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County11th of 16 in Maine by approvalsFIPS 23025
SBA loans in Somerset County, Maine
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Somerset County, Maine, received 45 SBA loan approvals worth $14.6M in FY2021 to FY2025 (38 7(a), 7 504).
That is 37.2 approvals per 1,000 business establishments (1,211 establishments in 2023), below the Maine figure of 46.0 and close to the national 41.0.
It ranks 11th of 16 Maine counties with approvals. In FY2025 there were 5, down 62% on FY2024.
11 lenders had approvals here; the most active were Bangor Savings Bank (12), TD Bank, National Association (8) and Granite State Economic Development Corporation (7). The most common industry was miscellaneous durable goods merchant wholesalers.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Somerset County
By number of approvals to businesses in the county, FY2021–FY2025; 11 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Bangor Savings BankBangor, ME | 12 | $1.8M | 26.7% | |
| 2 | TD Bank, National AssociationWilmington, DE | 8 | $230K | 17.8% | |
| 3 | Granite State Economic Development CorporationPortsmouth, NH · CDC | 7 | $5.0M | 15.6% | |
| 4 | Manufacturers and Traders Trust CompanyBuffalo, NY | 5 | $1.6M | 11.1% | |
| 5 | Katahdin Trust CompanyPatten, ME | 3 | $520K | 6.7% | |
| 6 | Customers BankMalvern, PA | 2 | — | 4.4% | |
| 7 | Bar Harbor Bank & TrustBar Harbor, ME | 2 | — | 4.4% | |
| 8 | KeyBank National AssociationCleveland, OH | 2 | — | 4.4% | |
| 9 | Franklin Savings BankFarmington, ME | 2 | — | 4.4% | |
| 10 | Machias Savings BankMachias, ME | 1 | — | 2.2% | |
| 11 | Maine Community BankPortland, ME | 1 | — | 2.2% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Miscellaneous Durable Goods Merchant WholesalersNAICS 4239 | 4 | 8.9% | |
| 2 | Motor Vehicle Body and Trailer ManufacturingNAICS 3362 | 4 | 8.9% | |
| 3 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 4 | 8.9% | |
| 4 | Architectural, Engineering, and Related ServicesNAICS 5413 | 3 | 6.7% | |
| 5 | General Freight TruckingNAICS 4841 | 3 | 6.7% | |
| 6 | Radio and Television Broadcasting StationsNAICS 5161 | 2 | 4.4% | |
| 7 | Grocery StoresNAICS 4451 | 2 | 4.4% | |
| 8 | Gasoline StationsNAICS 4571 | 2 | 4.4% | |
| 9 | Other Specialty Trade ContractorsNAICS 2389 | 2 | 4.4% | |
| 10 | Restaurants and Other Eating PlacesNAICS 7225 | 2 | 4.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Transportation and Warehousing | 6 | 13.3% | |
| 2 | Manufacturing | 6 | 13.3% | |
| 3 | Construction | 6 | 13.3% | |
| 4 | Wholesale Trade | 4 | 8.9% | |
| 5 | Retail Trade | 4 | 8.9% | |
| 6 | Professional, Scientific, and Technical Services | 4 | 8.9% | |
| 7 | Accommodation and Food Services | 4 | 8.9% | |
| 8 | Agriculture, Forestry, Fishing and Hunting | 3 | 6.7% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 4 | $3.9M | $293K | 0 | — | 4 | 32 |
| FY2025 | 4 | $1.2M | $336K | 1 | — | 5 | 17 |
| FY2024 | 12 | $2.3M | $112K | 1 | — | 13 | 87 |
| FY2023 | 10 | $3.2M | $50K | 3 | $1.3M | 13 | 181 |
| FY2022 | 8 | $2.1M | $162K | 0 | — | 8 | 43 |
| FY2021 | 4 | $859K | $98K | 2 | — | 6 | 21 |
| FY2020 | 2 | — | — | 1 | — | 3 | 1 |
| FY2019 | 2 | — | — | 0 | — | 2 | 1 |
| FY2018 | 6 | $315K | $43K | 2 | — | 8 | 22 |
| FY2017 | 5 | $986K | $102K | 2 | — | 7 | 27 |
| FY2016 | 12 | $1.2M | $90K | 0 | — | 12 | 97 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 32 approvals.
Against Maine and the country
| FY2021–FY2025 | Somerset County | Maine | United States |
|---|---|---|---|
| Approvals | 45 | 1,996 | 342,825 |
| Approvals per 1,000 establishments | 37.2 | 46.0 | 41.0 |
| Median 7(a) approval | $121K | $100K | $190K |
| Median 504 approval | $440K | $385K | $657K |
| Average approval | $325K | $327K | $573K |
| 504 share of approvals | 15.6% | 17.1% | 11.0% |
| Jobs supported per approval, as reported | 7.8 | 8.4 | 10.5 |
| Share of state approvals | 2.3% | 100.0% | — |
Approval sizes
- $50,000 or less28.9%13
- $50,001 to $150,00022.2%10
- $150,001 to $350,00024.4%11
- $350,001 to $1 million13.3%6
- $1 million to $2 million11.1%5
Age of the businesses
- Existing, more than 2 years old40.0%18
- New business, 2 years or less26.7%12
- Startup, loan funds will open the business28.9%13
- Change of ownership4.4%2
Questions and answers
Which lenders make the most SBA loans in Somerset County?
By approvals in FY2021 to FY2025: Bangor Savings Bank (12), TD Bank, National Association (8), Granite State Economic Development Corporation (7), Manufacturers and Traders Trust Company (5), Katahdin Trust Company (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Somerset County?
The median 7(a) approval was $121K and the median 504 approval $440K; the Maine 7(a) median was $100K.
Which industries get the most SBA loans in Somerset County?
Miscellaneous Durable Goods Merchant Wholesalers (4); Motor Vehicle Body and Trailer Manufacturing (4); Foundation, Structure, and Building Exterior Contractors (4); Architectural, Engineering, and Related Services (3); General Freight Trucking (3).
Is SBA lending in Somerset County rising?
Approvals in the three latest complete fiscal years total 31, against 17 in the three before: rising (+82%).
How does Somerset County compare with the rest of Maine?
37.2 approvals per 1,000 establishments against 46.0 statewide, and 45 of the state's 1,996 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error