dollars |
|---|---|---|
| Manufacturers and Traders Trust Company | 15 | $6.7 million |
Where the loans are, by county
| County | Loans |
|---|---|
| MONTGOMERY | 11 |
| HOWARD | 8 |
| BALTIMORE | 4 |
| ANNE ARUNDEL | 3 |
| PRINCE GEORGES | 2 |
| BALTIMORE CITY | 1 |
| FREDERICK | 1 |
| WASHINGTON | 1 |
Colocation buildings cannot be separated from hosting services. Shared code: 518210 also holds data processing and hosting businesses.
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; Loan Analytics loan-outcome cell SAP-MD-C31-7A.
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