We build relationships with businesses so we can help them achieve their goals.
Working with businesses throughout the state of Maine for over 150 years.
Our team of experts will help you get the financing your business needs.
Customized Loan Solutions
At Skowhegan Savings we approach commercial lending by focusing on the needs of the customer first – and offering products, services, and solutions that meet them. We see each customer as an individual; there are no cookie cutter approaches. All loan decisions are made locally, and we never sell our loans or account servicing, so you always know with whom you are dealing.
At Skowhegan Savings, We Offer
the Following Business Loan Options:
Commercial & Industrial Loans (C & I)
Every business owner is presented with unique challenges and goals. We’re here to help you with both. Our term loans give customers funds to expand facilities or purchase equipment and machinery. Our team of experts will help you get the financing your business needs.
Our business line of credit is a versatile tool, giving you pre-approved access to funds when you need them for operating expenses, inventory purchases, or accounts receivable. Contact one of our local lenders to learn more.
We partner with agencies such as Finance Authority of Maine (FAME), Small Business Administration (SBA), and USDA Rural Development to expand our ability to meet various needs.
Meet Our Team
Every customer is treated with integrity and respect. When you walk through the doors of any of our 11 Maine branches, you can count on a highly personalized banking experience and an honest, forthright team of employees that are genuinely interested in meeting your individual needs. To us, personalized banking is about fostering relationships with our customers, not selling transactions. Our commitment stems from the opportunity and enjoyment we get in serving the needs of our customers.
Skowhegan Savings has helped many generations of Maine families achieve their dreams and our dedication to building strong communities remains steadfast.
Equipment Loans: Term loans for the purchase or refinancing of equipment, usually for terms of 5 to 7 years, depending on the economic life of the equipment.
Time Notes: A commercial time note can be used to obtain funds needed to supplement normal business operations, such as:
Pay short term operating expenses
Purchase materials or seasonal inventory
Pay overhead costs associated with a new contract
Pay annual taxes, insurance premiums, or other expenses
We will work with you to structure a 1-month to 24-month loan with repayment terms structured to match your source of funds.
Municipal Services: Let Skowhegan Savings customize a package for your municipality. Our rates and fees are competitive and our services are unbeatable. Our experienced team will work with you throughout the entire process including setup, onsite training and support.
Equipment Revolvers: This is a line of credit used to purchase or refinance equipment, with a pre-set repayment term and commitment. This type of credit works well in situations where equipment is regularly bought and sold as part of operations, such as a fleet of delivery vehicles where several are traded in every year.
Commercial Real Estate Loans: Can serve various purposes, including acquiring, revitalizing, expanding, developing, or even refinancing your properties designated for commercial use.
Commercial Construction Loans: When you are ready to build a new facility, put on a major addition, or make renovations, we are here to help. Funds are disbursed as work is completed and materials arrive on site. Typically, interest only is charged for up to one year during the construction period and the loans are for 15 to 20 years thereafter.