SBA announces nearly $205M in Maine through signature lending programs
AUGUSTA – The Maine district office of the U.S. Small Business Administration will present its annual SBA lender awards on Friday, Nov. 5 in an online ceremony. In recognition of National Veterans Small Business week, as part of the ceremony, presentations about the programs available to Veterans interested in small business ownership will take place along with recognition of graduates of the SBA’s Emerging Leaders Program.
“Over the course of the pandemic, we’ve seen our local lenders step up in a huge way with new programs, while still working hard to keep up with our standard loan products,” said Diane Sturgeon, district director for the SBA Maine District Office. “These numbers show that Maine lenders continued making important investments in our small businesses that will be crucial to our economic recovery.”
In fiscal year 2021, the SBA and its lending partners in Maine made a total of 417 loans totaling nearly $205 million through its main loan programs, the 7(a) Loan Guaranty Program, the 504 Loan Program, and SBA Microloan Program. The 7(a) loan program is the SBA’s most used program because of its flexibility in loan structure and variety of uses. These numbers do not include the Paycheck Protection Program, through which over 19,000 additional loans were made in Maine for nearly $1 billion in 2021, or the Economic Injury Disaster Loan, through which over 10,000 loans were made, totaling more than $800 million in Maine.
The SBA will honor all of its partner lending institutions in Maine, with special recognition for the top lenders in several categories.
Bangor Savings Bank approved 47 7(a) loans and 11 504 3rd Party loans, totaling over $12 million, making them the overall Leading SBA Bank Lender in Maine.
Deere Employee Credit Union approved 6 7(a) loans and 2 504 3rd Party loans totaling over $1.2 million in Maine, making them the Leading SBA Credit Union lender.
Granite State Development Corporation was Maine’s Leading Certified Development Company in both numbers and total dollars, approving 86 504 loans for nearly $38 million in fiscal year 2021.
Coastal Enterprises, Inc. was Maine’s Leading SBA Microlender, with 23 loan approvals totaling $390,000 in fiscal year 2021.
Special recognition also goes to:
Northern Maine Development Commission, Kennebunk Savings Bank, and Evergreen Credit Union which received the SBA District Director Award in recognition of the efforts taken by these lenders to greatly increase the use of SBA programs in their lending portfolios, as well as their efforts to increase access to programs like the Paycheck Protection Program.
A STAR Award Recipient to be announced at the ceremony. This award is presented to a lender who has gone above and beyond to increase access to capital for small businesses and ensure that SBA products are fully available to their clients.
SBA will recognize these lenders at the online Annual Lender Awards ceremony on Nov. 5. For more information regarding SBA’s guarantee lending programs, please contact the SBA Maine District Office at 207-622-8551 or visit www.sba.gov/me.
To register and attend the online event, please visit https://www.eventbrite.com/e/sba-maine-lender-awards-and-emerging-leaders-graduation-tickets-195327238027?aff=ebdssbdestsearch.
Despite significant progress in its traditional lending programs, the agency is acutely aware of gaps that persist for certain communities in accessing capital. The SBA’s existing loan programs serve an important role in credit markets for small businesses, particularly those with collateral and demonstrated revenue that are denied a loan by a commercial bank or often lack relationships with established lenders.
Addressing the systemic gap in access to capital for the smallest and underserved businesses has been Administrator Guzman’s north star and will continue to be a top SBA priority in FY 22 and beyond.
For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.