Small Business Loans in Maine

Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.

10 Small Business Loans in Maine

This directory is the result of our specialized investigation into small business financing options in Maine, compiled from factual information. The organizations are ranked according to the volume of small business loans they've disbursed throughout the current year.

To put it simply, these are the financial institutions and lenders truly leading the charge in providing the most loan support to small enterprises within the state.

(This sets us apart from numerous other sites that focus mainly on non-lending nonprofit organizations and government schemes, which are often out of reach for the majority of businesses!)

Takeaway: Local, Maine-based state banks do most of the small business lending in Maine.

Methodology: This resource is based on data from SBA 7a loans, confirming that all the lenders we mention offer SBA financing. Additionally, we've compiled a list of other small business lending opportunities they highlight on their digital platforms.

Often, conventional banks set high standards for credit scores and require businesses to have been active for at least two years. As a response, our selection starts with two financing options designed for small business owners grappling with lower credit scores and shorter operational histories.

1. Credit Suite

Credit Suite stands out for its proficiency in business credit consulting and software solutions, also providing a couple of distinctive financing options.

Cash Flow Financing is an ideal choice for entrepreneurs who've been in the game for several years and have minimal credit scores. This strategy enables you to tap into your company's cash flow for adaptable financing. 

Instead of fixed monthly installments, repayment is made as a portion of your continuous cash flow.

The Credit Line Hybrid provides financing based entirely on personal credit standing, eliminating the need for detailed financial statements, banking records, or elaborate business strategies. Tailored for a wide range of businesses, from startups to established, it makes available funds ranging from $5,000 to $150,000. 

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid

2. TD Bank

TD Bank, covering the entire East Coast except for Georgia, provides a variety of small business financing products and holds the designation of an SBA Preferred Lender.

They accept business loan applications through both online and in-person channels.

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

3. Bangor Savings Bank

Bangor Savings Bank has diverse business financing offerings and a credit card. They issue more SBA 7a loans in Maine than any other Maine-based lender.

Business financing options offered:

  • Business Complete Overdraft Protection Line of Credit

  • Commercial Real Estate Loans

  • Construction Loans

  • Guaranteed Loan Programs

  • Working Capital Lines of Credit

  • Term Loans and Revolving Equipment Lines of Credit

  • Tax-Exempt Financing

  • 1 Business credit card

4. Gorham Savings Bank

Gorham doesn't have a lot of information about each loan, however they have two different offerings. Their FAME and CEI loans are in partnership with other organizations to offer alternative financing for entrepreneurs. 

Since banks tend to have rigid, harsh requirements to qualify for loans, this could be very useful for entrepreneurs that normally can't get financing.

Business financing options offered:

  • Small Business Loans

  • Commercial Real Estate Loans

  • FAME Loans

  • CEI Loans

  • Working Capital Lines of Credit

5. Maine Community Bank

Maine Community Bank is - you guessed it - a small bank in Maine with a focus on community. 

As they say on their website, “Unlike many ‘big box banks,’ we’re not headquartered in another state or overseas — our central office is right here in Maine. And because all ten of our current branches are in the towns that our employees also call home, we’re deeply invested in supporting the local businesses and civic organizations that help our communities thrive and prepare the next generation for success.”

Business financing options offered:

  • Lines of Credit

  • Equipment Loans and Revolving Lines of Credit

  • Business Real Estate Loans

  • 5 Business Credit Cards

6. KeyBank National Association

KeyBank operates as a mid-sized financial institution, spanning across 15 states. Recognized for its diverse range of small business loan offerings, KeyBank emphasizes its commitment to diversity and inclusion through a dedicated section on its website. 

They proudly showcase the accolades they've received in this regard, underscoring the importance of these values to prospective customers.

Business financing options offered:

  • Business Term Loans

  • Business Real Estate Borrowing

  • Small Business Lines of Credit

  • SBA Loans

  • Key Equipment Financing

  • 3 Business Credit Cards

7. Androscoggin Savings Bank

Androscoggin is a B-Corporation bank. That means that they are a for-profit company, but they have passed certain standards showing their commitment to charitable giving, community service, transparency, and verified performance. 

They offer diverse business services and a decent array of business financing products. 

Business financing options offered:

  • Business Financing:

  • Real Estate Loans

  • Equipment Loans

  • Business Line of Credit

  • Velocity Business Loan

  • Velocity Business Line of Credit

  • Velocity Business Term Loan

8. Manufacturers and Traders Trust Company

M&T Bank's headquarters is located in the vibrant city of Buffalo, New York. Renowned for its robust business loan portfolio, M&T Bank also stands out for its diverse range of loan products tailored to meet the specific needs of various industries.

Business financing options offered:

  • Business Lines of Credit

  • Business Credit Cards

  • Term Loans

  • Equipment Financing

  • Small Business Administration (SBA) Loans

  • Farm & Rural Business Loans

  • Restaurant Business Loans

  • Medical Practice Loans

9. Katahdin Trust Company

Katahdin Trust company is an SBA Preferred Lender. They are a small, local bank with a standard set of small business loan offerings and a highly personal touch.

Business financing options offered:

  • Term Loans

  • SBA Loans

  • Business Mortgages

  • Lines of Credit

  • Business Credit Cards

10. BayFirst National Bank

BayFirst National specializes in facilitating SBA loans, emphasizing their swift funding process on their website with slogans like "Lightning Fast Business Loans!" and "In-house team, quick funding". 

With an in-house underwriting team at their disposal, BayFirst National boasts both speed and expertise, a significant advantage in an industry where SBA loans typically entail lengthy funding timelines.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

How to apply for a small business loan in Maine

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!