Annual SBA Lender Awards Ceremony to Take Place on January 26th

The Maine District Office of the U.S. Small Business Administration (SBA) is thrilled to unveil the top SBA lenders for Fiscal Year 2023. In a prestigious ceremony at the Hilton Garden Inn in Freeport on Friday, January 26th, the annual SBA Lender Awards will be presented. This event will not only honor outstanding lenders but also recognize the achievements of the 2023 cohort of the SBA’s THRIVE program in Maine.

Fiscal Year 2023 Highlights

In Fiscal Year 2023, the SBA, in collaboration with lending partners in Maine, facilitated a remarkable 511 loans, totaling over $163 million across its main loan programs—the 7(a) Loan Guaranty Program, the 504 Loan Program, and SBA Microloan Program. This marks a substantial increase of nearly one hundred loans compared to the previous fiscal year.

Top Lenders in Maine Recognized

• TD Bank: Approved 79 7(a) loans, totaling over $6.5 million, earning them the title of the Overall Leading 7(a) Lender in Maine.
• Bangor Savings Bank: Approved 11 504 3rd Party loans, totaling over $4.3 million, making them the Overall Leading 504 3rd Party Lender in Maine.
• Maine Community Bank: Approved 25 7(a) loans and 5 504 3rd Party loans, totaling over $15.3 million, securing their position as the Overall Dollar Volume Lender in Maine.
• Evergreen Credit Union: Approved 3 504 3rd Party loans totaling over $2.8 million, earning them the title of Leading SBA Credit Union lender in Maine.
• Granite State Development Corporation: Maine’s Leading Certified Development Company (CDC), approving 54 504 loans for more than $35 million in Fiscal Year 2023.
• Northern Maine Development Commission: Maine’s Leading SBA Microlender, with 52 loan approvals totaling over $1 million.

Save the Date: SBA and MERIT Webinar on February 7th

Looking ahead, the SBA and Maine Retirement Investment Trust (MERIT) will host a webinar on February 7th. In early 2024, Maine employers with 5 or more employees will receive an email from the Program Administrator, inviting them to register with the MERIT Program.

The MERIT Program, an added benefit for employees at no cost to employers, simplifies retirement registration through an easy-to-use portal. The webinar will guide business owners on implementing the program, ensuring a smooth and secure registration process.

Shop Small this Season of Small Business

Supporting Local Businesses for a Stronger Community

Our support for America’s small businesses is indispensable, particularly during the holiday season! According to the Small Business Index, 8 in 10 small businesses say the holiday season is crucial for their overall profit. Constant Contact reports that the majority of small businesses rely on holiday shopping for at least one quarter of their annual revenue.

In Maine, over 99% of businesses are small, providing over 55% of all jobs. This Season of Small Business, let’s join hands to support our local businesses—whether it’s a beloved bookshop, consignment store, or restaurant. By shopping local, we invest in the future of our community. In a small state like Maine, community support is especially vital.

We invite you to join us in celebrating and supporting our local businesses this Season of Small Business.

Follow COGO! For getting automatic updates of new webinars regarding funding options, and new business trainings hosted related to SBA.