Best Small Business Loans in Maine 2024: Finest Selection

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Best Small Business Loans in Maine

In 2023, the landscape for small business loans in Maine is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Maine LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Maine. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Maine. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Maine banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Maine

We will discuss Maine’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Maine. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Maine LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

What are some of the best small business banks in Maine?
Some of the best small business banks in Maine include Bangor Savings Bank, Camden National Bank, and Norway Savings Bank.
What features should I look for in a small business bank?
Some important features to look for in a small business bank include low fees, good interest rates, reliable customer service, and convenient locations.
How can I find the best small business bank near me?
You can search online for small business banks in Maine, or ask for recommendations from other local business owners.
What kind of loans do small business banks in Maine offer?
Small business banks in Maine may offer various types of loans, including traditional business loans, equipment loans, and lines of credit.
What is the Small Business Administration (SBA), and how can it help me with funding for my small business in Maine?
The SBA is a government agency that offers loan guarantee programs to help small businesses access funding. These programs can be a helpful resource for small businesses in Maine looking to get ahead.
Are there any small business banking options in Maine that offer online and mobile banking?
Yes, several small business banks in Maine offer online and mobile banking options.
How can I open a small business bank account in Maine?
To open a small business bank account in Maine, you will typically need to provide identification documents and proof of business registration.
What are the minimum deposit requirements for opening a small business bank account in Maine?
The minimum deposit requirements for opening a small business bank account in Maine may vary depending on the bank and account type.
What fees should I expect to pay when opening a small business bank account in Maine?
Fees for small business bank accounts in Maine may include monthly maintenance fees, transaction fees, and ATM fees.
What should I look for in a business checking account?
When choosing a business checking account, it’s important to look for low fees, good interest rates, and online and mobile banking options.
What should I consider when choosing a small business bank in Maine?
When choosing a small business bank in Maine, you may want to consider factors such as fees, interest rates, customer service, and convenience.
How does a line of credit work for small businesses in Maine?
A line of credit can offer Maine small businesses access to a set amount of funds that can be used as needed.
What kinds of financial services do small business banks in Maine offer?
Small business banks in Maine may offer a range of financial services, including loans, credit cards, merchant services, and wealth management.
What is a merchant services account, and how can it be useful for a small business in Maine?
A merchant services account can help small businesses in Maine process credit and debit card payments.
Can small businesses in Maine get help with setting up retirement accounts for employees?
Yes, some small business banks in Maine may offer retirement account administration services.
Are there any government grants available in Maine specifically for small businesses?
It is possible for small businesses in Maine to access some government grants and loans through programs such as the Maine Technology Institute and the Maine Rural Development Council.
What is the difference between a business loan and a line of credit?
A business loan typically provides a set amount of funds for a specific purpose, while a line of credit offers access to funds that can be used as needed.
What is the difference between a business checking account and a business savings account?
A business checking account is designed for daily transactions, while a business savings account is typically used for longer-term savings and earning interest.
Are there any resources available in Maine to help small businesses with marketing and branding?
Yes, the Maine Small Business Development Center is one resource that offers assistance with marketing and branding for small businesses in Maine.
What should a small business look for in a credit card processing service?
When choosing a credit card processing service, a small business in Maine should consider factors such as fees, security measures, and customer support.
What is the difference between a secured and unsecured small business loan?
A secured loan requires collateral, such as property or equipment, while an unsecured loan does not.
How can a small business in Maine build a good credit score?
A small business in Maine can build a good credit score by consistently making on-time payments and establishing a positive credit history.
What is a cash management account, and how can it be useful for a small business in Maine?
A cash management account can help a small business in Maine keep track of cash flow, transfer funds, and make financial decisions.
What is the difference between a credit union and a bank for small businesses in Maine?
Credit unions are nonprofit organizations, while banks are for-profit businesses. Credit unions may offer lower fees and better interest rates, but banks may have more comprehensive services.
Can a small business in Maine access loans or other funding from online resources?
Yes, online lending marketplaces and alternative funding sources may be available for small businesses in Maine.
What are some common mistakes to avoid when opening a small business bank account in Maine?
It’s important to avoid choosing a bank based solely on the lowest fees, failing to read the fine print, or neglecting to ask questions and get all necessary information.
How can networking and marketing help a small business in Maine grow and succeed?
Networking and marketing can help a small business in Maine build relationships, reach new customers, and establish a strong brand.
What types of cybersecurity measures should a small business in Maine put in place to protect against data breaches and other security threats?
Some important cybersecurity measures for small businesses in Maine may include implementing firewalls, using multi-factor authentication, and building internal awareness and training.
