Bangor Savings Bank, which has a branch in Old Town, was the top Small Business Administration (SBA) lender in Maine in 2013, providing $10.4 million in loans to 74 new or existing businesses, according to a press release this week from the SBA.
“Maine’s small businesses are the key to the state’s economic well-being, and the SBA works hard to provide many types of support,” said Marilyn Geroux, Maine District Director of the Small Business Administration. “Having access to affordable loans is essential to get businesses off the ground or help them expand. I’m here to congratulate Bangor Savings Bank for their outstanding role in keeping Maine’s small business community thriving.”
In the past four years, Bangor Savings Bank has pumped over $2.7 billion in new loans into the Maine economy, including over $1 billion in new business loans.
“As Maine’s largest independent bank, we know how important small businesses are to the state’s economy. We see ourselves as a partner to Maine small businesses because we believe that business growth means job growth, and job growth results in an improved quality of life for Maine people,” said John Edwards, Executive Vice President and Chief Banking Officer for Bangor Saving Bank. “It’s gratifying to be here with so many successful small businesses and see the very real results of our partnerships.”
we’re operating pretty leanly, but already have plans to bring on at least one additional employee in 2014,” said Mahaffey.
Bangor Savings was also the leading lender in Maine in 2011 and 2012, issuing a combined $19.6 million in 111 loans over that 2-year period.