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Maine Small Business Loans to Ignite Your Business

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 in Maine are varied and available from diverse sources.

At a glance 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 Five Maine Small Business Loan Options

Below we highlight several financiers and their funding offerings for new and startup businesses.  

Wells Fargo

Wells Fargo is rated as the easiest bank to apply for a business loan. They have a vast network of branches nationwide and offer a multitude of small business loan options. It’s because of the size of the organization that Wells Fargo can provide competitive interest rates to borrowers.  

Minimum requirements for borrowers are demanding, but once these are met, you’ll have access to some of the best interest rates and terms on the market. Financial statements for the previous two years, with a healthy income, are prerequisites when considering Wells Fargo as a funding partner. Wells Fargo provides secured and unsecured loans, business lines of credit, and Small Business Administration loans.

TD Bank 

Toronto-Dominion Bank operations in Maine form part of a massive multinational bank based in Toronto, Canada. They operate mainly on eastern seaboard states. Toronto-Dominion Bank offers a total banking service, including retail banking and small business funding. The Small Business Administration has listed Toronto Dominion as a preferred lender, which gives you access to preferential interest rates.

However, much like local banks, the stringent approval requirements and possible down payment terms present a barrier to individuals with lower credit scores. The application process is convenient, however, applying online is limited to amounts below $100 000, with amounts above that requiring an in-person application. 

Bank of America

Bank of America (BoA) provides the most funding options with regards to small business loans. It has 4,400 branches and 16,000 ATMs nationwide. They’re one of the largest banking companies in the world with a depth of financial services and loan options. 

BoA offers a funding vehicle for every stage of your business life. You’ll find funding choices for startup companies, established corporations, and SBA loan products. Their options accommodate secured and unsecured schemes. These products include, but aren’t limited to, lines of credit and business term loans.

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.

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.

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

National Banks

Wells Fargo

$5K - $6.5 million - depending on the loan category 

Minimum 640 credit score - Two years in business - One- to 20-year terms - Preferential interest rates - Additional fees apply

TD Bank

$5K - $5.5 million - depending on the loan category

Minimum 680 credit score - One to two years in business - One- to25-year terms - Preferential interest rates - Additional fees apply

Bank of America

$5K - $5 million - depending on the loan category

Minimum 670 credit score - Two years in business - One- to 25-year terms - Preferential interest rates - Additional fees apply - Down payments apply

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

Credit Unions

Atlantic Federal Credit Union

Loan values available upon application

Down payments apply - Terms and requirements available on request

Top Three Online Arkansas Small Business Loan Options

Online small business funding companies’ main directive is to provide business financing within a short time frame. This was brought about as a reaction to the protracted process of traditional banking and credit unions. 

Businesses in the current economic landscape need to be agile enough to capitalize on these opportunities, and a lengthy approval process can inhibit this. There are minimum requisites for these loans, but credit score requirements are lower. 

Below are three providers that offer a plethora of loan options for emerging and established businesses.

1. Lendio

Lendio has processed more than $10 billion in loans for small businesses since its inception. Their vision is to process one billion dollars in small business loans per annum, effectively creating 25,000 jobs for the economy. Seventy-five lenders have partnered with Lendio to make the process seamless while providing a complete funding service for small businesses. Their application process takes 15 minutes and is available free of charge. 

The services offered to entrepreneurs encompass startup funding schemes and business acquisition loans. Speed is a determining factor when requisitioning funding for company expenses. 

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 have 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.

3. OnDeck

Small business loans in Maine are similar to the rest of the country. At their core, Online providers seek to make the process of funding businesses as streamlined as possible because they know the value of time to entrepreneurs. 

OnDeck accommodates applications from the United States, Canada, and Australia making them a knowledgeable platform to seek aid. Their network and expertise effectively shorten the process of loan financing. They have developed the ODX platform to keep your application as transparent as possible. They place much value on being customer-focused. 

OnDeck’s online lending platform is driven by cutting-edge technologies, further reducing loan application times.

Other Resources for Maine Small Businesses

Maine is trying its best to drive new businesses into a successful future. 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. Maine small business loans provide entrepreneurs with good visibility and assistance in order to increase their rate of success. 

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. Preparing for the process of applying for a small business grant or loan in Maine requires dedication. 

Here we list a few steps to help you prepare for 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. These 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 start trading.