SBA loans play a crucial role in providing financial assistance to entrepreneurs and small business owners. For those in Maine seeking SBA loans, understanding the key players in the lending landscape is essential. Here’s a breakdown of the top SBA lenders in Maine based on the number of loans, average loan amount, and average interest rates.
Maine Preferred SBA Lenders
| Rank | Bank | Bank HQ | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Bangor Savings Bank | Bangor, ME | 48 | $156,288 | 6.2% |
| 2 | TD Bank | Wilmington, DE | 31 | $82,781 | 9.0% |
| 3 | Gorham Savings Bank | Gorham, ME | 21 | $170,681 | 5.3% |
| 4 | Kennebunk Savings Bank | Kennebunk, ME | 15 | $245,627 | 5.1% |
| 5 | KeyBank | Cleveland, OH | 14 | $88,107 | 7.8% |
| 6 | Maine Community Bank | Biddeford, ME | 11 | $327,927 | 5.8% |
| 7 | Androscoggin Savings Bank | Lewiston, ME | 9 | $209,167 | 5.5% |
| 8 | Katahdin Trust | Patten, ME | 7 | $130,471 | 5.6% |
| 9 | M&T | Buffalo, NY | 7 | $82,571 | 8.9% |
| 10 | Live Oak | Wilmington, NC | 6 | $1,199,333 | 6.2% |
| 11 | Machias Savings Bank | Machias, ME | 6 | $287,300 | 5.6% |
| 12 | Bath Savings Institution | Bath, ME | 4 | $230,000 | 6.0% |
| 13 | BayFirst National Bank | Saint Petersburg, FL | 4 | $507,500 | 9.3% |
| 14 | Seaboard FCU | Bucksport, ME | 4 | $33,050 | 8.9% |
Top Industries for SBA loans in Maine
| Rank | Industry | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Full-Service Restaurants | 12 | $181,400 | 6.1% |
| 2 | Limited-Service Restaurants | 11 | $150,773 | 6.5% |
| 3 | Fitness and Recreational Sports Centers | 6 | $197,367 | 5.6% |
| 4 | Electrical Contractors | 6 | $300,333 | 7.4% |
| 5 | Snack and Nonalcoholic Beverage Bars | 5 | $130,300 | 7.0% |
| 6 | Specialized Freight (except Used Goods) Trucking, Local | 5 | $82,660 | 5.9% |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 5 | $65,000 | 7.5% |
| 8 | Offices of All Other Miscellaneous Health Practitioners | 4 | $198,250 | 5.6% |
| 9 | Landscaping Services | 4 | $42,250 | 9.0% |
| 10 | Drinking Places (Alcoholic Beverages) | 4 | $219,450 | 7.5% |
| 11 | Testing Laboratories | 4 | $177,750 | 6.5% |
| 12 | Shellfish Fishing | 3 | $29,400 | 9.1% |
| 13 | Services for the Elderly and Persons with Disabilities | 3 | $1,441,667 | 6.1% |
| 14 | New Single-Family Housing Construction (except Operative Builders) | 3 | $83,333 | 7.9% |
| 15 | Solid Waste Collection | 3 | $157,367 | 6.4% |
| 16 | Supermarkets and Other Grocery (except Convenience) Stores | 3 | $115,000 | 6.8% |
| 17 | Coin-Operated Laundries and Drycleaners | 3 | $140,000 | 8.0% |
| 18 | Child Day Care Services | 3 | $47,333 | 7.1% |
| 19 | Car Washes | 3 | $1,013,067 | 6.8% |
| 20 | Breweries | 3 | $427,500 | 4.6% |
| 21 | Automotive Body, Paint, and Interior Repair and Maintenance | 3 | $175,000 | 6.1% |
| 22 | Fabricated Structural Metal Manufacturing | 3 | $36,733 | 5.6% |
| 23 | General Automotive Repair | 3 | $242,167 | 8.9% |
Top SBA Loan Franchises in Maine
