Northeast Bank
Nationwide SBA 7(a) loans up to $5,000,000; working capital up to $350,000 online via Newity. Median 10.0% variable rate. Portland, Maine Preferred Lender.
Rates & Cost
What the financing costs, normalized so lenders can be compared.
Repayment Terms
How and how fast you pay it back, and how flexible it is.
Eligibility & Access
Who qualifies and what you have to put on the line.
Speed & Service
How fast you get funded and how the lender treats you.
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.
Best for: U.S. small businesses in any state that need an SBA 7(a) working capital loan of up to $350,000, or owners buying or refinancing a hotel, gas station or other owner-occupied property with an SBA loan of $500,000 to $5,000,000.
Not for: Borrowers who want a fixed rate, a posted price before applying, money within days, or a loan without a personal guarantee.
Lender List verdict: Northeast Bank is a Maine bank with a national SBA engine: 3,923 SBA 7(a) approvals worth $712.6M in the 12 months to June 30, 2026, at a 10.0% median starting rate. A strong pick for SBA borrowers outside Maine who accept a Prime-linked rate; skip it if you need a fixed rate or a quote before applying.
Northeast Bank at a glance
| Northeast Bank | |
|---|---|
| Lender type | FDIC-insured bank; nationwide SBA Preferred Lender |
| Founded / HQ | 1872 (FDIC charter date) / Portland, Maine |
| Parent / owner | Publicly traded bank |
| Products | SBA 7(a), USDA loans, commercial real estate loans |
| Amounts | SBA up to $5,000,000; working capital up to $350,000 |
| Cost (headline) | Median 10.0% starting rate, last 12 months |
| Term | Median 120 months; up to 25 years for SBA real estate |
| Funding speed | Lender does not publish; prequalified amount in minutes online |
| Status | Active; last SBA approval June 30, 2026 |
What is Northeast Bank?
Northeast Bank is a $5.2 billion FDIC-insured bank headquartered in Portland, Maine, with a charter dating to 1872 and nine offices. It calls itself a community bank at home and a commercial real estate lender nationwide.
Its SBA lending runs far beyond Maine. Of 13,557 SBA 7(a) loans worth $2.13B approved from FY2020 through June 30, 2026, borrowers came from 51 states, led by California (2,148), Florida (1,287), Texas (1,215), New York (931) and New Jersey (601). Restaurants, long-haul trucking and home builders are its largest borrower industries.
How Northeast Bank SBA loans work
Northeast Bank SBA loans come in two sizes: online working capital loans up to $350,000, and larger real estate loans up to $5,000,000 handled by its national lending team.
- Working capital: apply through Newity, a lender service provider that runs the online application; Northeast Bank is the SBA lender that approves the loan. Newity shows a prequalified amount within minutes.
- Uses: payroll, 1099 contractors, rent, utilities, supplies, marketing and refinancing debt.
- Real estate: purchase, refinance, expansion or renovation of owner-occupied property, with up to 90% loan-to-value and terms up to 25 years.
- Rate type: 100% of its 7(a) loans since FY2020 were variable; none were SBA Express.
- Typical size: median loan $125,000; loans have ranged from $7,100 to $2.29M.
Northeast Bank's SBA programs
Northeast Bank's SBA page lists 7(a) and USDA programs; no SBA 504 program is listed. Its 7(a) volume jumped from 2,552 loans in FY2024 to 7,800 worth $1.31B in FY2025, an average of $167,557. In FY2026 through June 30 it approved 2,645 loans averaging $187,876. USDA loans reach $10M with terms up to 30 years for eligible borrowers. As a Preferred Lender it can approve 7(a) loans without sending each file to the SBA.
Northeast Bank rates and fees: what it really costs
Northeast Bank's SBA 7(a) loans carried a median 10.0% starting rate in the 12 months to June 30, 2026, about 2.5 to 3.25 points over Prime at the time. The bank does not publish its spread or fees; it says only that its working capital loans add no extra fees beyond the loan's cost. SBA caps variable rates by size: Prime + 6.5% up to $50,000, Prime + 6.0% for $50,001 to $250,000, Prime + 4.5% up to $350,000, and Prime + 3.0% above that, or 10.0% at today's 7.00% Prime. The SBA's upfront guaranty fee is 2% of the guaranteed share at $150,000 or less and 3% from $150,001 to $700,000.
