Norway Savings Bank

This is a local SBA lender offering small business loans, including SBA 7(a) financing, with personalized service to help entrepreneurs grow and succeed.

It's recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may be accommodated depending on availability.

The bank operates from 9:00 AM to 5:00 PM, Monday through Friday, with appointments available outside regular hours upon request.

There are no fees for initial consultations; standard loan application and closing costs apply to financed loans.

This service is primarily available to small business owners and entrepreneurs in the region, with some services open to non-residents on a case-by-case basis.

A minimum personal credit score of 650 is typically required, though higher scores improve approval chances.

The underwriting process generally takes approximately 2 to 4 weeks, depending on the completeness of documentation and loan complexity.

Most banks keep weekday business hours and are closed on weekends, and Norway Savings Bank typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Norway Savings Bank to confirm current weekend availability before you go.

Norway Savings Bank is located in Maine — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Norway Savings Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Norway Savings Bank itself, which runs its own lending under its own ownership. If you work at Norway Savings Bank, you can claim this listing from this page to manage it.

The core details for Norway Savings Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Norway Savings Bank before applying. If you represent Norway Savings Bank, claim this listing to keep its information up to date.

You can reach Norway Savings Bank by phone at (207) 743-7986 or online at norwaysavings.bank — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Norway Savings Bank before relying on them.

Based on its approved SBA loans, Norway Savings Bank most often finances businesses in restaurants & food service, food manufacturing & processing, general retail, fitness & recreation, construction & contractors, and real estate & property management. This reflects Norway Savings Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Norway Savings Bank which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Norway Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact Norway Savings Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Norway Savings Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Norway Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Norway Savings Bank directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Norway Savings Bank what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Norway Savings Bank to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Norway Savings Bank to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Norway Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask Norway Savings Bank how it evaluates prior bankruptcies.