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Bangor Savings Bank

SBA Preferred Lender in ME and NH: SBA 7(a) and Express up to $1.75M, 7.75% median rate (last 12 months), collateral required, weeks to close. Best for Maine firms.

SBA & Government-Backed Loans:
SBA 7(a) LoansSBA Express Loans
Tags:
#Working Capital#Secured#Buying A Business

Rates & Cost

What the financing costs, normalized so lenders can be compared.

Estimated APR:
~8.27% APR on a $350K 10-yr SBA 7(a) at the 7.75% median rate incl. 3% guaranty fee (Lender List est.); last-12-month rates 6.55% to 9.75%
Pricing (as quoted by lender):
No rates published; SBA 7(a) FOIA data (as of Jun 30, 2026): 7.75% median starting rate last 12 months (6.55% to 9.75%); fixed-rate 7.5% median, Preferred Lender loans 7.5% median
Cost to borrow $100K for 6 months:
≈$5,521 (6 months' interest at 7.75% on a 10-yr SBA 7(a), $3,821, plus $1,700 SBA guaranty fee; bank fees not published)
Fees:
SBA guaranty fee (2% of guaranteed portion up to $150,000; 3% on $150,001 to $700,000); bank closing fees not published
Early payoff:
Allowed; SBA prepayment fee applies only to 15+-year terms when ≥25% is prepaid in years 1 to 3 (5%/3%/1%); bank policy not published
Pricing transparency (0-3):
0

Repayment Terms

How and how fast you pay it back, and how flexible it is.

Term:
10 years on many SBA loans (120 months on 14 of 34 in the last 12 months; 84 months on 9; 48 to 126 months on the rest)
Repayment schedule:
Monthly payments; 13 of 34 recent SBA loans were revolving lines; 23 fixed-rate, 11 variable
Flexibility in slow months:
Low — fixed monthly payments on term loans (variable rates reprice with Prime); revolving SBA lines allow redraws

Eligibility & Access

Who qualifies and what you have to put on the line.

Funding amount:
SBA 7(a) up to $5,000,000 (SBA program max; largest since FY2020 $1,840,000). Last 12 months to Jun 30, 2026: $25,000 to $1,750,000, median $202,500; SBA Express $25,000 to $500,000 (SBA 7(a) FOIA data)
Minimum revenue:
Lender does not publish; must meet SBA size standards
Minimum time in business:
Lender does not publish; last 12 months: 19 of 34 SBA loans to businesses over 2 years old, 7 to firms 2 years or younger, 6 business purchases, 2 startups
Credit check:
Lender does not publish a minimum score; full credit underwriting
Personal guarantee:
Required from owners of 20% or more (SBA rule)
Collateral & lien:
Secured — collateral on all 34 SBA 7(a) loans in the 12 months to Jun 30, 2026; 10%+ equity injection for startups and business purchases (SBA rule)

Speed & Service

How fast you get funded and how the lender treats you.

Time to funding:
About 30 days to close for SBA Express; standard SBA 7(a) often 60 to 90 days to funding (NerdWallet); PLP approval in-house skips SBA review. Bank publishes no timeline
Lender status:
Active (34 SBA 7(a) approvals in the 12 months to Jun 30, 2026; FDIC active)

Company Verification

Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.

Legal entity:
Bangor Savings Bank
Registered in:
Maine (FDIC cert #18408)
Company formed:
Chartered 1852
Website domain registered:
Mar 1996
Follow:
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Best for: Maine and New Hampshire businesses, including buyers and young firms, that want an SBA 7(a) or Express loan of $25,000 to $1,750,000 from a local bank.

Not for: Borrowers outside northern New England, anyone needing unsecured money, or owners who want posted rates upfront.

Lender List verdict: Bangor Savings Bank approved 34 SBA 7(a) loans worth $8.6 million in the 12 months to June 2026, at a 7.75% median starting rate, with zero charge-offs since FY2020.

Bangor Savings Bank at a glance

Bangor Savings Bank
Lender typeFDIC-insured mutual savings bank (cert 18408); SBA Preferred Lender (PLP)
Founded / HQ1852 / Bangor, Maine
ProductsSBA 7(a) and Express, $25,000 to $1,750,000 in the last 12 months (SBA cap $5 million)
Cost7.75% median starting rate (last 12 months)
Funding speedAbout 30 days (Express) to 60 to 90 days (standard 7(a))
StatusActive

What is Bangor Savings Bank?

Bangor Savings Bank is a mutually held bank in Bangor, Maine, founded in 1852, with $7.74 billion in assets at June 30, 2026 and 69 branches across Maine and New Hampshire.

How Bangor Savings Bank's SBA loans work

Bangor Savings Bank made 18 Preferred Lender and 16 SBA Express loans in the year to June 2026, averaging $252,388; in FY2025 it made 69 loans worth $14,391,700.

  • Preferred Lender 7(a): typically $250,000, from $37,700 to $1,750,000
  • SBA Express: typically $100,000, from $25,000 to $500,000
  • Lines of credit: 13 of the 34 recent loans were revolving
  • Terms: 120 months on 14 of 34 loans, 84 months on 9; no SBA prepayment fee under 15-year terms

Source: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov)

Bangor Savings Bank SBA rates and fees

Bangor Savings Bank's median SBA starting rate was 7.75% on loans approved July 2025 to June 2026 (23 of 34 fixed), against today's 7.00% Prime; the bank posts no small business loan rates. Add the SBA guaranty fee: 3% of the guaranteed share on $150,001 to $700,000.

Worked example: a $350,000, 10-year 7(a) at 7.75% costs $4,200.37 a month, or $154,044.65 in interest. The $7,875 guaranty fee lifts the APR to about 8.27% (SBA variable ceiling: 11.5%).

Bangor Savings Bank requirements

Bangor Savings Bank publishes no credit score, revenue or time-in-business minimum for SBA loans.

RequirementBangor Savings Bank minimum
SizeSmall under SBA size standards
Credit scoreLender does not publish
Equity injection10%+ for startups and business purchases
Collateral / guaranteeCollateral on all 34 recent loans; guarantee from 20%+ owners

Browse SBA 7(a) and SBA Express lenders, or compare New England peers Liberty Bank (Connecticut, startup-friendly) and Bankwell Bank (larger loans).

Frequently asked questions about Bangor Savings Bank

Is Bangor Savings Bank Legit? Yes. Bangor Savings Bank has operated since 1852, is FDIC-insured (cert 18408), held $7.74 billion in assets at June 30, 2026, and processes SBA loans as a Preferred Lender. SBA data shows zero charge-offs among its 379 7(a) loans since FY2020.

Does Bangor Savings Bank Offer SBA Loans? Yes. It approved 34 SBA 7(a) loans in the year to June 2026: 18 through Preferred Lender authority, typically $250,000, and 16 SBA Express loans, typically $100,000. In FY2025 it approved 69.

How Long Does Bangor Savings Bank Take to Close an SBA Loan? Plan on roughly 30 days for SBA Express and often 60 to 90 days to funding for a standard 7(a). As a Preferred Lender, the bank approves in-house, skipping the SBA's 5 to 10 business-day review. Business bankers: 1-877-226-4671.

Does Bangor Savings Bank Lend to Startups? Yes, though less than before. Two of its 34 SBA loans in the year to June 2026 opened new businesses and 7 went to firms two years old or younger. Since FY2020, 131 of 379 loans financed true startups. Startups and buyers must inject at least 10% equity.

Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.

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