Worked example: $350,000 over 10 years at 10.0% costs $4,625.28 a month, or $555,033.09 in total. Interest is $205,033.09; add a $7,875 guaranty fee ($350,000 × 75% × 3%) and total cost is $212,908.09, about 10.55% APR. If Prime rises one point, the payment rises too, because the rate is variable.
Northeast Bank requirements
Northeast Bank follows SBA eligibility rules and posts no minimum credit score, revenue or time in business.
| Requirement | Northeast Bank minimum |
|---|---|
| Location | U.S.-based and operated business |
| Business size | Within the SBA size standard (most non-manufacturers under $7.5M average receipts) |
| Credit score / time in business / revenue | Lender does not publish; all three set the loan amount |
| Equity injection | 10% for startups and business purchases |
| Personal guarantee | Owners of 20% or more |
| Collateral | Real estate loans up to 90% loan-to-value |
| Time to close | Lender does not publish; standard 7(a) often 60 to 90 days (third-party) |
On working capital loans, Newity sizes the offer from revenue, credit score and business age before the bank underwrites the file.
Pros and cons
Northeast Bank's main strength is nationwide SBA 7(a) lending at scale; its main weakness is variable-only, unpublished pricing.
Pros
- Lends nationwide: 7(a) borrowers in 51 states since FY2020
- 3,923 SBA 7(a) approvals in 12 months, second only to Newtek's 4,678 among Lender List peers
- Online application with a prequalified amount in minutes for loans up to $350,000
- SBA real estate loans up to 90% loan-to-value and 25-year terms
- Preferred Lender approval keeps decisions in-house
- 41 charge-offs on 13,557 loans since FY2020 (0.3%), though most loans are under two years old
Cons
- No published rates, spreads or closing timeline
- Every loan floats with Prime; no fixed-rate option in the data
- 10.0% median rate sits at the SBA cap for loans over $350,000 today
- No SBA 504 program listed for borrowers who want a fixed long-term rate on property
- Small loans run through a third-party portal rather than a local banker
Northeast Bank alternatives on Lender List
The closest Northeast Bank alternatives are other national, high-volume SBA 7(a) lenders.
- Newtek Bank — 4,678 approvals in the same 12 months at a 10.0% median, with larger typical loans
- Byline Bank — larger SBA deals, 9.5% median starting rate
- iBusiness Funding — national online SBA platform
- Lendistry — national SBA 7(a) lender
- Browse all SBA 7(a) loans on Lender List
Frequently asked questions about Northeast Bank
Is Northeast Bank Legit? Yes. Northeast Bank is an FDIC-insured bank (certificate 19690) chartered in 1872, publicly traded, and a nationwide SBA Preferred Lender. It approved 13,557 SBA 7(a) loans worth $2.13B from FY2020 through June 30, 2026, with its latest approval on June 30, 2026.
Where Is Northeast Bank Located? Northeast Bank is headquartered in Portland, Maine, and reports nine offices to the FDIC. Its SBA lending is national: borrowers in 51 states have received its 7(a) loans, with California, Florida and Texas the largest. Call 1-800-284-5989 for national lending.
Is Newity Part of Northeast Bank? No. Newity is a separate lender service provider that runs the online application for Northeast Bank's SBA working capital loans up to $350,000. Newity is not an SBA lender; Northeast Bank processes, approves and makes the loan under its own SBA authority.
How Long Does Northeast Bank Take to Close an SBA Loan? Northeast Bank does not publish a timeline. Online applicants see a prequalified amount in minutes, and as a Preferred Lender the bank skips 5 to 10 business days of SBA review. Standard 7(a) loans often take 60 to 90 days from application to funding.
Does Northeast Bank Lend to Startups? Possibly, but it does not say. Newity sets the loan amount partly on years in business and revenue, so very new firms may qualify for less. SBA rules require startups and business buyers to inject at least 10% of the project cost and owners of 20% or more to guarantee the loan.