| Rank | FranchiseName | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Home Instead Senior Care | 2 | $825,000 | 6.6% |
| 2 | Blingle! | 2 | $155,000 | 8.3% |
Top Maine SBA Loan Borrowers by Jobs Supported
| Rank | Business | Location | Industry | Loan Size | Interest Rate | Jobs |
|---|---|---|---|---|---|---|
| 1 | SEASIDE SENIOR CARE LLC | Kennebunk, ME | Services for the Elderly and Persons with Disabilities | $500K – $1M | 6.6% | 150 |
| 2 | COMFORT KEEPERS # 733 | Scarborough, ME | Services for the Elderly and Persons with Disabilities | $2.5M – $5M | 5.0% | 142 |
| 3 | TERRA COTTA PASTA INC | Kittery, ME | Perishable Prepared Food Manufacturing | $250K or less | 4.9% | 72 |
| 4 | LENORA LLC | Portland, ME | Drinking Places (Alcoholic Beverages) | $250K – $500K | 9.8% | 65 |
| 5 | WICKED JOE LLC | Topsham, ME | Coffee and Tea Manufacturing | $500K – $1M | 6.0% | 42 |
| 6 | THE BARK YARD LLC | So. Portland, ME | Pet Care (except Veterinary) Services | $250K or less | 9.3% | 40 |
| 7 | EIGHTEEN EXCHANGE LLC | Portland, ME | Limited-Service Restaurants | $250K – $500K | 5.3% | 40 |
| 8 | FOLEY HOSPITALITY INC. | York, ME | Full-Service Restaurants | $250K or less | 5.0% | 37 |
| 9 | MAINE LABORATORIES LLC | Norridgewock, ME | Testing Laboratories | $250K or less | 7.5% | 36 |
| 10 | FLAHERTY RETAIL OF MAINE BRUN | Brunswick, ME | Limited-Service Restaurants | $250K or less | 6.4% | 30 |
| 11 | SUMMIT LLC | Portland, ME | Full-Service Restaurants | $250K – $500K | 5.8% | 30 |
| 12 | TWO BANANAS LLC | Portland, ME | $250K – $500K | 6.5% | 28 | |
| 13 | TIGHTLINE INDUSTRIES LLC | Kittery Point, ME | $250K – $500K | 5.7% | 28 | |
| 14 | OTPL LLC | Old Town, ME | Full-Service Restaurants | $250K or less | 5.0% | 25 |
| 15 | MDI FISHERIES INC | Southwest Harbor, ME | Fish and Seafood Merchant Wholesalers | $250K or less | 7.8% | 25 |
| 16 | BRUNOS WOOD FIRED PIZZERIA LLC | Scarborough, ME | Full-Service Restaurants | $250K – $500K | 5.0% | 25 |
| 17 | HAWKEYE HOLDINGS LLC | Poland, ME | Electrical Contractors | $500K – $1M | 6.9% | 25 |
| 18 | SACRED PROFANE LLC | Biddeford, ME | Breweries | $1M – $2.5M | 4.8% | 24 |
| 19 | CASITA EL CORAZON LLC | South Portland, ME | Full-Service Restaurants | $250K or less | 10.8% | 22 |
| 20 | MR. TUNA FREEPORT LLC | Portland, ME | Full-Service Restaurants | $250K – $500K | 6.1% | 22 |
| 21 | MAGGIE MURPHY’S RESTAURANT LLC | Biddeford, ME | Full-Service Restaurants | $250K or less | 5.9% | 21 |
| 22 | CHU LLC | Portland, ME | Limited-Service Restaurants | $250K or less | 7.3% | 21 |
| 23 | HAWKEYE CONNECTIONS | Poland, ME | Electrical Contractors | $250K – $500K | 5.8% | 21 |
| 24 | NEST & SONS INC. | Kennebunk, ME | Septic Tank and Related Services | $250K or less | 7.0% | 20 |
| 25 | BACK COVE BOOKS LLC | Portland, ME | $250K or less | 6.4% | 20 | |
| 26 | JBLH HOLDINGS LLC | Brunswick, ME | Fitness and Recreational Sports Centers | $250K or less | 4.1% | 20 |
