MARYLAND · NAICS NAICS 445310, 445320
Maryland liquor store deals run through county-by-county licensing systems, including jurisdictions with dispensary structures, making local license analysis the first question on any deal. License and goodwill values above $250,000 of intangibles trigger the independent going-concern appraisal alongside the study.
FEASIBILITY TRIGGER
License and goodwill value above $250,000 of intangibles triggers the independent going-concern appraisal alongside any study, and Maryland's county-by-county licensing, including jurisdictions with dispensary systems, makes local license structure the first analytical question.
Maryland generated 277 SBA-disbursed liquor store loans between FY2010 and FY2026, worth $185.0 million in approved 7(a) and 504 financing at an average of $668,000 per deal. Ranked #11 of 38 states for liquor store SBA volume, the state captures 3.4% of national liquor store dollars. 99.3% of the loans ran through 7(a) with 504 covering the remainder; 35 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 277 |
| Approved volume | $185.0 million |
| Average loan size | $668,000 |
| 7(a) share | 99.3% |
| Approvals since FY2024 | 35 |
| State rank by loan count | #11 of 38 |
Among the 207 seasoned loans in this segment (approvals FY2010–FY2021), 3.9% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for liquor store is 4.4%, against 7.3% across all industries. That performance runs below the national benchmark for this asset class, a credit-positive signal for lenders.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 3.9% adverse-resolution rate below the national liquor store benchmark of 4.4% supports the credit story for well-underwritten Maryland projects in this class. Across 277 SBA loans averaging $668,000, that track record does not eliminate the need for a third-party feasibility study, but it means a rigorous study reinforces rather than defends the projections.
Every Maryland liquor stores project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Maryland projects often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, and SBA 7(a) covers acquisitions, working capital, and equipment. From July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Maryland's county-by-county liquor licensing, including jurisdictions with dispensary systems, makes local license structure the first analytical question on any deal.
For a national view of this asset class, see our liquor store SBA feasibility overview, and read our related analysis in the liquor store lending research on our blog.
Compare neighboring markets: Maine, Massachusetts, Texas.
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