Gorham Savings Bank was awarded the U.S. Small Business Administration’s 504 3rd Party Lender of the Year in Maine for completing 10 504 loans totaling more than $2.2 million which, when combined with SBA’s portion of the loans, represented almost $4.7 million in financing and more than 60 jobs created or retained.
SBA 504 loans are often used by small businesses to purchase real estate, heavy equipment, and fixed assets, or to finance ground-up construction or building improvements. Typically in a 504 loan, a participating lender funds 50 percent of the project, the SBA funds 40 percent, and the borrower provides 10 percent. Loans can be obtained up to $5,000,000 at a fixed term.
“We’re so thankful for the SBA and the impact they have on our business community. Our partnership allows us to help more Maine small businesses grow,” said Gorham Savings Bank President and CEO Steve deCastro. “Many of Maine’s most notable businesses have utilized SBA’s 504 program. As a community bank, being recognized as a leader in this category aligns with our goal of being a force for good in the communities we serve.”
Visit SBA.gov to learn more about the 504 program.