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News & Events

SBA Coronavirus Relief for Venue Operators

The Shuttered Venue Operators Grant (SVOG) program application is slated to open April 8, 2021. The program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and includes over $16 billion in relief to be administered by the SBA. Eligible applicants may qualify for SVO grants equal to 45% of...

Branch Lobby Reopening FAQs

Updated April 1, 2021 Our Gorham, Falmouth Foreside, Long Wharf, Scarborough, Standish, Waterboro, West Falmouth, Windham and Yarmouth branch lobbies are open. We appreciate your patience and understanding as we strive to resume normal branch operations safely and provide a positive experience. 1. Why is Gorham Savings Bank reopening now? The health and safety of...

A Third Round of Stimulus Checks

With Congress recently approving a $1.9 trillion COVID-19 relief bill, a third round of economic impact payments (stimulus checks) is expected starting March 17th. The bill provides $1,400 to individuals making up to $75,000 per year and $2,800 to couples making up to $150,000, with payments phased out for higher incomes. An additional $1,400 payment...

Letter to the editor: Lack of access to quality early learning economic issue for Maine

This letter originally appeared in The Portland Press Herald. Your recent news article (Jan. 27) and editorial (Jan. 29) on a report titled “Early Childhood Programs’ Scarcity Undermines Maine’s Rural Communities” caught my attention. From a business perspective, the lack of access to quality early learning and child care programs faced by rural children and...

LaunchPad 2021 Application Opens March 1

Gorham Savings Bank will begin accepting applications on March 1 for its eighth annual LaunchPad small business competition, the premier event of its type in Maine, which will be a livestream event this year. In the competition, promising small businesses will compete for a $50,000 grant from the Bank. “We’re truly excited to bring LaunchPad...

How to Create a Budget That Works For You

Budgeting doesn’t need to be complicated, but it should be personalized. If you start by building a budget based on your unique needs and wants, you will be more likely to stick to it. Think about what you value most and what matters to you, then decide how every dollar you work for shapes and...

Touch-Free Payments With Contactless Cards

Speed, simplicity, and security wherever the contactless symbol is displayed  Gorham Savings Bank is now issuing contactless debit cards. When you receive your new GSB card, just look for the contactless symbol when paying for items, tap your card against the symbol on the payment terminal until the light turns green, and listen for a...

Grant for Businesses with Five or Fewer Employees

The Maine Department of Economic & Community Development (DECD) in partnership with the SBDC will provide grants of up to $5,000 for businesses with five or fewer employees, with an owner whose income is in the low to moderate range as defined by the Department of Housing and Urban Development (HUD). The second round of...

New program will provide aging Mainers with at-home access to health and wellness services

The Westbrook Housing Authority (WHA) and the University of New England Center for Excellence in Aging & Health (UNE CEAH) have signed a memorandum of understanding to establish a three-year, multi-phase student placement and research partnership serving seniors aging in place in affordable housing, made possible by a $20,000 grant generously provided by Gorham Savings...

How To Pay Off Debt

The big things you want and value in life, your home, your car, maybe your dream venue for your wedding, can potentially add to your debt. Do you feel like you have been intentional about the debt you have taken on? Carefully planned debt can add value to your life as long as you are...

How To Save For An Emergency

You like to save for the things you value and enjoy, but could you support yourself if your household income was significantly reduced? An emergency savings is the foundation you need to establish before you start saving for the things you want. Establish a Safety Net and Avoid Debt Life events usually happen when you...

SBA Currently Accepting PPP Loan Applications

Updated April 5, 2021 The SBA is accepting PPP loan applications now through May 31, 2021. Check your eligibility and fill out the application at the links below to get started. On December 27, 2020, legislation was signed that provides funding for a second round of SBA Paycheck Protection Program (PPP) forgivable loans for businesses....

A Second Round of Stimulus Checks

With Congress recently approving a $900 billion COVID-19 relief bill, a second round of economic impact payments (stimulus checks) is expected starting the week of January 4th. The bill provides $600 to individuals making up to $75,000 per year and $1,200 to couples making up to $150,000, with payments phased out for higher incomes. An...

Maine District Office Presents GSB With SBA 504 3rd Party Lender of the Year Award

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...

Maine Small Business Resources

We’ve compiled a list of business resources and links to assistance programs related to the COVID-19 pandemic.   Paycheck Protection Program (PPP) Loans The SBA Paycheck Protection Program provides small businesses with forgivable loans to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages,...

SBA EIDL Application Deadline Extended to 12/31/21

The SBA is accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. Businesses can apply online. The application deadline was extended to December 31, 2021. The SBA’s EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss...

Should A Company Pay A Ransom?

Ransomware attackers specialize in penetrating corporate networks, and sometimes specifically target a business’ backup systems, making it difficult – or impossible – to remediate the harm of an attack. How You Can Help Protect Your Business Prevention remains the defense against ransomware, and the pandemic has made it more important than ever for companies to...

