KENNEBUNK SAVINGS BANK
PPP Lender · 2,229 loans · $168.1M total · 12 states served
KENNEBUNK 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 2,229 PPP loans totaling $168.1M, representing approximately 0.02% of all loans nationwide.
KENNEBUNK SAVINGS BANK served borrowers across 12 states. The largest concentration of activity was in Maine, where the lender originated 1,619 loans totaling $107.0M. Other states with significant activity included New Hampshire, Massachusetts, Florida.
The average loan size for this lender was $75,400. 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 KENNEBUNK SAVINGS BANK were: WABAN PROJECT INC (ME) — $2,679,800; RESIDENTIAL COMMUNITY SUPPORT SERVICES (ME) — $2,000,000; THE GOLDENROD (ME) — $1,351,595; and CHALMERS GROUP INC. (ME) — $1,195,300.
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 | 1,619 | $107.0M | 99.8% |
| New Hampshire | 523 | $49.2M | 97.7% |
| Massachusetts | 60 | $8.4M | 96.7% |
| Florida | 11 | $535,845 | 100.0% |
| Vermont | 4 | $2.2M | 100.0% |
| Connecticut | 4 | $503,900 | 100.0% |
| Rhode Island | 2 | $69,560 | 100.0% |
| Kansas | 2 | $12,873 | 100.0% |
| Wyoming | 1 | $101,200 | 100.0% |
| Washington | 1 | $2,200 | 100.0% |
| Oregon | 1 | $16,300 | 100.0% |
| Michigan | 1 | $11,277 | 100.0% |