SBA Announces Nearly $ 205 Million In Maine Through Exclusive Loan Programs
AUGUSTA – The Maine District Office in the United States
AUGUSTA – The Maine District Office of the US Small Business Administration will present its annual SBA Lender Awards on Friday, November 5 at an online ceremony. In recognition of National Veterans Small Business Week, as part of the ceremony, presentations on the programs available to veterans interested in small business ownership will be held as well as the recognition of graduates of the Emerging Leaders Program. of the SBA.
“During the pandemic, we have seen our local lenders scale up dramatically with new programs, while working hard to keep up with our standard loan products,” said Diane Sturgeon, district manager for the Maine SBA district. Office. “These numbers show that Maine lenders have continued to make significant investments in our small businesses that will be critical to our economic recovery.”
In fiscal 2021, the SBA and its lending partners in Maine made a total of 417 loans totaling nearly $ 205 million through its major loan programs, the Loan Guarantee Program 7 (a ), the 504 Loan Program and the SBA Microcredit Program. The 7 (a) loan program is the SBA’s most widely used program due to its flexibility in loan structure and the variety of its uses. These figures do not include the Paycheck Protection Program, through which more than 19,000 additional loans were made in Maine for nearly $ 1 billion in 2021, or the Economic Injury Disaster Loan, through which more than 10,000 loans. have been awarded, totaling over $ 800 million in Maine.
The SBA will honor all of its partner lending institutions in Maine, with special recognition for top lenders in several categories.
Bangor Savings Bank approved 47 loans 7 (a) and 11,504 3rd Party loans totaling over $ 12 million making it the leading SBA bank lender in Maine.
Deere Employee Credit Union approved 6 loans 7 (a) and 2,504 3rd Party loans totaling over $ 1.2 million in Maine, making it the SBA Credit Union’s largest lender.
Granite State Development Corporation was Maine’s leading certified development company by number and total dollars, approving 86,504 loans for nearly $ 38 million in fiscal 2021.
Coastal Enterprises, Inc. was Maine’s largest SBA lender, with 23 loan approvals totaling $ 390,000 in fiscal 2021.
Special recognition also goes to:
Northern Maine Development Commission, Kennebunk Savings Bank and Evergreen Credit Union who received the SBA District Director Award in recognition of the efforts of these lenders to dramatically increase the use of SBA programs in their loan portfolios, as well as their efforts to increase l ‘access to programs such as the Paycheck Protection Program.
A STAR award recipient will be announced at the ceremony. This award is given to a lender who has gone above and beyond to increase access to capital for small businesses and ensure that SBA products are fully available to their clients.
The SBA will recognize these lenders at the annual online lender awards ceremony on November 5.
To register and attend the event online, please visit https://www.eventbrite.com/e/sba-maine-lender-awards-and-emerging-leaders-graduation-tickets-195327238027?aff=ebdssbdestsearch.
Despite significant progress in its traditional loan programs, the agency is well aware of the gaps that persist for some communities in access to capital. SBA’s existing loan programs play an important role in credit markets for small businesses, especially those with collateral and proven income that are denied a loan by a commercial bank or often lack relationships with lenders. established.
Closing the systemic divide in access to capital for smaller and underserved businesses has been the North Star of Administrator Guzman and will continue to be a top priority for the SBA in FY22 and beyond.
For more information on SBA loan programs, financial aid, and other services, visit www.sba.gov.
The Small Business Administration of the United States is making the American dream of becoming a business owner a reality. As the only resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow or grow their businesses, or grow their businesses. recover from a declared situation. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations.