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

Business Loan Biddeford, Maine

 
Loan Census SBA Loan Info

Raising money in Biddeford, Maine? If so, you'll want to talk to some of these small business lenders in Biddeford.

These materials were prepared for small business proprietors in Biddeford, Maine who are interested in getting a bank loan.

Local Biddeford Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Biddeford.

Small Business Bank Recent SBA Loans
Biddeford Savings Bank 16
Fleet Bank  
Keybank - Keycenters- Saco  
Maine Bank & Trust Company 1
Peoples Heritage Bank - Banking Centers  
Pepperell Bank & Trust 39

Other Lending Resources for Biddeford Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
2
Bank Of The West
San Francisco, CA
1
Capital One
Mclean, VA
2
Gorham Savings Bank
Gorham, ME
1
Home Loan Invest Bank F.s.b.
Warwick, RI
1
Keybank National Association
Cleveland, OH
2
Maine Bank & Trust Company
Portland, ME
2
Ocean Bank
Portsmouth, NH
6
Rivergreen Bank
Kennebunk, ME
2
Saco & Biddeford Savings Insti
Saco, ME
2
Td Banknorth
Portland, ME
5
Wells Fargo Bank
Sioux Falls, SD
1

Tips for Getting a Business Loan in Biddeford

Before contacting banks to get a bank loan, you will need to develop the specifics of your loan request.

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

Having a business plan is essential. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to to secure the business with your personal assets, such as your individual retirement account or pension plan. 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 participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business 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. To get the ball rolling, we recommend you read Business Credit Evaluation.

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