Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.
Updated on
Maine Small Business Loans: Best Local and Online Options
Nestled between Canada, the Atlantic Ocean, and New Hampshire, Maine offers state-specific business loans and access to national providers as well. Finding providers is simple, as options are available online and, more traditionally, through banks and grants. Specifically, small business loan types...
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 |
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.
1. Biz2Credit
For over 14 years, Biz2Credit has been providing small business loans to entrepreneurs looking to receive significant amounts of capital at reasonable rates. In addition to great loan products, the easy online application process and quick turnaround times make the company incredibly popular among small business owners within the state of Maine.
With Biz2Credit, you have three financing options to choose from:
- Term loans. Term loans are a great way to fund small-to-medium projects, with loan amounts ranging up to $250,000.
- Working capital loans. This type of loan comes with an impressive limit of $6 million, which makes it a suitable option for funding larger projects.
- Commercial real estate loans. Commercial real estate loans provide funding for real estate acquisitions and can also range up to $6 million.
With Biz2Credit, you can expect to receive an interest rate starting at only 8.99%. While stringent eligibility criteria can be difficult to meet for small businesses, if you do get approved, you can expect to see the much-needed funds in your bank account within 72 hours of your application submission.
Try Biz2Credit
Read more in the full Biz2Credit review
2. Fundera
Fundera is another excellent online loan partner. Their representatives walk you through the process of applying for funding and even help you after you’ve been approved. Like most other online lenders, Fundera offers products that are applicable nationwide and has consultants in every state, including Maine.
Funding options are similar across most online-based funding partners like Lendio. There are several options available, and applying is free. Your application is forwarded to potential funders, and you can sit back while they shop your particular options.
Try Fundera
Read more in the full Fundera review
3. Credibly
As a reliable online lender that has been in business for over 11 years, Credibly is known for making small business financing available to a broad range of customers around the country. The company’s lenient eligibility criteria and low minimum credit scores make it an ideal choice for startups and new businesses looking for fast and easy financing options.
With Credibly, the online application process is quick and simple, and a customer support team is available to provide assistance should you require one.
While Credibly provides seven different types of lending products, the most popular one is a working capital loan. In addition to this type of financing, Credibly also offers long-term business expansion loans, SBA loans, merchant cash advances, business lines of credit, and more. The loan value starts at $400,000 for short-term loans and can range up to $5 million for longer-term options.
Try Credibly
Read more in the full Credibly review
Other Resources for Maine Small Businesses
Maine is trying its best to drive new businesses into a successful future. As such, the state offers a range of additional resources for small businesses.
Greenlight Maine
One interesting resource, Greenlight Maine, aims to promote entrepreneurship among minority-owned businesses through the power of television. Participants receive a grant of $5,000 from Bangor Savings Bank and visibility to market their business while competing against another business. This Maine small business grant provides entrepreneurs with good visibility and assistance in order to increase their rate of success.
Maine Small Business Development Center (SBDC)
Starting a new business can be overwhelming, but, luckily, Maine Small Business Development Center is ready to provide the much-needed support for local entrepreneurs. Maine SBDC contains a rich library of online resources full of information for aspiring entrepreneurs. For example, it includes a Guide to Starting a Business in Maine, a useful Startup Checklist, business plan guides, financial templates, and much more.
In addition, Maine SBDC regularly hosts live and online seminars on a variety of business-related topics and provides valuable business advice at no cost.
SCORE Maine
SCORE is a nonprofit organization providing informative educational workshops intended to help businesses to get started, expand, and operate effectively. From tax and business workshops, to free mentorship from industry professionals, SCORE Maines offers a range of services at its five Maine locations: Auburn, Augusta, Bangor, Belfast, and Portland.
Amber Grant
Amber Grant is available to female entrepreneurs in the state of Maine and across the country. The Grant was established to honour the memory of Amber Wigdahl, who died at a young age before she was able to pursue her business dreams.
Today, female business owners and entrepreneurs have an opportunity to receive a monthly grant of $10,000 or a yearly grant of $25,000. All you need to do to apply is to share some information about yourself and elaborate on your business dream, - there are no complicated forms to fill out and no complex supporting documentation required.
How to Prepare for a Maine Small Business Loan
If you were wondering about how to get a small business loan in Maine, we have provided some direction below.
Of course, preparing for the process of applying for a small business grant or loan in Maine requires dedication. Here are a few steps you need to take in order to prepare your loan application:
- Have a business plan, including feasibility studies and market research papers.
- Cash flow projections will be required with generally a two-year financial history.
- Research as many funding options as possible. Do your research for the best rates.
- Narrow down your best loan options.
- Take action; be swift to make a decision.
The Bottom Line
Maine has a wealth of business opportunities available with funding providers prepared to assess your small business loan application. You’ll find that the application process can be time-intensive through a credit union or a bank. Online lenders provide speed in processing, coupled with robust online application approval algorithms that can shorten the application time to within days.
Whichever funding route you opt for, planning is vital. Research your options and, when you’ve narrowed down your choices, drive the process to completion. Remember that the faster you apply, the sooner you’ll be able to receive the funds.
About the Author
Tetiana Sitiugina-Babiuk
Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.
More about me
