GoSBA’s Top Maine SBA Lenders in 2024
Introduction to Maine SBA Loans
Maine is known for its natural beauty, seafood industry, and thriving small business community. With a population of around 1.3 million people, Maine provides an encouraging environment for entrepreneurs looking to establish or expand their businesses. According to the U.S. Small Business Administration Office of Advocacy, Maine has over 147,000 small businesses that employ more than half of the state’s workforce, contributing significantly to the local economy.
For small business owners in Maine, securing financing can be an important part of growth. One of the most popular financing options is an SBA loan, which offers favorable terms for small businesses. To assist business owners, GoSBA Loans has compiled a list of the top SBA lenders in Maine for 2024, based on loan volume and the number of loans funded.
Portland: A Great City for Small Businesses
Portland is one of the most dynamic cities in Maine for small business owners. Known for its vibrant cultural scene, growing economy, and supportive community, Portland provides an ideal setting for entrepreneurs looking to launch or expand their ventures. Access to financing, talented workforce, and resources for small businesses make Portland an attractive destination for startups and established businesses alike.
Challenges in Securing SBA Loans in Maine
While Maine offers a great environment for small businesses, securing affordable financing can still be challenging. In FY 2023, SBA lenders in Maine funded 276 businesses, contributing a total loan volume of $61.9 million. Top SBA lenders in Maine, such as Maine Community Bank, TD Bank, and Bangor Savings Bank, have collectively helped numerous businesses grow and succeed.
Selecting the right lender for your business is crucial as different lenders offer various loan terms, interest rates, and loan structures. GoSBA Loans aims to simplify this process by providing a comprehensive overview of the best SBA lenders in Maine.
Finding the Best Maine SBA Lenders
Here at GoSBA Loans, we understand the importance of finding the most suitable financing for your business needs. Whether you need funding for equipment purchases, refinancing high-interest loans, acquiring commercial property, or expanding your operations, our mission is to make the SBA lending process easy and accessible. We connect small businesses in Maine with the best lenders, ensuring fast approval and competitive loan terms.
Overview of Maine SBA Loans in 2024
In 2024, Maine’s SBA loan providers funded 276 businesses with a total loan volume of $61.9 million. This funding has played an essential role in helping small businesses across the state grow, expand their operations, and create job opportunities.
Analyzing the Top Maine SBA Lenders by Loan Volume and Loan Units Funded
Maine Community Bank emerged as the top SBA lender in Maine by loan volume, funding $9.7 million across 23 loans. TD Bank, National Association, followed closely with $7.4 million funded across 69 loans, demonstrating its commitment to Maine’s small businesses. Machias Savings Bank also played a significant role, funding $7.4 million across 14 loans.
Bangor Savings Bank was notable for funding $5.1 million across 34 loans, indicating its dedication to supporting the local business community. These top lenders provide diverse financing options for small businesses in Maine, catering to different industries and needs. The diversity of lenders—from large national banks to smaller, community-focused institutions—ensures that businesses in Maine have access to the best financing options available.
GoSBA’s Official Ranking: Best Maine SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the best Maine SBA lenders in 2024:
| Bank Name | Amount Funded | Loans Funded | Average Interest Rate |
| Maine Community Bank | $9,651,400 | 23 | 8.34% |
| TD Bank, National Association | $7,443,000 | 69 | 11.63% |
| Machias Savings Bank | $7,387,500 | 14 | 8.68% |
| Norway Savings Bank | $6,465,000 | 14 | 8.89% |
| Katahdin Trust Co. | $5,116,700 | 14 | 8.00% |
| Bangor Savings Bank | $5,074,900 | 34 | 9.35% |
| Bank of America, National Association | $3,100,000 | 1 | 6.86% |
| Manufacturers and Traders Trust Company | $1,805,000 | 8 | 11.45% |
| Kennebunk Savings Bank | $1,542,500 | 5 | 9.00% |
| Gorham Savings Bank | $1,403,100 | 18 | 8.82% |
| 1st Financial Bank USA | $1,325,000 | 2 | 10.50% |
| Bar Harbor Bank & Trust | $949,400 | 11 | 9.30% |
| BayFirst National Bank | $835,000 | 6 | 13.25% |
| Rockland Trust Company | $810,000 | 1 | 7.25% |
| Newtek Bank, National Association | $800,000 | 3 | 11.50% |
| Byline Bank | $765,000 | 1 | 11.25% |
| Androscoggin Savings Bank | $693,400 | 6 | 9.22% |
| NBT Bank, National Association | $672,400 | 3 | 6.88% |
| Franklin Savings Bank | $650,000 | 3 | 7.81% |
| Readycap Lending, LLC | $647,900 | 4 | 13.13% |
| Bath Savings Institution | $610,000 | 6 | 7.21% |
| The Huntington National Bank | $604,500 | 1 | 10.75% |
| Maine State CU | $540,000 | 1 | 7.50% |
| KeyBank National Association | $460,200 | 8 | 12.51% |
| Citizens Bank | $366,400 | 1 | 11.25% |
| North State Bank | $362,000 | 1 | 11.00% |
| First National Bank | $250,000 | 1 | 9.00% |
| Seaboard FCU | $247,500 | 2 | 11.00% |
| Colony Bank | $245,000 | 2 | 11.50% |
| United Midwest Savings Bank, National Association | $238,000 | 1 | 11.00% |
| Atlantic Regional Federal Credit Union | $210,000 | 3 | 8.00% |
| Northeast Bank | $200,000 | 2 | 11.25% |
| Celtic Bank Corporation | $180,000 | 2 | 11.75% |
| Cambridge Trust Company | $125,000 | 1 | 9.00% |
| Service FCU | $100,000 | 1 | 9.50% |
Find the Right SBA Lender in Maine for Your Business
Whether you are a startup or an established business, finding the right financing is crucial for your success. The lenders listed above provide a range of SBA loan options tailored to meet the diverse needs of Maine’s business community. Partnering with GoSBA Loans ensures that your application reaches the lenders most likely to approve your funding, helping you get the financial support you need.
Apply for an SBA Loan Today
Apply today to connect with the best SBA lenders in Maine and secure the funding your business needs to thrive. The process is simple, and GoSBA Loans will help match you with the right lender based on your specific business requirements.
Why Choose GoSBA Loans?
GoSBA Loans is dedicated to making the SBA loan application process straightforward for businesses in Maine. By partnering with us, you gain access to a network of top lenders that have a proven track record of supporting small businesses. Whether you need competitive interest rates, a streamlined approval process, or flexible loan terms, GoSBA Loans can help you find the best SBA lender in Maine.
Conclusion
Securing an SBA loan can provide immense growth opportunities for your business. The Maine SBA lenders listed above have a proven history of supporting the small business community, making them the best options for entrepreneurs in the state. Let GoSBA Loans help you find the ideal SBA lender in Maine for your business today.
