Bangor Savings Bank was among lenders recognized in an online ceremony Dec. 3 by the Maine district office of the U.S. Small Business Administration. Presentations about the use of SBA loan programs in acquisitions and changes in ownership of small businesses were part of the program.

Bangor Savings Bank approved 37 loans in the 7(a) Loan Guaranty Program totaling over $3.4 million, making it the leading SBA 7(a) lender based on total number of loans. SBA also honored leading lenders in its 504 and Microloan programs. The bank has local branches in Belfast, Searsport, Unity and Bucksport.

“Small businesses in Maine faced many challenges this year and the need for assistance from the SBA was greater than ever,” said Amy Bassett, district director of the SBA in Maine.

“While the agency and our lending partners were able to provide critical assistance through targeted programs like the Paycheck Protection Program, Maine lenders continued to step up and provide access to essential capital through our traditional SBA backed lending programs. These loans, year after year, help small businesses start, grow and thrive in Maine. The historic level of all SBA lending this year is a testament to the commitment of our lenders and we could not achieve our mission without their collaboration and dedication.”

In fiscal year 2020, the Maine District Office guaranteed a total of 271 loans totaling nearly $70 million through its two main loan programs, the 7(a) Loan Guaranty Program and the 504 Loan Program. The 7(a) loan program is the SBA’s most-used program because of its flexibility in loan structure and variety of uses.

In addition, the SBA Microloan program saw 92 loans made, for nearly $2 million. These numbers do not include the Paycheck Protection Program, through which over 28,000 loans were made in Maine for nearly $2.3 billion, or the Economic Injury Disaster Loan, through which over 10,000 loans were made, totaling nearly $600 million in Maine.

For more information regarding SBA’s guaranty lending programs, contact the SBA Maine District Office at 622-8551 or visit sba.gov/me.