State lending data
SBA lending in Vermont
572 SBA 7(a) loans went to businesses in Vermont recently, at a median of $60,500. The lenders that made them, what they charged, and how the state is trending.
572 SBA 7(a) loans went to businesses in Vermont in the most recent fiscal years, at a median of $60,500. The most active lender in the state was TD Bank, with 115 loans. Approvals are down 15.3% on the year.
SBA lending in Vermont, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Vermont, not advertised ranges.
| Measure | Vermont | National |
|---|---|---|
| Loans approved | 572 | 214,102 |
| Total approved | $148.1 million | $104.1 billion |
| Median loan | $60,500 | $150,000 |
| 25th – 75th percentile | $30,000 – $200,000 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.50% | 10.25% |
| Share to startups | 38.6% | 33.6% |
| Charge-off rate, FY2010–19 | 4.8% | 7.1% |
| Jobs supported | 3,709 | 2,142,602 |
| Counties with recorded lending | 14 | — |
| Lenders active in the state | 58 | — |
Is SBA lending in Vermont growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Vermont went from 111 to 94 loans, down 15.3% — while the dollars approved went from $28.2 million to $24.0 million, down 14.8%.
That puts Vermont mid-table — 13th of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Vermont | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 146 | 51,747 | 0.3% |
| FY2024 | 146 | 62,618 | 0.2% |
| FY2025 | 176 | 64,096 | 0.3% |
| FY2026 (part year) | 104 | 35,641 | 0.3% |
Which lenders actually fund businesses in Vermont
Ranked by loans approved inside Vermont. The median, startup share and rate columns describe each lender's own Vermont loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| TD Bank | 115 | $39,000 | 39% | 10.50% |
| Community National Bank | 86 | $63,000 | 46% | 8.00% |
| Manufacturers and Traders Trust Company | 85 | $30,000 | 27% | 12.75% |
| Heritage Family FCU | 38 | $80,000 | 66% | 8.50% |
| EastRise Federal Credit Union | 25 | $65,500 | 64% | 8.50% |
| KeyBank | 16 | $75,000 | 56% | 10.09% |
| The Huntington National Bank | 15 | $250,000 | 20% | 9.00% |
| Vermont FCU | 15 | $60,000 | 33% | 9.50% |
What stands out about Vermont
Reading the state's own figures against the national picture:
- Loans here run smaller than average. The median of $60,500 is 60% below the $150,000 national median. Smaller loans usually price higher under the SBA spread caps, though that has not happened here: the median rate in this market is 9.50% against 10.25% nationally.
- Startup share is close to average, at 38.6% against 33.6% nationally.
- Rates run lower here. The median initial rate of 9.50% is 0.75 points below the 10.25% national median. Most 7(a) lending is variable-rate, so treat this as a comparison between markets, not a quote.
- Past loss rates here are below average. The FY2010–2019 charge-off rate for this market was 4.8%, against 7.1% overall. That is a record of an older cohort, not a forecast.
Who borrows in Vermont
The industry mix of SBA borrowers here, led by construction.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Construction | 98 | 17.1% | $50,000 | 42% |
| Retail | 80 | 14.0% | $80,000 | 40% |
| Restaurants and Hotels | 61 | 10.7% | $100,000 | 51% |
| Manufacturing | 56 | 9.8% | $97,500 | 34% |
| Admin Services | 45 | 7.9% | $47,500 | 27% |
| Professional Services | 43 | 7.5% | $84,900 | 28% |
| Personal Services | 41 | 7.2% | $40,000 | 34% |
| Healthcare | 39 | 6.8% | $90,000 | 46% |
| Trucking | 29 | 5.1% | $40,000 | 55% |
| Wholesale | 21 | 3.7% | $105,000 | 19% |
Where the money goes in Vermont
SBA lending is more concentrated than state totals suggest, and Chittenden County alone accounts for 29% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Chittenden County | 164 | $93,100 | $52.1 million |
| Washington County | 65 | $56,000 | $10.9 million |
| Rutland County | 58 | $50,000 | $14.5 million |
| Windham County | 53 | $100,000 | $18.9 million |
| Franklin County | 44 | $50,000 | $12.0 million |
| Windsor County | 39 | $60,000 | $11.5 million |
| Bennington County | 32 | $102,500 | $6.5 million |
| Orange County | 29 | $101,000 | $5.0 million |
| Orleans County | 25 | $50,000 | $2.6 million |
| Lamoille County | 25 | $50,000 | $6.7 million |
SBA 504 in Vermont
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Vermont 504 | National 504 |
|---|---|---|
| Projects approved | 49 | 22,192 |
| Median CDC share | $395,000 | $730,000 |
| Median total project | $877,500 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Vermont
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Vermont is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Hawaii, South Dakota, West Virginia, District of Columbia, Montana, North Dakota, California, Florida
Questions people actually ask
How many SBA loans are approved in Vermont each year?
572 SBA 7(a) loans were approved to businesses in Vermont across fiscal years 2023 to 2026, using data released June 2026, worth $148.1 million in total. Over the most recent comparable months the number of approvals ran down 15.3% year on year, while the dollars approved ran down 14.8%.
Which bank approves the most SBA loans in Vermont?
TD Bank, with 115 loans approved to businesses in the state and a median loan of $39,000. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Vermont?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.