Best Maine SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Maine
SBA Loans in Maine
Maine businesses received $104.1M in SBA 7(a) loan approvals across 411 businesses in 2025, supporting 3,078 jobs. With 46 active SBA lenders competing for business in Maine, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Maine is $253K at 9.44%, which is 0.88% below the national average of 10.32%. The top lender in Maine is Live Oak Banking Company, with the most-funded industry being RV (Recreational Vehicle) Parks and Campgrounds.
SBA Loans in Maine by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Maine, here’s how SBA lending breaks down:
Startups represent 30% of Maine SBA loans (77 loans totaling $31.4M). Business acquisitions (change of ownership) account for 20% (29 loans, $20.9M). Existing businesses make up the largest share at 37% (212 loans). If you’re buying a business in Maine, acquisitions are a well-established use case for SBA 7(a) loans.
Maine vs. National Average
How does Maine’s SBA lending market compare to the national average in 2025?
Maine9.44%
National Avg10.32%
✅ Maine’s avg rate is 0.88% lower than the national average
Maine$253K
National Avg$478K
Maine’s avg loan is 0.5x the national average
A rate lower than the national average of 10.32% is significant context for Maine borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Maine (2025 Data)
The table below ranks every SBA 7(a) lender active in Maine in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | $13.0M | 7 | 9.06% |
| 2 | Maine Community Bank | $12.8M | 40 | 7.61% |
| 3 | Bangor Savings Bank | $11.0M | 50 | 8.6% |
| 4 | TD Bank, National Association | $6.8M | 87 | 10.22% |
| 5 | Northeast Bank | $5.7M | 28 | 10.79% |
| 6 | Androscoggin Savings Bank | $4.1M | 20 | 7.84% |
| 7 | Norway Savings Bank | $4.1M | 11 | 8.09% |
| 8 | Bath Savings Institution | $3.7M | 5 | 7.39% |
| 9 | Pathward National Association | $3.5M | 1 | 9.75% |
| 10 | Manufacturers and Traders Trust Company | $3.4M | 30 | 11.54% |
| 11 | Customers Bank | $3.2M | 1 | 9.5% |
| 12 | Northwest Bank | $2.7M | 2 | 9.75% |
| 13 | Bar Harbor Bank & Trust | $2.3M | 13 | 8.09% |
| 14 | Byline Bank | $2.0M | 1 | 9.75% |
| 15 | Fifth Third Bank | $1.7M | 1 | 7.5% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Maine have funded the most deals locally, meaning their loan officers understand Maine’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Maine-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Maine
One 5-minute application. 46 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Maine
SBA lending in Maine reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Maine in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| RV (Recreational Vehicle) Parks and Campgrounds | 6 | $6.6M |
| Full-Service Restaurants | 22 | $4.8M |
| All Other Miscellaneous Wood Product Manufacturing | 1 | $4.2M |
| Limited-Service Restaurants | 12 | $3.8M |
| Plumbing, Heating, and Air-Conditioning Contractors | 3 | $3.6M |
| Landscaping Services | 10 | $3.3M |
| Veterinary Services | 2 | $3.2M |
| All Other Amusement and Recreation Industries | 5 | $3.0M |
| Offices of Dentists | 4 | $2.9M |
| Other Support Activities for Water Transportation | 2 | $2.7M |
| All Other Specialty Trade Contractors | 5 | $2.7M |
| Supermarkets and Other Grocery (except Convenience) Stores | 5 | $2.5M |
| Drinking Places (Alcoholic Beverages) | 8 | $2.2M |
| Electrical Contractors | 4 | $2.1M |
| Remediation Services | 6 | $1.5M |
If your business operates in one of Maine’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Maine
SBA lending activity within Maine is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Maine the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Portland | 38 | $11.1M |
| Ellsworth | 5 | $5.8M |
| Scarborough | 10 | $4.3M |
| New Vineyard | 1 | $4.2M |
| Cape Neddick | 1 | $3.5M |
| Rockland | 7 | $3.4M |
| Freeport | 5 | $3.3M |
| Mechanic Falls | 1 | $3.2M |
| Bangor | 10 | $2.9M |
| Augusta | 7 | $2.8M |
How to Get an SBA Loan in Maine
Option 1: Apply directly to one of the top Maine lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Maine-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Maine in 2025?
What is the average SBA loan interest rate in Maine?
Can I get an SBA loan to start a business in Maine?
Who is the top SBA lender in Maine?
What industries get the most SBA loans in Maine?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
