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Are you looking for Maine’s best business loans & startup financing companies? For your small business in Pine Tree State, many banks, credit unions, and unconventional lenders are offering different loan types. Moreover, Maine’s 151,000+ small businesses make up more than 99% of the total number of companies operational here.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans & startup financing options in Maine to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Maine-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Machias Savings Bank

The average interest rate at this bank is around 4.90%. However, $250k is the average amount that Machias Savings Bank will offer you as a loan. This lender has been serving Maine’s small business community, especially the ones located in Machias, Washington County, ME, for the last 150+ years.

3. Katahdin Trust Company

This is yet another lender that will quote you an average interest rate of 4.60%. However, 932k USD is the average loan amount that it’ll approve! That’s why this lender is rated #3 on our list. They state this on their site: “Whether your company requires funds for day-to-day operations, seasonal cash flow, expansion, or other business needs, you can count on Katahdin Trust for specialized help.”

4. Kennebunk Savings

At Kennebunk Savings, you’ll get 290k USD on average as a loan at an interest rate of 4.40% (on average). The people of Kennebunk, ME, established in bank in the early 1870s. Today, it’s developed into a major lender in the Pine Tree state, with over a dozen branches in Maine. Also, this bank supports small businesses in New Hampshire. 

5. Atlantic Federal Credit Union

This federal credit union (FCU) helps Maine-based businesses get ample funding. If you want to invest in Maine’s commercial real estate, then you should consider taking out a loan from this FCU. They have experts who understand the Pine Tree State’s real estate market.

6. Franklin Savings Bank

The average interest rate at this lender is over 5.00%. Also, Franklin Savings Bank offers you a low loan amount, i.e., $102,000. If you apply for commercial lending, here’s what this bank shall offer you in this regard:

• Full-Service Commercial Lending
• Perfect Fit Small Business Lending
• Fast Local Decisions
• SBA Express Lender

Based in Franklin County, ME, this bank has expanded to different locations statewide.

7. Camden National Bank

At the Camden National Bank, you’ll get an average interest rate of over 4.00%. Also, the loan amount that this lender will give you will be around $650,000 (based on average estimates). If you want to open a commercial line of credit under $50k, you’ll get a quick decision made by the bank’s administration.

8. Gorham Savings Bank

This lender offers you an average interest rate of 4.25%. Moreover, you’ll get a loan amount of $266,000 from Gorham Savings Bank. Based in Maine, this lender supports local startups that lack ample funds to keep the business functional. With a history that spans over 150 years, this Maine-based lender will be a perfect startup financing partner for infant companies.

9. Bangor Savings Bank

At Bangor Savings Bank, the average interest rate is over 4.50% but the loan amount approved by this lender (on average) is low as well, i.e., over $170,000. The branches of this lender are in Maine, Massachusetts, and New Hampshire. Also, this lender works with the Finance Authority of Maine (FAME). So, you’ll get reliable lending options from Bangor Savings Bank.

10. Maine Savings Federal Credit Union

This Maine-based FCU is yet another generous lender that helps Maine’s small businesses reach new heights of success hassle-free. If you try using their commercial loan calculator, you will realize that Main Savings FCU lets you borrow up to $10 million as a loan. Also, the terms of the loan can go to 20 years. That’s why Maine Savings Federal Credit Union is a prime option for Maine-based companies & startups in search of alternative funding routes.

11. Skowhegan Savings

At Skowhegan Savings, you can borrow enough money to fund your entrepreneurial dreams. These lenders will offer you commercial to local loans, making sure that your business has 24/7 access to much-needed funds to navigate Pine Tree State’s treacherous business market with ease. This is how they describe their business: “We partner with agencies like Finance Authority of Maine (FAME), Small Business Administration (SBA), & USDA Rural Development to expand our ability to meet various needs.” Also, about 50% of the staff working for Skowhegan Savings is composed of entrepreneurs themselves. So, this lender understands the unique needs of Maine’s small business community.

Maine Government Resources

Check out these government resources about business grants/funding and startup financing options in Maine:

• Financial Resources | Office of Business Development
• Finance Your Business | The City of Rockland, Maine
• Loans & Assistance Programs – Hermon, Maine
• PI Development Fund

Top Cities in Maine for Business Loans

Curious to know which cities or census-designated places (CDPs) in Maine are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Portland
2. Bangor
3. South Portland
4. Auburn
5. Augusta
6. Westbrook
7. Scarborough
8. Biddeford
9. Hermon
10. Lewiston
11. Waterville
12. Caribou
13. Presque Isle
14. Rockland
15. Brunswick
16. Ellsworth
17. Kennebunk
18. Bath
19. Houlton
20. Dover-Foxcroft
21. Millinocket
22. Skowhegan
23. Fort Kent
24. Machias
25. Belfast
26. Lincoln
27. Yarmouth
28. Farmingdale
29. Wiscasset
30. Old Town

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Maine in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.