Whether you operate a local eatery in Portland, a fishing charter in Biddeford or some other enterprise in Maine, you’ve likely experienced your fair share of challenges and need for additional capital. That’s when many entrepreneurs start researching how to apply for a Maine small business loan. Here are some lenders and resources you can turn to when you’re in need of assistance.
Small Business Landscape in Maine
Maine is home to more than 147,000 small businesses, according to the Small Business Administration (SBA). Additionally, these businesses employ 56.6% of employees in the state. Roughly 1,500 small businesses were focused on international trade, exporting $2.5 billion in goods. In addition to trade and food services, other popular industries include health care, retail, hospitality, manufacturing and construction.
5 Banks for Business Loans in Maine
1. Machias Savings Bank
This financial institution has been in operation for more than 150 years. Today, it’s earned an A+ rating with the Better Business Bureau (BBB). It’s also earned a 4.7-star rating on WalletHub and made its Best Bank in Maine list.
Available loans include the following:
- Business loans
- Line of credit
- Letters of credit
- Commercial mortgages
- Construction loans
- Agricultural loans
- Equipment loans
- Boat loans
2. Partners Bank
Whether you’re in search of SBA loans in Maine or some other type of financing, check out Partners Bank. The institution has a 4.8-star Google reviews rating and a 4.7-star WalletHub rating.
Other available funding options include these:
- Term loans
- Lines of credit
- Business credit cards
- Commercial mortgages
- Builder construction loans
- Business expansion loans
3. Franklin Savings Bank
Franklin Savings Bank is another SBA lender in Maine. WalletHub users have given the bank a 4.5-star rating and the BBB has rated it with a score of A+.
In addition to SBA loans, you can find the following financing here:
- Marine vessel loans
- Equipment acquisition loans
- Commercial real estate loans
- Working capital lines of credit
4. Saco & Biddeford Savings Institution
Saco & Biddeford Savings Institution made it on WalletHub’s 2021 Best Bank in Maine list as well as earned a 4.7-star rating on the site. It’s also been given an A+ rating with the BBB.
Funding options include:
- SBA loans
- Equipment financing
- Business lines of credit
- Working capital loans
- Commercial real estate loans
Additionally, the state of Maine has small business loans available through the Finance Authority of Maine (FAME) program. This bank is a partner of FAME.
5. Bank of America
With branches throughout the state, Bank of America is another good option for business owners seeking small business loans in Maine. Not to mention, the bank made Forbes’ list of America’s Best Banks.
Whether you want an SBA loan for your Portland, Maine, business or funding for a venture in a different city, explore the options available here:
- Auto loan
- Secured loans
- Secured line of credit
- Unsecured line of credit
- Unsecured loan
- Commercial real estate loan
- Franchise financing
Alternative Small Business Financing in Maine
While you could head to one of the banks mentioned above, you might come to find that the process to apply and get funded with such conventional lenders can be challenging and time-consuming. The qualification requirements can also be difficult for many small business owners to meet.
If time and convenience are factors you place a high value on, consider obtaining your capital through an alternative lender. They offer streamlined applications and quick turnaround times, sometimes funding applicants within a day of approval. In turn, applicants typically have shorter repayment terms, more frequent payments and higher financing costs. Alternative lenders could be able to offer you short-term financing and merchant cash advances in Maine as well as SBA loans and lines of credit.
Applying for Small Business Financing in Maine Through Fast Capital 360
Our funding partners offer SBA business loan rates in Maine starting at 7.25%, while Maine merchant cash advance factor rates start at 1.10.
Here’s what sets us apart:
Complete your online application quickly and easily. A few minutes is all it takes to get started.
You could have multiple financing offers come your way, thanks to our robust lending partner network.
Review funding offers and terms with your dedicated Fast Capital 360 Business Advisor. Decide what works best for your business.
Get Your Business Loan Faster
Additional Resources for Maine Entrepreneurs
In addition to securing capital for your venture, such as through Maine small business loans and grants, find organizations in the state dedicated to helping entrepreneurs succeed. Here are a few places you can turn to.
More than 500 Maine businesses were launched in 2020 with the help of this nationwide nonprofit organization. Speak to a business mentor for free, personalized advice or take part in complimentary or no-cost educational workshops. Locations include Auburn, Augusta, Bangor, Belfast and Portland.
Small Business Development Center
This organization is funded in part by the SBA and has been in operation for more than 40 years.
Whether you’re just starting out or have an established business, find educational resources and assistance with relevant business topics, such as marketing, financial analysis, bookkeeping, expansion and more. Also, get advice on funding alternatives to conventional loans, including crowdfunding, angel investors, venture capital, economic development lenders and more.
- South Paris
- Fort Kent
This program offered through Coastal Enterprises is designed to help immigrants start or grow a business in Maine. There is no cost and participants can get business and financing advice as well as assistance with legal and regulatory requirements. Offices are located in Portland and Lewiston.
Small business owners can get help with the following:
- Credit counseling
- Business insurance
- Permits and licenses
- Business plan development