| 27 | THE BARK YARD LLC | South Portland, ME | Pet Care (except Veterinary) Services | $250K or less | 6.1% | 20 |
| 28 | ELEVATE TENNIS LLC | Falmouth, ME | Fitness and Recreational Sports Centers | $250K or less | 4.4% | 20 |
| 29 | GARDEN CONCERTS LLC | Portland, ME | Drinking Places (Alcoholic Beverages) | $250K or less | 5.8% | 20 |
| 30 | DOG HOUSE ENERGY SERVICES LLC | Brunswick, ME | Plumbing, Heating, and Air-Conditioning Contractors | $250K or less | 4.5% | 17 |
| 31 | RAZIK ENTERPRISE LLC | Oquossoc, ME | Full-Service Restaurants | $250K or less | 6.8% | 17 |
| 32 | STARS & STRIPES BREWING LLC | Portland, ME | Breweries | $250K or less | 4.8% | 16 |
| 33 | ALEX QUATAERT LLC | Portland, ME | Electrical Contractors | $250K or less | 8.3% | 16 |
| 34 | G + O LOGIC LLC | Belfast, ME | Architectural Services | $250K or less | 7.5% | 16 |
| 35 | ROBINRAY LLC | New Gloucester, ME | Snack and Nonalcoholic Beverage Bars | $250K – $500K | 5.3% | 15 |
| 36 | WHISPERING SANDS INC | York Beach, ME | $250K – $500K | 4.5% | 15 | |
| 37 | WESTNEY ASSOCIATES LLC | Portland, ME | $1M – $2.5M | 6.7% | 15 | |
| 38 | EDGECOMB’S INC. | Appleton, ME | $250K or less | 8.5% | 14 | |
| 39 | OLYMPIA HOLDINGS LLC | Waterville, ME | Drywall and Insulation Contractors | $250K or less | 6.6% | 14 |
| 40 | 1289 BURKETTVILLE LLC | Appleton, ME | $250K – $500K | 4.0% | 14 | |
| 41 | CAMDEN HILLS DENTAL CARE | Rockport, ME | Offices of Dentists | $500K – $1M | 8.3% | 14 |
| 42 | THERMOFORMED PLASTICS OF NEW E | Biddeford, ME | Unsupported Plastics Packaging Film and Sheet Manufacturing | $250K – $500K | 4.8% | 13 |
| 43 | THE CAT HOSPITAL OF MAINE INC | Manchester, ME | Veterinary Services | $500K – $1M | 4.8% | 13 |
| 44 | DAN KOLBERT BUILDING & RENOVAT | Portland, ME | New Single-Family Housing Construction (except Operative Builders) | $250K or less | 5.0% | 12 |
| 45 | COMPLUS LLC | Bath, ME | Computer Systems Design Services | $250K or less | 9.8% | 12 |
| 46 | RAISE MAINE LLC | Scarborough, ME | Amusement Arcades | $250K or less | 7.4% | 12 |
| 47 | MOTORESTO LLC | Portland, ME | Automotive Body, Paint, and Interior Repair and Maintenance | $250K or less | 6.0% | 12 |
| 48 | CORNER POINT BREWING COMPANY | Berwick, ME | Breweries | $250K or less | 4.3% | 11 |
| 49 | CENTRAL MAINE TICK & MOSQUITO | Brewer, ME | Exterminating and Pest Control Services | $250K – $500K | 5.7% | 11 |
| 50 | EMERALD HOSPITALITY LLC | Lewiston, ME | Hotels (except Casino Hotels) and Motels | $2.5M – $5M | 5.5% | 11 |
Note about SBA lenders near me in Maine
When it comes to top Maine SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the Maine preferred lender list, 2) approved lenders in Maine, or 3) active participants in the Maine SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in Maine swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in Maine, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.
It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.