TD Banknorth named top lender

    PORTLAND — TD Banknorth was recently ranked as the top lender to small businesses in Maine in terms of the total number of 7(a) and 504 loans backed by the U.S. Small Business Administration (SBA) in 2007. TD Banknorth also ranked as the fourth-largest small business lender in New England with a total of 369 loans amounting to more than $68 million.
    According to Maine SBA officials, for the year ending September 30, 2007, TD Banknorth made 85 7(a) SBA loans totaling more than $10.8 million and five 504 loans amounting to more than $4.3 million.
    The 7(a) loan is the most basic of SBA’s business loans and is often used to establish a new business or assist in the operation or expansion of an existing business. 504 loans provide small businesses access to long-term, fixed-rate financing. A 504 loan may be used to purchase fixed assets; or to modernize, renovate or convert existing facilities; or to purchase long-term machinery and equipment.
    “TD Banknorth is proud to be recognized as a strong supporter of Maine’s vibrant small business community,” said Larry Wold, president of TD Banknorth in Maine. “TD Banknorth is committed to helping our business customers succeed, through our superior level of personal service, our wide range of business banking products and our long-standing relationship with the SBA.”
    “Our partnership with TD Banknorth allowed the SBA to support small businesses in Maine and strengthen our communities,” said SBA New England Regional Administrator Sandy Blitz. “Together with our lending institutions, SBA is committed to creating jobs and stimulating the local economy.”
    SBA loans, which are guaranteed by the SBA, help banks lend to small businesses that might not otherwise qualify for a loan. TD Banknorth, which is an SBA Preferred Lender, works in partnership with small business clients and supports them with loan decisions that are made locally.