Business Funding in Maine

Lobster boats, lodges and woodlots

Fishing, forestry, tourism, boatbuilding and small manufacturing give Maine an economy that is rural, coastal and seasonal.

Portland is the largest city, with a dense food and brewing scene, healthcare and a working waterfront. Bangor serves central and northern Maine. Lewiston and Auburn have manufacturing and service roots. Bath is known for shipbuilding. Coastal towns from Kittery to Bar Harbor rely on summer visitors, and inland communities depend on paper, lumber, farms and blueberries. Many businesses here are family-owned and decades old.

Earning in five months, paying for twelve

Seasonal Maine businesses earn most of their revenue from late spring to early fall while rent, insurance and maintenance continue year-round.

Illustrative example: an inn on the midcoast needs $35,000 in April for repairs, linens and seasonal staff. If summer bookings bring in $140,000 and $38,000 of profit, repaying about $39,000 works. In March, though, the owner has income from nothing. A line of credit opened the previous fall bridges the gap. Read four ways to fund a seasonal business and see business line of credit.

Fishing and working waterfront

Boats, traps, engines and dock equipment are large purchases that can be financed against the asset.

Lobster and fishing operations have price swings and weather risks. Fund equipment that clearly increases catch or reduces downtime. See equipment financing. Because the ROI Funder minimum is $20,000 in monthly revenue, smaller operations may need to grow into eligibility.

Restaurants, breweries and makers in Portland

Portland's food and craft economy needs equipment and working capital before opening and during the winter lull.

Brewhouses and restaurants buy tanks, hoods and walk-ins before the first sale. See brewery funding and restaurant funding.

Public resources

Maine's Department of Economic and Community Development, the Finance Authority of Maine and the SBA's Maine district office all support small businesses.

The Finance Authority of Maine lists programs for local businesses, and the SBA's Maine district office is in Augusta. Confirm what is available now, since programs change. For lower cost with a longer timeline, see SBA loans.

Smoothing the off-season

Plan the borrow-and-repay cycle so the balance is zero at the end of the peak season.

The cleanest seasonal plan is to draw in spring, repay through summer and finish clear by fall. If you carry a balance into winter, you are borrowing to pay for winter, which is costlier. Our guide to cash flow analysis helps you map the year month by month.

Working with a small team

Family-run Maine businesses often have one person handling books, orders and hiring.

Keep the application simple: three months of business bank statements and the basics about ownership. Separate business and personal accounts if you have not already, because mixed accounts make revenue harder to read. Good habits from bookkeeping habits for financing pay off later.

Boatbuilders and manufacturers

Maine's boatyards, wood product makers and food producers carry costly equipment and long lead times.

Bath, Brunswick and Portland have shipbuilding and marine trades, while inland towns have mills and wood processors. A purchase such as a CNC router or a haul-out lift can raise capacity for decades. Equipment financing spreads the cost over the machine's useful life. Check that the added jobs or output cover the monthly payment, then confirm that your customer base supports it. See manufacturing funding.

Eastern time, same clock as our team

Maine is on Eastern time, so an application sent in the morning is reviewed that day.

A complete file is the application plus three months of business bank statements. Approved, complete files can be funded the same business day. We consider 500+ FICO, 6+ months in business and $20,000+ monthly revenue. Apply online with a soft credit pull.