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March 29, 2024  
 
 
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Business Loan Farmingdale, Maine

 
Loan Census SBA Loan Info

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

This article is written specifically for small business owners in Farmingdale, Maine who are interested in getting a bank loan.

Business Loan Providers for Farmingdale Businesses

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

Small Business Bank Recent SBA Loans
Bangor Savings Bank
Bangor, ME
1
Bank Of America
Charlotte, NC
1
Savings Bank Of Maine
Gardiner, ME
1
Td Banknorth
Portland, ME
3

Tips for Getting a Business Loan in Farmingdale

As a prerequisite to contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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 how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan 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 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

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Attracting Investors.

Business Loan Sources for Other Cities in Maine
Get a Business Loan in Ellsworth
Get a Business Loan in Gardiner

Browse All Business Loan Sources for Maine