Business Loans & Credit Cards

Business Loans

If your business has been impacted by the immediate consequences of the Coronavirus, the CARE Act provides relief to families and businesses with guaranteed loans provided by the bank. These loans are to fund direct expenses that are not able to be paid due to businesses operations interrupted or shuttered due to the COVID-19 virus. The loans are forgivable for up to 8 weeks of payroll, mortgage interest, rent and utility expenses.

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Scott and April Shanaman, owners of Lost Valley Ski & Snowboard Area in Auburn, Maine

Business Real Estate Loans

Looking for a Business Loan?

We know every business has different financial needs. Our Business Lending team has over 200 years of experience in making business loans in the community. Our decisions are made locally so whether you’re refinancing, expanding, relocating or buying a commercial building, Mechanics Savings can customize a wide range of business loans to fit your situation.

Available for purchase or refinance of commercial, industrial and/or investment property.

  • Purchase, Improve or Refinance commercial real estate
    • Flexible terms up to 20yrs. Secured by real estate
    • Fixed or Variable interest rates
    • Construction and leasehold improvement financing options available

Lines of Credit

Do you need cash to help you achieve your business goals?

Meet your short term goals by making cash available when you need it! A Line of Credit provides your business with a source of ready cash for short-term needs; with a revolving line of credit you can manage cash flow, finance receivables, make seasonal purchases and also take advantage of trade discounts. You pay only for the credit you use!

  • Finance your short-term cash flow needs conveniently and efficiently
    • 1-year or 2-year commitment available
    • Manage cash flow while waiting for insurance reimbursements
    • Immediate access to funds by calling the bank or accessing online
  • Floating interest rate
  • Secured by all business assets

Equipment Loans and Lines of Credit

Is it time to update your equipment, or leverage your investments?

The right equipment can mean the difference between being a leader in your market and being left behind. We’ll help you finance the equipment you need to streamline your operations, keep up with technology and stay competitive.

Available for purchase or refinance of machinery, equipment or other capital assets.

  • Ensure your practice keeps up with technology and offers innovative services that increase profit
    • Up to 7-year amortization secured by machinery and equipment
    • Fixed or Variable interest rates
    • Terms can match your appreciation schedule
    • Alternative to expensive leases

John Story, owner of L-A Harley Davidson in Lewiston, Maine

Term Loans

What does your business need to grow?

Let us help you meet the demands of your growing business with the right financing to meet your specific needs.

Available for purchase or refinance of machinery, equipment or capital assets, permanent working capital, business acquisition and debt consolidation.

Annette and Michael Nadeau, owners of Bedard Pharmacy

SBA Loans

We work with businesses of all sizes. When your business needs financing for a longer term than available with a conventional commercial loan program, or the flexibility to invest a smaller down payment to purchase owner-occupied commercial real estate, Small Business Administration Loan programs may be what you’re looking for. SBA loans offer flexible terms and competitive rates.

Available for business expansion, business acquisition, commercial real estate purchase, machinery and equipment purchase, working capital and debt refinance.

  • Guaranteed by Federal Government
  • Loan proceeds can be used for working capital and fixed asset purchases
  • Quick approval with the SBA Express Program