Bangor Savings Bank named ‘Top Lender’ for 2012

    BANGOR — Bangor Savings Bank was the top Small Business Administration (SBA) lender in Maine in 2012, providing $4,712,100 in loans to 43 new or existing businesses.  Maurice Dube, Maine District Director of the Small Business Administration, made the announcement today at a gathering of small business owners held at Qualey Granite & Quartz in Veazie.
    “Maine’s small businesses are the key to the state’s economic well-being, and the SBA works hard to provide many types of support” said Dube. “Having access to affordable loans is essential to get businesses off the ground or help them expand. I’m here to congratulate Bangor Savings Bank for their outstanding role in keeping Maine’s small business community thriving, and to salute the many small businesses throughout the state who hire people and produce quality products. This is the backbone of our economy.”
    In the fiscal year ending Sept. 30, Maine banks provided 321 loans totaling $72.3 million to small businesses statewide. The SBA’s definition of a small business is one employing less than 500 workers. According to 2008 data, there are 147,484 small businesses in Maine, accounting for 59.7% of private-sector jobs in the state.
    In the past four years, Bangor Savings Bank has pumped over $2 billion in new loans into the Maine economy, including over $1 billion in new business loans.
    Bangor Savings Bank was also awarded the highest possible rating of “Outstanding” in its three most recent Community Reinvestment Act (CRA) examinations and Public Performance Evaluations. The evaluation, conducted by the Federal Deposit Insurance Corporation, characterized the Bank as a “leader” in all three community development performance areas: the Lending Test, the Investment Test and the Service Test.
    During the most recent three-year CRA assessment period, the Bank originated more than $900 million in residential mortgage loans, $450 million in CRA qualified  small business loans, $150 million in CRA qualified community development loans, and $20 million in CRA qualified investments and grants in Maine.
    One of the small businesses benefitting from SBA financing is Qualey Granite & Quartz, a full-service countertop and flooring business owned by Matt and Laurie Qualey. “Our business has grown significantly over the past three years because we’ve been able to access SBA funds,” explained Matt Qualey. “In 2009 we moved into a much larger facility and expanded our shop to include a showroom with full-design services and a warehouse for one of the largest natural stone inventories in the state. We’ve also added jobs, and now employ 15 people to keep up with demand.”
    Jim Conlon, Bangor Saving Bank’s President & CEO spoke during the small business celebration. “As Maine’s largest independent bank, we know how important small businesses are to the state’s economy. Bangor Savings Bank has made an effort to continue to lend money to businesses, even in the face of a slowly growing economy.” Conlon introduced a number of small business owners at the event and remarked, “It’s gratifying to be here with so many successful small businesses and see the very real results of our partnerships.”
    Kurt and Kathy Cressey, owners of Pack Baskets of Maine, displayed their unique backpack-like baskets that are hand woven using wooden strips. Their sturdiness makes them especially well-suited for carrying outdoor gear. The couple bought an existing basket company in 1998, and after years of operating as a side business, made the transition into full-time basket making.
    “Last year, with the help of Bangor Savings Bank and an SBA loan, we took our basket business to the next level. We’re now in a larger facility that will enable us to build inventory to fill large orders – something we couldn’t do in our previous location. Pack Baskets of Maine is poised for growth thanks to Bangor Savings Bank and the SBA,” said Kurt Cressey.