Business Loans in Maine

There are over 150,000 small businesses in Maine, which employ more than 290,000 workers and account for 99.2% of the workforce in the state. If you’re looking to start or grow a business in Maine’s beautiful, peaceful environment, small business loans should be on your radar.

Applying is free and won't impact your credit¹

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SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Maine Business Loan Options

Several organizations service loans to small businesses that set up shop in the Pine Tree State.

Brewer Federal Credit Union offers small business loans in Eastern Maine. Its product lineup includes term loans, lines of credit, and SBA loans.

Maine Community Bank also provides small business financing through its multiple branches in cities like Biddeford, Kennebunk, and Waterboro.

In addition, Maine Angels, which is a group of private equity inventors, may invest in your Maine startup.

We can’t forget CEI Maine, as it supports small businesses in rural communities through small business loans and other resources.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Get started

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Blue box with text 'We’ll help find your best fit' above logos of loan and financial service companies including Credibly, Backd, Fora Financial, GoodFunding, OnDeck, and Kapitus.

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FAQ about Small Business Loans in Maine

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FAQs

What other resources are available to Maine small businesses?

There are a number of resources for entrepreneurs and small business owners in the Pine Tree State. The Maine Small Business Development Center, for example, offers free business advising and free or low-cost workshops. Another valuable organization, the Maine Center for Entrepreneurial Development, hosts a 5-day mentoring program, seminars, and networking events. Additionally, there’s Business Answers, which is organized by the Maine Department of Economic and Community Development to make it easier to start and operate a business in Maine.

What Maine small business grants are available?

The Department of Economic and Community Development’s Maine Jobs & Recovery Small Business Grant Program may be an option if you’re dealing with significant expenses as a result of COVID-19. You can find an updated list of other small business grant opportunities in Maine at Maine GrantWatch.

What do I need to qualify for a loan in Maine?

To qualify for a business loan in Maine, you’ll need to select a corporate structure, like a corporation or LLC, and officially set up your business. Use the name search database on the Maine Secretary of State website to find out if your chosen name is available for use. Then, connect to the clerk in your city or town to fill out a certificate of assured name. If you’re forming an LLC or corporation, appoint a registered agent and file the proper paperwork. Once you’ve gone through these steps, you’ll be ready to apply for financing. Lenders will typically review your credit score, business finances, and time in business when qualifying you for a loan.

Which loan is right for my Maine business?

As a current or aspiring business owner in Maine, it’s your job to do your own research and compare financing solutions. Lendio is an online platform that can simplify the process. If you need fast cash and your customers are slow with payments, accounts receivable financing might be a solid choice. But if you have good credit and hope to borrow a lot of money, a term loan or SBA loan may make more sense.

How can a Maine business loan help my business?

With a business loan in Maine, you can receive the capital you need to cover a variety of business-related expenses. These may include startup costs, marketing, inventory, payroll, and commercial real estate.