What types of business loans do Maine banks offer?
Maine banks offer a range of business loans, including term loans, lines of credit, equipment loans, and SBA loans.
Can I apply for a business loan online with Maine banks?
Many Maine banks allow you to apply for a business loan online or through a mobile app.
What is the interest rate on business loans in Maine?
The interest rate on business loans in Maine varies depending on the type of loan and the individual bank’s policies.
What documents do I need to apply for a business loan in Maine?
The documents you need to apply for a business loan in Maine may include financial statements, tax returns, business plans, and other financial documentation.
What are the fees associated with business loans in Maine?
Fees associated with business loans in Maine may include loan origination fees, application fees, and prepayment penalties.
How long does it typically take to get approved for a business loan in Maine?
The approval process for business loans in Maine varies depending on the bank and the type of loan, but it can take anywhere from a few days to several weeks.
Are there any grants or other financial assistance available for small businesses in Maine?
Yes, there are various federal, state, and private grants and financial assistance programs available for small businesses in Maine.
What is the minimum credit score required for a business loan in Maine?
The minimum credit score required for a business loan in Maine depends on the bank and the type of loan, but most banks prefer credit scores of 650 or higher.
How much money can I borrow for a small business loan in Maine?
The amount you can borrow for a small business loan in Maine varies depending on the bank and the type of loan, but most banks offer loans ranging from $5,000 to $500,000.
Can I use a business loan to support a new business venture in Maine?
Yes, many banks in Maine offer loans that are specifically designed for new businesses, whether it is a startup or an expansion of an existing one.
What type of collateral do I need to secure a business loan in Maine?
The type of collateral required to secure a business loan in Maine varies depending on the type and size of the loan, but it could include real estate, equipment, inventory, or accounts receivable.
What should I expect during the loan application process at a Maine bank?
During the loan application process at a Maine bank, you can expect to submit financial documentation, be evaluated based on your creditworthiness, and potentially attend an in-person interview before receiving a decision.
Are there particular advantages to using a local Maine bank for business financing?
Yes, local Maine banks often offer personalized service and support, and they may be more familiar with the local economy and businesses than larger national banks.
What is the maximum loan term for a business loan in Maine?
The maximum loan term for a business loan in Maine depends on the bank and the type of loan, but it could range from 1-5 years for smaller loans, and up to 25 years or more for larger loans.
Is an SBA loan a good option for a small business in Maine?
Yes, SBA loans are a great option for small businesses in Maine, as they offer low interest rates, flexible terms, and are backed by the federal government.
What is the debt-to-income ratio requirement for qualifying for a small business loan in Maine?
The debt-to-income ratio requirement for qualifying for a small business loan in Maine depends on the bank and the type of loan, but many banks prefer a ratio of 1.3 or higher.
Why should I consider a business line of credit in Maine?
Business lines of credit in Maine provide businesses with access to cash on a revolving basis, which can be helpful for short-term financing needs.
Can I use an SBA loan to purchase real estate for my business in Maine?
Yes, SBA loans can be used for a variety of business purposes, including purchasing real estate for your business in Maine.
What metrics do Maine banks typically use to assess creditworthiness of small business applicants?
Maine banks typically use a variety of metrics to assess creditworthiness of small business applicants, including credit score, debt-to-income ratio, and business performance metrics.
What happens if I default on a small business loan in Maine?
If you default on a small business loan in Maine, the lender has the legal right to take possession of any pledged collateral and/or sue you personally for the remaining balance.
Can I get a business loan for a home-based business in Maine?
Yes, some banks in Maine offer small business loans for home-based businesses, as long as the business satisfies their underwriting standards and is capable of repaying the loan.
How can I compare small business loans in Maine to find the best interest rates and terms?
To compare small business loans in Maine, you can visit the bank websites, read online reviews, consult with a loan officer, and compare terms and fees side-by-side.
What is the approval rate for business loans in Maine?
The approval rate for business loans in Maine varies depending on the bank and the type of loan, but on average, about 75% of applicants are approved.
What accounting software package do Maine banks require small business borrowers to use?
Maine banks may require small business borrowers to use different accounting software packages, depending on the business industry and the specific lender.
Do Maine banks offer discounts or promotions for new customers looking for business loans?
Some Maine banks offer discounts or other promotional offers for new customers seeking business loans, but these offers may vary by bank and by the time of the year.
What happens during a loan review process of a Maine bank?
The loan review process of a Maine bank typically requires applicants to sign a personal guaranty, review loan closing documentation, and work with a lender to establish repayment plan before the funds are dispersed.
What are the advantages and disadvantages of getting an unsecured small business loan in Maine?
The primary advantage of getting an unsecured small business loan in Maine is that you don’t have the risk of losing collateral if you default on the loan. However, typically there is higher interest rate or more borrower standards to follow in order to get it than a secured business loan.

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Conclusion

As Maine, also known as The Pine Tree State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Maine economy.

When looking for the best small business loans in Maine, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Maine LLC or growing your existing LLC in Maine, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Maine.

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