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Eastern Maine Development Corporation

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Description

Eastern Maine Development Corporation offers specialized financial services to support small businesses and entrepreneurs in the Bangor area. With a focus on fostering economic growth, they provide SBA-backed loans and other financial products tailored to meet the needs of local businesses. Their team assists clients through the application process, ensuring access to capital for startups, expansions, and operational needs. They are committed to strengthening the regional economy by supporting diverse industries, including hospitality, retail, and healthcare. The corporation’s expertise in SBA programs helps bridge the gap for businesses seeking flexible financing options, including the popular 7(a) loan program. Whether you’re a new business or an established enterprise, they aim to provide accessible funding solutions to help you succeed and grow within the community.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.6
Google Review Count
8
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution that provides SBA-backed loans and support services for small businesses in the Bangor region. You can find assistance with funding applications, loan options, and business growth strategies tailored to local needs.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure personalized service, but walk-ins are also accommodated depending on availability. Calling ahead can help you get the assistance you need more efficiently.
Question 3
What are the hours of operation?
Answer 3
The typical hours are Monday through Friday from 9:00 AM to 5:00 PM, but it is best to contact the office directly for specific hours or after-hours appointment options.
Question 4
Is there a fee to use this?
Answer 4
There are fees associated with loan processing and service charges, which are disclosed during the application process. These fees vary based on the loan type and amount.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This institution primarily serves small businesses and entrepreneurs within the Bangor region and surrounding areas, focusing on supporting local economic development.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 620 is generally required, though higher scores improve the likelihood of approval.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 2 to 4 weeks, depending on the completeness of your application and supporting documents.
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