GORHAM SAVINGS BANK
PPP Lender · 1,593 loans · $144.0M total · 15 states served
GORHAM SAVINGS 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 1,593 PPP loans totaling $144.0M, representing approximately 0.01% of all loans nationwide.
GORHAM SAVINGS BANK served borrowers across 15 states. The largest concentration of activity was in Maine, where the lender originated 1,543 loans totaling $141.0M. Other states with significant activity included Massachusetts, New Hampshire, New York.
The average loan size for this lender was $90,410. 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 GORHAM SAVINGS BANK were: SHAW BROTHERS CONSTRUCTION INC. (ME) — $3,786,100; KRIS-WAY TRUCK LEASING, INC. (ME) — $2,325,047; CLARK INSURANCE (ME) — $1,920,300; and THE VIA GROUP (ME) — $1,770,150.
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 | 1,543 | $141.0M | 99.5% |
| Massachusetts | 10 | $794,655 | 100.0% |
| New Hampshire | 9 | $1.3M | 100.0% |
| New York | 8 | $307,575 | 100.0% |
| Florida | 6 | $76,600 | 100.0% |
| Texas | 3 | $125,200 | 100.0% |
| Pennsylvania | 3 | $69,100 | 100.0% |
| Tennessee | 2 | $22,000 | 100.0% |
| Mississippi | 2 | $41,000 | 100.0% |
| California | 2 | $41,600 | 100.0% |
| Utah | 1 | $5,000 | 100.0% |
| Rhode Island | 1 | $3,200 | 100.0% |
| New Jersey | 1 | $47,300 | 100.0% |
| Maryland | 1 | $85,303 | 100.0% |
| Connecticut | 1 | $40,900 | 100.0% |