On Friday, July 19^th Wendell Davis, Regional Administrator for the SBA New England Regional Office & the Maine district office organized a Federal Resources Forum in East Millinocket, part of the Katahdin Region. Senior leadership from nine federal agencies gathered to learn more about the challenges facing 8 towns in the region.  Presentations were followed by open dialogue to help the communities see if there are federal resources that could aid their efforts to overcome rural challenges including: closure of significant mill employers, business attraction, exodus of young people and aging population. US Senator Susan Collins and Congressman Jared Golden provided remarks and actively participated in the ensuing conversation. 

This was followed by presentations from Alex Stowe, HUD and Dr. Brien Walton, Acadia Capital on Opportunity Zones and how they could benefit the region.  An Opportunity Zone is a community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities. Over 60 community members, town officials and partners attended the event and the wrap up networking session.

The SBA is dedicated to expanding access to capital and economic development to rural areas across the country and events like this help achieve that goal.  Chief among the focus areas are those communities with strong ties to the agricultural economy like the Katahdin Region.

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SBA Lending Across New England

7(a) Lending

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for businesses with special requirements. So far in Fiscal Year 2019 (October 1, 2018 - June 30, 2019) SBA approved 2486 loans for $599,718,507 across New England. The top 5 7(a) lenders for this time period by number of loans are:

Eastern Bank - 357 loans for $40,413,800

TD Bank - 289 loans for $20,801,600

Webster Bank - 157 loans for $45,117,200

People's United Bank - 100 loans for $16,044,600

Citizens Bank - 76 loans for $25,204,742

504 Program

This loan program provides financing for major fixed assets such as equipment or real estate. For the same time period the Certified Development Companies approved 409 loans for $218,399,000. The top 5 504 lenders are:

Granite State Economic Development Corp - 173 loans for $79,436,000

Bay Colony Development Corp - 86 loans for $49,568,000

New England Certified Development Corp - 77 loans for $56,332,000

Ocean State Business Development Authority - 23 loans for $7,438,000

Community Investment Corporation - 16 loans for $9,157,000

SBA New England Regional Office

10 Causeway Street, Suite 275A
Boston, MA 02222
Phone: 617-565-8416

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