W W W. M A I N E B I Z . B I Z 15 M AY 1 9 , 2 0 2 5
F O C U S S M A L L B U S I N E S S
Learn about Efficiency Maine's Small Business
Initiative and competitive financing at
efficiencymaine.com/small-business-energy-loans.
Small Business Loans
for Energy Upgrades
Reduce up-front costs with Efficiency Maine
Green Bank financing.
The Efficiency Maine Green Bank offers financing for eligible
small business owners upgrading to high-performance heat
pumps and variable refrigerant flow (VRF) systems.
Efficiency upgrades can lower your operating costs and
improve comfort and system reliability for your business.
6,733 small businesses opened
(out of 7,027 establishments statewide)
5,152 small businesses closed
(out of 5,471 establishments statewide)
Small businesses contributed a net increase of 8,227 jobs
(accounting for 84.8% of the statewide increase).
S O U R C E : 2024 Small Business Profile for Maine, U.S. Small Business Administration Office of Advocacy
2024 SMALL BUSINESSES TOTALS
CHANGES FROM MARCH 2022 TO MARCH 2023
SMALL BUSINESS LOANS
Small businesses powering
Maine's economy
Small businesses are the heartbeat and growth
engine of Maine's economy, as reflected in the latest
annual snapshot from the U.S. Small Business
Administration.
157,133 small businesses
99.3% of Maine businesses
275,484 small business employees
54.6% of Maine employees
The Community Reinvestment Act requires large banks to
report new small business loans. In 2022, reporting banks
issued $497.2 million in loans to Maine businesses with
revenues of $1 million or less.
Total reported new lending to businesses through loans of
$100,000 or less was $434.4 million.
Total reported new lending to businesses through loans of
$1 million or less was $1.2 billion.
