CAMDEN NATIONAL BANK
PPP Lender · 4,636 loans · $337.3M total · 21 states served
CAMDEN NATIONAL BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 4,636 PPP loans totaling $337.3M, representing approximately 0.04% of all loans nationwide.
CAMDEN NATIONAL BANK served borrowers across 21 states. The largest concentration of activity was in Maine, where the lender originated 4,475 loans totaling $306.4M. Other states with significant activity included New Hampshire, Massachusetts, Florida.
The average loan size for this lender was $72,760. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.
Among the largest named borrowers that received loans through CAMDEN NATIONAL BANK were: SPURWINK SERVICES INCORPORATED (ME) — $8,304,236; OHARA CORPORATION (ME) — $6,200,077; DIVERSIFIED HOLDINGS CO. (ME) — $6,108,530; and MAINE MARITIME ACADEMY (ME) — $3,858,500.
PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.
Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| Maine | 4,475 | $306.4M | 99.0% |
| New Hampshire | 65 | $13.6M | 98.5% |
| Massachusetts | 27 | $8.8M | 100.0% |
| Florida | 20 | $1.1M | 100.0% |
| New York | 6 | $1.2M | 100.0% |
| Connecticut | 6 | $1.1M | 100.0% |
| Vermont | 5 | $606,070 | 100.0% |
| Colorado | 5 | $2.4M | 100.0% |
| Virginia | 4 | $187,133 | 100.0% |
| New Jersey | 4 | $279,947 | 100.0% |
| Maryland | 4 | $301,943 | 100.0% |
| Pennsylvania | 3 | $146,932 | 100.0% |
| South Carolina | 2 | $17,708 | 100.0% |
| Michigan | 2 | $557,725 | 100.0% |
| California | 2 | $13,810 | 100.0% |
| Texas | 1 | $286,840 | 100.0% |
| Rhode Island | 1 | $47,883 | 100.0% |
| Ohio | 1 | $87,084 | 100.0% |
| Minnesota | 1 | $56,554 | 100.0% |
| Louisiana | 1 | $65,761 | 100.0% |
| Delaware | 1 | $6,221 | 100.0% |