Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan South Portland, Maine

 
Loan Census SBA Loan Info

Getting a business loan in South Portland, Maine seems challenging at first, but we're here to help you get started.

This article is written specifically for entrepreneurs in South Portland, Maine who are interested in getting a bank loan.

Local South Portland Business Loan Sources

Without further adieu, here's our list of small business banks in South Portland.

Small Business Bank Recent SBA Loans
Fleet Bank  
Kennebunk Savings Bank  
Key Bank  
Keybank National Association 7
Maine Bank & Trust Company 4
Norway Savings Bank  

Business Loan Providers for South Portland Businesses

This is a list of banks outside of South Portland, Maine that have provided SBA loans to South Portland businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Bangor Savings Bank
Bangor, ME
3
Bank Of America
Charlotte, NC
8
Bank Of America
Providence, RI
9
Business Lenders, LLC
Hartford, CT
1
Gorham Savings Bank
Gorham, ME
1
Kennebunk Savings Bank
Kennebunk, ME
1
Keybank National Association
Cleveland, OH
6
Maine Bank & Trust Company
Scarborough, ME
2
Northeast Bank
Brunswick, ME
2
Northeast Bank
Lewiston, ME
2
Norway Savings Bank
Norway, ME
3
Norway Savings Bank
Portland, ME
1
Rivergreen Bank
Kennebunk, ME
2
Saco & Biddeford Savings Insti
Saco, ME
1
Td Banknorth
Portland, ME
22
Telesis Community Cu
Chatsworth, CA
1

Tips for Getting a Business Loan in South Portland

Before contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the capital is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list are SBA lenders. Before meeting with the banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Borrowing Money from Friends and Family.

Business Loan Sources for Other Cities in Maine
Get a Business Loan in Skowhegan
Get a Business Loan in Topsham

Browse All Business Loan Sources for Maine