Top Maine SBA Lenders | SBA Loans in ME

Last annual update: Apr 15, 2024 

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Maine-based banks were among the largest lenders to “The Pine Tree State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Maine:

Top SBA lenders in Maine

RankBankBank HQs# of LoansAvg Interest Avg Loan
1TD BankWILMINGTON, DE6512.1% $71,315
2Bangor Savings BankBANGOR, ME539.1% $172,928
3Maine Community BankBIDDEFORD, ME197.4% $611,326
4Gorham Savings BankGorham, ME158.3% $123,593
5Androscoggin Savings BankLEWISTON, ME157.8% $273,887
6Katahdin TrustPATTEN, ME138.3% $156,262
7KeyBankCLEVELAND, OH1112.8% $73,636
8Machias Savings BankMACHIAS, ME108.0% $323,900
9Bar Harbor Bank & TrustBAR HARBOR, ME89.2% $93,700
10Franklin Savings BankFARMINGTON, ME68.6% $120,000
11Norway Savings BankNORWAY, ME68.8% $84,500
12M&TBUFFALO, NY611.0% $36,233
13Kennebunk Savings BankKENNEBUNK, ME58.2% $136,500
14BayFirst National BankSaint Petersburg, FL412.3% $164,050
15Noah BankMiami, FL311.5% $308,333
16Newtek BankMiami, FL311.5% $308,333

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Top industries receiving SBA loans in Maine

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1Full-Service Restaurants218.7% $155,986
2Landscaping Services159.8% $142,840
3General Automotive Repair713.0% $34,629
4Plumbing, Heating, and Air-Conditioning Contractors710.5% $225,486
5Residential Remodelers712.3% $129,286
6Site Preparation Contractors711.2% $74,614
7Logging69.4% $215,417
8Snack and Nonalcoholic Beverage Bars67.4% $251,733
9Drinking Places (Alcoholic Beverages)59.5% $97,000
10Limited-Service Restaurants59.8% $151,480
11Hotels (except Casino Hotels) and Motels48.0% $809,650
12Mobile Food Services410.1% $67,325
13Offices of All Other Miscellaneous Health Practitioners48.9% $147,000
14Supermarkets and Other Grocery (except Convenience) Stores47.5% $1,330,000
15All Other Miscellaneous Wood Product Manufacturing310.3% $216,200
16Beauty Salons310.2% $276,300
17Custom Computer Programming Services39.7% $271,667
18Engineering Services310.8% $141,667
19Funeral Homes and Funeral Services38.6% $440,700
20General Freight Trucking, Long Distance, Truckload310.2% $52,467

SBA loans – Maine

A note about these Maine SBA lenders – People frequently ask us if one of the banks above is 1) on the Maine preferred lender list 2) an approved lender in Maine, or 3) participating in the Maine SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Maine and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Maine. We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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