BANGOR — Bangor Savings Bank was the top Small Business Administration (SBA) lender again in Maine for 2013, providing $11 million in loans to 74 new or existing businesses.
This is a record-breaking number of SBA loans issued in one year by the Bank, and the third consecutive year Bangor Savings has ranked top in total loans.
In the fiscal year ending Sept. 30, Maine banks provided 422 loans totaling more than $110 million to small businesses statewide.
The SBA’s definition of a small business is one employing less than 500 workers. According to 2008 data, there are 147,484 small businesses in Maine, accounting for 59.7 percent of private-sector jobs in the state.
Bangor Savings was also the leading lender in Maine in 2011 and 2012, issuing a combined $19.6 million in loans over that 2-year period and 111 loans.
“Bangor Savings is committed to being there for the small businesses that are the backbone of our economy,” said Jim Conlon, President and CEO of Bangor Savings. “We’re proud of the partnerships we have with hundreds of businesses throughout the state and know that by supporting the small business community, we’re doing our part to keep Maine moving forward.”
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.