Can I Get a Northeast Bank SBA Loan Outside Maine? Yes. Most Northeast Bank SBA loans go to businesses outside Maine; since FY2020 the five largest states were California, Florida, Texas, New York and New Jersey, together 45.6% of its 7(a) loans. Any U.S.-based, SBA-eligible business can apply online through Newity or by calling the national lending team.
SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
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.
Best for: U.S. small businesses in any state that need an SBA 7(a) working capital loan of up to $350,000, or owners buying or refinancing a hotel, gas station or other owner-occupied property with an SBA loan of $500,000 to $5,000,000.
Not for: Borrowers who want a fixed rate, a posted price before applying, money within days, or a loan without a personal guarantee.
Lender List verdict: Northeast Bank is a Maine bank with a national SBA engine: 3,923 SBA 7(a) approvals worth $712.6M in the 12 months to June 30, 2026, at a 10.0% median starting rate. A strong pick for SBA borrowers outside Maine who accept a Prime-linked rate; skip it if you need a fixed rate or a quote before applying.
Northeast Bank at a glance
| Northeast Bank | |
|---|---|
| Lender type | FDIC-insured bank; nationwide SBA Preferred Lender |
| Founded / HQ | 1872 (FDIC charter date) / Portland, Maine |
| Parent / owner | Publicly traded bank |
| Products | SBA 7(a), USDA loans, commercial real estate loans |
| Amounts | SBA up to $5,000,000; working capital up to $350,000 |
| Cost (headline) | Median 10.0% starting rate, last 12 months |
| Term | Median 120 months; up to 25 years for SBA real estate |
| Funding speed | Lender does not publish; prequalified amount in minutes online |
| Status | Active; last SBA approval June 30, 2026 |
What is Northeast Bank?
Northeast Bank is a $5.2 billion FDIC-insured bank headquartered in Portland, Maine, with a charter dating to 1872 and nine offices. It calls itself a community bank at home and a commercial real estate lender nationwide.
Its SBA lending runs far beyond Maine. Of 13,557 SBA 7(a) loans worth $2.13B approved from FY2020 through June 30, 2026, borrowers came from 51 states, led by California (2,148), Florida (1,287), Texas (1,215), New York (931) and New Jersey (601). Restaurants, long-haul trucking and home builders are its largest borrower industries.
How Northeast Bank SBA loans work
Northeast Bank SBA loans come in two sizes: online working capital loans up to $350,000, and larger real estate loans up to $5,000,000 handled by its national lending team.
- Working capital: apply through Newity, a lender service provider that runs the online application; Northeast Bank is the SBA lender that approves the loan. Newity shows a prequalified amount within minutes.
- Uses: payroll, 1099 contractors, rent, utilities, supplies, marketing and refinancing debt.
- Real estate: purchase, refinance, expansion or renovation of owner-occupied property, with up to 90% loan-to-value and terms up to 25 years.
- Rate type: 100% of its 7(a) loans since FY2020 were variable; none were SBA Express.
- Typical size: median loan $125,000; loans have ranged from $7,100 to $2.29M.
Northeast Bank's SBA programs
Northeast Bank's SBA page lists 7(a) and USDA programs; no SBA 504 program is listed. Its 7(a) volume jumped from 2,552 loans in FY2024 to 7,800 worth $1.31B in FY2025, an average of $167,557. In FY2026 through June 30 it approved 2,645 loans averaging $187,876. USDA loans reach $10M with terms up to 30 years for eligible borrowers. As a Preferred Lender it can approve 7(a) loans without sending each file to the SBA.
Northeast Bank rates and fees: what it really costs
Northeast Bank's SBA 7(a) loans carried a median 10.0% starting rate in the 12 months to June 30, 2026, about 2.5 to 3.25 points over Prime at the time. The bank does not publish its spread or fees; it says only that its working capital loans add no extra fees beyond the loan's cost. SBA caps variable rates by size: Prime + 6.5% up to $50,000, Prime + 6.0% for $50,001 to $250,000, Prime + 4.5% up to $350,000, and Prime + 3.0% above that, or 10.0% at today's 7.00% Prime. The SBA's upfront guaranty fee is 2% of the guaranteed share at $150,000 or less and 3% from $150,001 to $700,000.
