Loans

Competitive, Customized Business Financing

At Skowhegan Savings we approach commercial lending by focusing on the needs of the customer first and offering products, services, and solutions that meet them. We see each customer as an individual; there are no cookie cutter approaches. All loan decisions are made locally, and we never sell our loans or account servicing, so you always know with whom you are dealing.


Commercial Real Estate Loans:

For the purchase, renovation, expansion, development, or simply the refinancing of commercial use properties. We will work with you to provide properly structured financing with a typical term of 15 to 20 years.

Commercial Construction Loans:

When you are ready to build a new facility, put on a major addition, or make renovations, we are here to help. Funds are disbursed as work is completed and materials arrive on site. Typically, interest only is charged for up to one year during the construction period and the loans are for 15 to 20 years thereafter.

Lines of Credit:

A line of credit is a versatile business tool, giving you pre-approved access to funds when you need them for operating expenses, inventory purchases, or accounts receivable. We will work with you to tailor a line of credit to your needs.

Equipment Loans:

Term loans for the purchase or refinancing of equipment, usually for terms of 5 to 7 years, depending on the economic life of the equipment.

Equipment Revolvers:

This is a line of credit used to purchase or refinance equipment, with a pre-set repayment term and commitment. This type of credit works well in situations where equipment is regularly bought and sold as part of operations, such as a fleet of delivery vehicles where several are traded in every year.

Time Notes:

A commercial time note can be used to obtain funds needed to supplement normal business operations, such as: 

  • Pay short term operating expenses
  • Purchase materials or seasonal inventory
  • Pay overhead costs associated with a new contract
  • Pay annual taxes, insurance premiums, or other expenses

We will work with you to structure a 1-month to 24-month loan with repayment terms structured to match your source of funds.

Municipal Banking:

Let Skowhegan Savings customize a package for your municipality. Our rates and fees are competitive and our services are unbeatable. Our experienced team will work with you throughout the entire process including setup, onsite training and support

Other Options:

Skowhegan Savings partners with many agencies to expand our ability to meet various needs. On an as-needed basis, we work with the Finance Authority of Maine (FAME), Rural Development, the U.S. Small Business Administration (SBA), and local Economic Development Agencies. For more information about our Business Loan programs, please contact us and one of our Business Bankers will be happy to speak with you.