Approve ACH or Wire Payments On-The-Go

With on-the-go approval, it’s more convenient than ever to utilize dual control and increase your business account security. Authorized users can quickly and easily approve or release payments from anywhere with the GSB mobile app. Requiring a second approver for ACH originations and wire transfers will give you peace of mind and help protect your...

SBA PPP Borrower Data Publicly Released

Third-party businesses are using information from a court-ordered public release of Small Business Administration (SBA) Paycheck Protection Program (PPP) borrowers to deceptively market themselves. Their communications may reference Gorham Savings Bank and may even imply that we have an affiliation. Please be aware that we will communicate directly with you about your PPP loan and...

Make Change Helps Support Maine’s Minority-Owned Businesses

Gorham Savings Bank announced the launch of an innovative, mission-based checking account and debit card called Make ChangeSM, designed to support Maine’s minority-owned businesses. How Make ChangeSM Works For every qualified purchase a Gorham Savings Bank customer makes using their Make ChangeSM debit card, the Bank will donate $.10 to an earmarked fund. Those funds will...

Tourism, Hospitality & Retail Recovery Grant Application Opens 12/3

On November 30, 2020, Governor Mills announced a $40 million economic recovery program to support Maine’s tourism, hospitality, and retail small businesses. The Tourism, Hospitality & Retail Recovery Grant Program is focused specifically on supporting Maine’s service sector small businesses, such as restaurants, bars, tasting rooms, lodging and retail shops, which have been hard hit...

Virtual GSB Maine Marathon Raises More Than $250,000

The Marr Foundation raised $212,000 alone, exceeding its goal of $200,000 Despite being run virtually over 2-weeks this year, the 2020 Gorham Savings Bank Maine Marathon, Half Marathon, and Relay, exceeded fundraising expectations, finishing strong with just over $254,000. Nearly 50 percent of race participants made a donation or donated their registration fee to charity – a 40...

Effective Wednesday, 11/18, All Branches Will Be Open For Drive-Up And Appointment Only

November 13, 2020 Effective Wednesday, 11/18/20, all branches will be open for drive up and appointment only. Call your branch to schedule an appointment. Drive-ups and video tellers are open during normal business hours. See hours for each of our convenient branch locations. We apologize for any inconvenience this may cause. When possible, we encourage...

Exceptions for PPP Borrowers of $50,000 or Less

On October 8, the SBA released a simpler Paycheck Protection Program (PPP) forgiveness application for small businesses. Under this streamlined forgiveness process, borrowers with loans of $50,000 or less are exempt from reductions in the forgiveness amount based on reductions in full-time equivalent employees, salary, or wages. The application and instructions can be found here:...

Mobile Banking – Deposit A Check, Pay Back A Friend & More

Mobile banking makes managing your money from home convenient and easy. Simply download the Gorham Savings Bank app for iOS  or Android to deposit a check, pay back a friend, check your account balance and more. You can also monitor account activity, helping you stay on top of daily transactions to protect against fraud or...

GPCOG Small Business Loan Program

Businesses with 25 or fewer employees can access forgivable loans designed to help alleviate the impact of COVID-19 through the Greater Portland Council of Government (GPCOG). Businesses must be located within Cumberland County, excluding Portland, Bridgton and Brunswick. Businesses with 25 or fewer employees can access loans of up to $10,000 – or $2,500 per...

Maine Economic Recovery Grant Program for Small Businesses

The State established the Maine Economic Recovery Grant Program with federal CARES Act funding to provide financial relief for businesses and nonprofits impacted by the pandemic. The grants will be awarded based on demonstrated need, not first-come first-served. The amount awarded will be based on a prorated percentage of the total cost of business interruption...

SBA COVID-19 Relief Scams and Fraud Alerts

Please be aware of a variety of malicious attempts by cyber-criminals taking advantage of the Small Business Administration (SBA)’s COVID-19 relief efforts to gather sensitive information and steal funds from businesses. Always think before you click! Grants/Loans The SBA does not initiate contact on either loans or grants.  If you are proactively contacted by someone...

Gorham Savings Bank A Founding Partner Of United Way’s Racial Equity Fund

Gorham Savings Bank is honored to be a founding partner of United Way of Greater Portland’s Racial Equity Fund. This new initiative supports the work of local nonprofits led by and serving people of color in our community, all while advancing the work at the heart of United Way’s community-developed Thrive2027 initiative. In addition to...

Gorham Savings Bank Maine Marathon Goes Virtual

Due to the ongoing uncertainty surrounding the COVID-19 pandemic, the 2020 Gorham Savings Bank Maine Marathon, Half Marathon, and Relay, originally scheduled for Sunday, October 4, will take place virtually over two weeks. Title sponsor Gorham Savings Bank will cover all virtual race costs incurred so that every virtual entry fee dollar can be donated...