Worked example: $350,000 over 10 years at 10.0% costs $4,625.28 a month, or $555,033.09 in total. Interest is $205,033.09; add a $7,875 guaranty fee ($350,000 × 75% × 3%) and total cost is $212,908.09, about 10.55% APR. If Prime rises one point, the payment rises too, because the rate is variable.
Northeast Bank requirements
Northeast Bank follows SBA eligibility rules and posts no minimum credit score, revenue or time in business.
| Requirement | Northeast Bank minimum |
|---|---|
| Location | U.S.-based and operated business |
| Business size | Within the SBA size standard (most non-manufacturers under $7.5M average receipts) |
| Credit score / time in business / revenue | Lender does not publish; all three set the loan amount |
| Equity injection | 10% for startups and business purchases |
| Personal guarantee | Owners of 20% or more |
| Collateral | Real estate loans up to 90% loan-to-value |
| Time to close | Lender does not publish; standard 7(a) often 60 to 90 days (third-party) |
On working capital loans, Newity sizes the offer from revenue, credit score and business age before the bank underwrites the file.
Pros and cons
Northeast Bank's main strength is nationwide SBA 7(a) lending at scale; its main weakness is variable-only, unpublished pricing.
Pros
- Lends nationwide: 7(a) borrowers in 51 states since FY2020
- 3,923 SBA 7(a) approvals in 12 months, second only to Newtek's 4,678 among Lender List peers
- Online application with a prequalified amount in minutes for loans up to $350,000
- SBA real estate loans up to 90% loan-to-value and 25-year terms
- Preferred Lender approval keeps decisions in-house
- 41 charge-offs on 13,557 loans since FY2020 (0.3%), though most loans are under two years old
Cons
- No published rates, spreads or closing timeline
- Every loan floats with Prime; no fixed-rate option in the data
- 10.0% median rate sits at the SBA cap for loans over $350,000 today
- No SBA 504 program listed for borrowers who want a fixed long-term rate on property
- Small loans run through a third-party portal rather than a local banker
Northeast Bank alternatives on Lender List
The closest Northeast Bank alternatives are other national, high-volume SBA 7(a) lenders.
- Newtek Bank — 4,678 approvals in the same 12 months at a 10.0% median, with larger typical loans
- Byline Bank — larger SBA deals, 9.5% median starting rate
- iBusiness Funding — national online SBA platform
- Lendistry — national SBA 7(a) lender
- Browse all SBA 7(a) loans on Lender List
Frequently asked questions about Northeast Bank
Is Northeast Bank Legit? Yes. Northeast Bank is an FDIC-insured bank (certificate 19690) chartered in 1872, publicly traded, and a nationwide SBA Preferred Lender. It approved 13,557 SBA 7(a) loans worth $2.13B from FY2020 through June 30, 2026, with its latest approval on June 30, 2026.
Where Is Northeast Bank Located? Northeast Bank is headquartered in Portland, Maine, and reports nine offices to the FDIC. Its SBA lending is national: borrowers in 51 states have received its 7(a) loans, with California, Florida and Texas the largest. Call 1-800-284-5989 for national lending.
Is Newity Part of Northeast Bank? No. Newity is a separate lender service provider that runs the online application for Northeast Bank's SBA working capital loans up to $350,000. Newity is not an SBA lender; Northeast Bank processes, approves and makes the loan under its own SBA authority.
How Long Does Northeast Bank Take to Close an SBA Loan? Northeast Bank does not publish a timeline. Online applicants see a prequalified amount in minutes, and as a Preferred Lender the bank skips 5 to 10 business days of SBA review. Standard 7(a) loans often take 60 to 90 days from application to funding.
Does Northeast Bank Lend to Startups? Possibly, but it does not say. Newity sets the loan amount partly on years in business and revenue, so very new firms may qualify for less. SBA rules require startups and business buyers to inject at least 10% of the project cost and owners of 20% or more to guarantee the loan.
Can I Get a Northeast Bank SBA Loan Outside Maine? Yes. Most Northeast Bank SBA loans go to businesses outside Maine; since FY2020 the five largest states were California, Florida, Texas, New York and New Jersey, together 45.6% of its 7(a) loans. Any U.S.-based, SBA-eligible business can apply online through Newity or by calling the national lending team.
SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
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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