Bangor Savings Bank
At a Glance
The Maine bank the loan file ranks second, whose own site gives the program a paragraph and names acquisitions under a different product; the rank is the reason to call, and the pages give nothing to read first.
- Pricing
- Custom Pricing, Loan products. No size, rate, fee or term is published for any business loan; the financing page promises flexible terms, competitive rates and local decision making.
- Best For
- A buyer in Maine or New Hampshire who wants the bank the loan file puts second in Maine by 7(a) count and will start at the switchboard, since the site names no SBA banker and has no SBA page. The rank is the loan file's, not the bank's.
- Track Record
- A Bangor, Maine bank founded in 1852 with sixty-nine branches in Maine and New Hampshire by its about page, calling itself one of Maine's top SBA lenders on its financing page.
- Type
- Bank (lends directly)
- Footprint
- Sixty-nine branches in Maine and New Hampshire with business or loan production offices in Maine, New Hampshire and Massachusetts by its about page, from Bangor, Maine. It lends beyond the states it names, so one it does not name is worth asking about rather than ruling out.
- Approval Authority
- Claims no Preferred Lender status on its own pages, so plan on the agency reading the file after the bank does.
- No page states a Preferred Lender, Express or 504 status; the SBA appears in one paragraph on the financing page, which calls the bank one of Maine's top SBA lenders.
- Deal Size
- $500k to $5M.
- Publishes no floor. Most of this shelf gives a ceiling that is really the agency's own cap, and no minimum at all.
- No amount at either end on any page for any business loan; its financing page publishes no figure at all.
- Searcher Practice
- A general SBA lending desk, branch-driven.
- No online application and no SBA contact route of its own; the financing page ends in the site-wide switchboard number and support email, and its contact page adds a commercial services line.
- No page names a search fund or a searcher; its financing page names business acquisitions second of three uses under term loans, and its SBA paragraph names no use.
- Published Terms
- No size, rate, fee or term for any business loan; flexible terms, competitive rates and local decision making in its own words.
- Roadmap Stages
- 5. Diligence & Close the Deal
Pros and Cons
Pros
- Calls itself one of Maine's top SBA lenders and names the SBA, the Finance Authority of Maine and New Hampshire's Business Finance Authority among the programs it works with
- Names business acquisitions among the uses of its term loans
- Sixty-nine branches in Maine and New Hampshire with business or loan production offices in Massachusetts by its about page, and local decision making in its own words
- Second in Maine by 7(a) count in the federal loan file
Cons
- States no program status, and has no SBA page: the SBA is one paragraph on its financing page
- Business acquisitions are named under term loans, not under the SBA paragraph
- No size, rate, fee or term for any business loan, no SBA banker, and no contact route of its own beyond the site-wide switchboard and a commercial services line on its contact page
- Names no search fund, searcher or acquisition entrepreneur
What Searchers Say
Read on its business financing page, its business hub, its about, leadership, locations, news, contact and service area pages and its sitemap index, which carries no SBA address; its old guaranteed-programs address redirects to the financing page. No searcher-forum discussion of the desk was found.
How to Approach
Bangor Savings Bank is a bank, so this is how that kind of lender comes in, what it weighs, and how to arrive ready.
The Typical Arc
- A prequalification on you and the target, often from the first email.
- A full application and the bank's own underwrite of the deal.
- A term sheet, then closing on the SBA's timeline, commonly two to four months.
What It Weighs
- Whether the business's cash flow covers the debt with room to spare.
- Your experience relative to the business you are buying.
- Your equity injection and how clean the financials are.
How to Prepare
- Model the payment and coverage before you call. SBA Acquisition Calculator
- Underwrite the specific deal end to end. Underwrite a Deal
- Show where every dollar comes from and goes. Sources & Uses Builder