Text Size

-A +A

News Room

Northeast Bank Commits $10 Million to Small Business Lending in Maine

Lewiston, ME
September 9th, 2013

Northeast Bank today announced the availability of up to $10 million  for qualified small business loans throughout Maine.  The program will be offered in conjunction with the Small Business Administration (SBA), and aims to target new and existing small businesses in Maine who are looking to grow or expand their operations.

“Over the past two years we have added new capital, invested in our loan operations platform, and are ready to step up our small business lending in Maine,” said Rick Wayne, President and CEO. “Small businesses are critical to job creation and prosperity in our local communities, and we are pleased to be offering new capital to help them grow.”

SBA lending throughout Maine has grown substantially in the past year, with a 24% increase in FY 2013. Northeast Bank’s new $10 million loan pool is designed to further enhance small business growth in the state.

The new loan pool is available to qualified small business owners immediately, and includes both micro loans for start-up companies as well as larger loans to businesses looking to expand or re-tool their operations.  Those interested in applying should contact Small Business Loan Specialists Tim Michalak or Luke Takatsu at 1.800.284.5989 or visit www.northeastbank.com for additional details.

About Northeast Bank
Northeast Bancorp (NASDAQ: NBN) is the holding company for Northeast Bank, a full-service bank headquartered in Lewiston, Maine. Northeast Bank offers traditional banking services through its Community Banking Division, which operates ten full-service branches and six loan production offices that serve individuals and businesses located in western and south-central Maine, southern New Hampshire and southeastern Massachusetts. Northeast Bank’s Loan Acquisition and Servicing Group purchases and originates commercial loans for the Bank’s portfolio. ableBanking, a division of Northeast Bank, offers savings products to consumers online. Information regarding Northeast Bank can be found on its website at www.northeastbank.com.

###

 

For More Information:
Chris Delamater
Northeast Bank
207.786.3245 ext. 3548