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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.
There is no shortage of business loans in Maine. As you shop around and explore business financing in the Pine Tree State, you’re bound to come across these options.
While the Small Business Administration (SBA) doesn’t distribute loans itself, it does guarantee them. Available through SBA-approved lenders, SBA loans come with competitive interest rates and lengthy repayments terms. You can secure up to $5 million in funding with repayment terms of up to 25 years.
A line of credit differs from a traditional business loan in that you can withdraw funds whenever you’d like, up to a set credit limit. Compared to credit cards, lines of credit usually offer lower rates and larger loan amounts. If you’re a seasonal business, a line of credit can come in handy.
Term loans are one of the most popular types of business loans. With a term loan, you’ll receive a lump sum of money upfront and repay it over time through fixed monthly payments. If you have good credit, you can lock in attractive interest rates and favorable terms.
Whether you need a new tractor, oven, or computer for your business, an equipment loan is worth considering. Since the equipment will serve as collateral, equipment loans are typically easy to obtain. The type of equipment you’d like to purchase, its lifetime value, and the lender will determine how much you can finance.
Accounts receivable financing is when you sell your invoices at a discounted rate in exchange for immediate cash. Most companies will advance anywhere from 70% to 90% of your invoices up front. Once they collect the payments from your customers, you’ll receive the remaining balance minus a fee.
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.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
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.
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.
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.
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.
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.
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