Maine small business lenders help support companies of all types throughout the state.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Maine is located in New England and sits on the rocky shores of the Atlantic Ocean. Noted for its beautiful coastline, seafood industry, and beautiful natural areas, Maine has much to offer those that live here. Maine’s population of about 1.3 million makes it one of the smaller estates, and it is also quite rural overall. The Pine Tree State is recognized for its beautiful waterways, forested interior, and its lobster, claim, and other seafood industries. The city’s capital is Augusta though the largest city by population is Portland. There are many things that make this location unique, from its people to its stunning natural landscape. It is a solid place for many to start and build a business.
While the seafood industry here is one of the largest industries, the economy is diverse. There is some manufacturing here, including a strong shipbuilding industry. It is the home to numerous large organizations, including L.L. Bean and TD Bank. While these companies may be present, there are many small businesses that help to support the local economy as well. There are 151,212 small businesses in the state, according to data from the U.S. Small Business Administration. Those businesses provide employment for 293,748, helping to support over 22% of the state’s population. They generate $11,998,910 in payroll each year as well.
For those who are considering starting a business here or growing one, access to capital is critical. There are a large number of small businesses that have tapped into Maine small business loans. The last three years of recent data from the Small Business Administration shows there are 901 active small business loans in the state, with a total loan volume of $744,795,366. The average loan is about $773,412. Many companies are reliant on these funds to meet their ongoing needs, whether that is to help fund growth, new product development, expansion into other regions, or the hiring of more employees.
Maine small business lenders help to support the growth and development of many companies in the state through loans. A small business loan is a type of financial tool provided to a company that usually has under 100 employees. Some are even more restrictive. These loans can be used for a variety of needs, often for the growth and further development of the company. They are not generally used for start up costs since most lenders expect the companies to be established with revenue.
Like a typical loan, small businesses can apply for these loans. If approved, the lender provides the capital to the company, and then repayment is set up, which typically includes repaying the principal as well as an interest charge. Interest rates for small business loans in Maine can be competitive, but they are often dependent on the type of lender, loan, and the business’s qualifications. Take into consideration the numerous factors many businesses use to determine if a borrower should be approved.
The best way for a Maine small business lender to determine if a business is a qualified borrower is to use the company’s business plan. This outlines the details of the company, including ownership and management, while also providing insight into the company’s financial health. They will also use information about the company’s credit history, or if the company does not have an established credit history, they will consider the business owner’s credit history.
Lenders offer a range of loans in Maine. Each one has different qualifications, but each one is designed to provide companies with the money they need for various needs. Some are a one-time payout, while others are a line of credit. Companies who apply for the loan need to ensure they can meet the financial obligation while also considering how well the loan type works to meet their unique needs. The flexibility of loans like the following makes them valuable to many types of companies in various industries:
Specific loans and grant types may also apply to your care, such as real estate loans or funds for rural development of businesses. While getting started with your company may be possible through personal savings or credit cards, you might need much more in terms of working capital to take your business to the next level.
Check out local resources as well, such as a community development office, the Finance Authority of Maine, Thrive Maine, the Maine SBDC, and other regional or statewide associations that may help depending on your type of business.
As a business, careful consideration of the loan options available is important as it is to compare several lenders to determine which one works best to meet your individual needs. Business financing for entrepreneurs runs the gamut from nonprofit grants to working capital loans to economic development loans and more. Whether you need help buying commercial real estate, require new equipment, or have cash flow goals in mind, one of the strongest ways to improve your business development is to take out a business loans.
The loan application process will vary from one lender to another, so make sure you have a strong business plan, good credit, and plans for what the business needs the funds for. With financing options from banks and credit unions, you may be able to achieve your goals sooner than expected with your company.
| Rank | Bank Name | # of Maine Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Bangor Savings Bank | 47 | 4.58% | $172,732 |
| 2 | Kennebunk Savings Bank | 20 | 4.39% | $290,490 |
| 3 | Franklin Savings Bank | 19 | 5.08% | $102,179 |
| 4 | KeyBank | 19 | 5.78% | $248,768 |
| 5 | TD Bank | 19 | 6.40% | $499,989 |
| 6 | Katahdin Trust | 14 | 4.60% | $932,807 |
| 7 | Machias Savings Bank | 13 | 4.88% | $250,885 |
| 8 | Biddeford Savings | 11 | 4.32% | $125,864 |
| 9 | Camden National Bank | 11 | 4.08% | $655,863 |
| 10 | Gorham Savings Bank | 11 | 4.25% | $266,955 |
Serving parts of Massachusetts, New Hampshire, and most of Maine, Bangor Bank provides all types of banking services to meet the needs of its customers. Bangor Savings Bank offers products for both business banking and personal banking, including small business loans and checking and savings accounts.
We reached out to Bangor Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in 1871 as a small community bank by the people of Kennebunk, Maine, Kennebunk Savings Bank came into existence. Now with 13 branches in Maine and 5 in New Hampshire, Kennebunk Savings Bank offers a number of banking products for business and personal needs for its customers.
We reached out to Kennebunk Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in 1868 as Franklin County Savings Bank, Franklin County Bank began serving customers in Maine. Now with 9 locations throughout the state, Franklin Savings Bank is able to offer its customers a number of products, including small business loans and personal banking, as the oldest business in Franklin County.
We reached out to Franklin Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.
We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
For Maine small businesses, there are numerous loan options available. There are also a large number of resources available to help support companies as they grow. These resources are free to use.
The Small Business Administration in Maine offers a wide range of tools to help support the growth and development of the company. There are a range of resources available such as educational programs, credit building tools, resource guides about cyber security, business plans, succession planning, employee management, and much more.
Another exceptional resource for small business owners is SCORE. The organization has a local office in Portland, but they have a wide range of tools online to help support the growth of the companies in the state. This is a free resource that offers a range of financial tools, such as mentorship opportunities and educational workshops.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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