Maine provides several avenues for aspiring entrepreneurs to start their businesses. You’ll find an immense amount of funding providers from across the lending spectrum: national banks, state banks, Maine small business grants, and even a television show. The local government has catered to all your business requirements, from labor relations to procurement and vendor information services. On this page, we will discuss the top financing option for your Maine-based small business.
Top Four Maine Small Business Loan Options
Below we highlight several financiers and their funding offerings for new and startup businesses.
1. Bar Harbor Bank & Trust
Selecting a bank within your state provides faster approval times due to the size and resources available. Bar Harbor Bank & Trust offers comfort to clients in the way of developing enduring relationships with its clientele. They offer retail banking products and small business funding choices, making them an ideal partner for business owners who need urgency and support.
Bar Harbor Bank provides working capital lines of credit and larger loans like commercial real estate and construction loans. These loans are supported by experts in business finance structuring, offering you tailor-made solutions to cash flow challenges.
In addition to the above, Bar Harbor Bank & Trust also provides detailed knowledge of the Finance Authority of Maine, Small Business Administration, and other guarantee schemes. Credit scores and eligibility requirements vary and are obtained upon application.
2. Bangor Savings Bank
Much like Bar Harbor, Bangor Savings offers a multitude of business-orientated lending solutions. They can assess and extend revolving equipment lines of credit, construction loans, and real estate loans. Once again, due to the operation area, Bangor can process loans faster than larger national banks while remaining competitive. A Maine small business loan through Bangor Savings will give you that personal touch, as Bangor Savings Bank strives to create relationships between the bank and the prospective borrower.
3. Partners Bank
As a community bank serving Southern Maine and Seacoast New Hampshire since 1933, Partners Bank offers personal and business banking services to local clients. The bank offers business term loans designed to meet short-term capital improvement or equipment needs of Maine-based small businesses. These loans come with a regular monthly repayment term of 7 years or less and are ideal for financing business expansions, vehicle or equipment purchases, leasehold or building improvements, or computer systems. In addition, local small businesses are welcome to apply for business credit cards or line of credits.
4. Credit Unions in Maine
Credit unions provide some of the best interest rate and business funding options due to their rigid approval process and intricate credit scoring. These unions come in varying sizes and operate nationally or locally. Keep in mind that credit union funding isn’t always available, as these loans aren’t part of their core function.
Credit unions present an alternative option to banks and private funders. They function in similar ways to a bank yet operate as a collective. Collaboration between Maine credit unions offers clients over 160 branches with 700,000 members to date. These 55 credit unions are run by their members, making the process efficient and offering a personal touch to business funding. We’ll display the main points of one of the largest credit unions in Maine.
Summary Table
Institution Type
Lender Name
Max/Min Amount
Terms/Requirements
State Banks
Bar Harbor Bank & Trust
$5K - $1 million
Details available upon application - Down payments apply
Bangor Savings Bank
Up to $20 million
Details available upon application - Down payments apply
Partners Bank
Loan values available upon application
Details available upon application
Credit Unions
Atlantic Federal Credit Union
Loan values available upon application
Down payments apply - Terms and requirements available on request
Institution Type |
Lender Name |
Max/Min Amount |
Terms/Requirements |
State Banks |
Bar Harbor Bank & Trust |
$5K - $1 million |
Details available upon application - Down payments apply |
Bangor Savings Bank |
Up to $20 million |
Details available upon application - Down payments apply |
|
Partners Bank |
Loan values available upon application |
Details available upon application |
|
Credit Unions |
Atlantic Federal Credit Union |
Loan values available upon application |
Down payments apply - Terms and requirements available on request |
Top Four Online Arkansas Small Business Loan Options
Online small business funding companies are an excellent option to receive business financing within a short time frame and with minimum eligibility criteria. Below are three providers that offer a plethora of loan options for emerging and established businesses.