States › Vermont
State0.3% of US approvals68 lenders active
SBA loans in Vermont
7(a) and 504 approvals by fiscal year, the lenders behind them, and where in the state they went. Pick a fiscal year for that year's lenders and counties.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
SBA approved 918 small business loans in Vermont in FY2021 to FY2025: 804 under the 7(a) program and 114 under 504, worth $303M together.
That is 44.0 approvals for every 1,000 business establishments in the state, against 41.0 nationally, and 0.3% of all approvals in the country (48th of 54 states and territories).
In FY2025 there were 228 approvals totalling $82.5M, up 32% on FY2024. The median 7(a) approval over the five years was $75K and the median 504 approval $397K.
68 lenders had at least one approval in the state; by number of 7(a) approvals the most active were Community National Bank (116), TD Bank, National Association (113) and Manufacturers and Traders Trust Company (86).
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 4.4% as charged off, against 6.6% nationally.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Most active 7(a) lenders in Vermont
Ranked by number of approvals to businesses in the state, FY2021–FY2025. The column of bars shows each lender's approvals here in every fiscal year; the charged-off column is the lender's nationwide figure.
| # | Lender | Approvals in VT, FY2021–25 | Dollars | Share | Median approval, all states | FY2016–26 | Charged off, FY2010–21 loans |
|---|---|---|---|---|---|---|---|
| 1 | Community National BankDerby, VT | 116 | $23.4M | 14.4% | $75K | 3.5% | |
| 2 | TD Bank, National AssociationWilmington, DE | 113 | $19.2M | 14.1% | $50K | 14.4% | |
| 3 | Manufacturers and Traders Trust CompanyBuffalo, NY | 86 | $7.9M | 10.7% | $50K | 8.0% | |
| 4 | Heritage Family FCURutland, VT | 56 | $6.5M | 7.0% | $75K | 8.0% | |
| 5 | EastRise Federal Credit UnionWilliston, VT | 43 | $3.1M | 5.3% | $47K | 3.4% | |
| 6 | North Country Federal Credit UnionSouth Burlington, VT | 31 | $1.9M | 3.9% | $45K | 1.4% | |
| 7 | KeyBank National AssociationCleveland, OH | 28 | $5.4M | 3.5% | $75K | 4.3% | |
| 8 | Vermont 504 CorporationMontpelier, VT | 25 | $3.9M | 3.1% | $165K | 1.6% | |
| 9 | Vermont FCUBurlington, VT | 25 | $2.6M | 3.1% | $67K | 5.3% | |
| 10 | Peoples Trust Company of St. AlbansSaint Albans, VT | 25 | $2.1M | 3.1% | $50K | 6.1% | |
| 11 | Northeast BankLewiston, ME | 22 | $2.6M | 2.7% | $106K | 12.8% | |
| 12 | Union BankMorrisville, VT | 22 | $1.6M | 2.7% | $50K | 1.3% | |
| 13 | Bar Harbor Bank & TrustBar Harbor, ME | 19 | $2.5M | 2.4% | $73K | 2.6% | |
| 14 | Live Oak Banking CompanyWilmington, NC | 16 | $18.8M | 2.0% | $850K | 2.2% | |
| 15 | The Bank of BenningtonBennington, VT | 13 | $997K | 1.6% | $38K | 10.3% | |
| 16 | Mascoma BankLebanon, NH | 12 | $2.3M | 1.5% | $137K | 6.3% | |
| 17 | The Huntington National BankColumbus, OH | 11 | $5.9M | 1.4% | $92K | 5.7% | |
| 18 | National Bank of MiddleburyMiddlebury, VT | 10 | $2.3M | 1.2% | $206K | 4.0% | |
| 19 | Beacon Bank and TrustBrookline, MA | 9 | $9.9M | 1.1% | $630K | 4.6% | |
| 20 | BayFirst National BankSaint Petersburg, FL | 9 | $972K | 1.1% | $150K | 19.2% | |
| 21 | Newtek Small Business Finance, Inc.Lake Success, NY | 8 | $3.1M | 1.0% | $300K | 6.8% | |
| 22 | Newtek Bank, National AssociationMiami, FL | 7 | $7.9M | 0.9% | $225K | — | |
| 23 | NBT Bank, National AssociationNorwich, NY | 7 | $7.8M | 0.9% | $200K | 5.7% | |
| 24 | Celtic Bank CorporationSalt Lake City, UT | 7 | $5.8M | 0.9% | $150K | 17.0% | |
| 25 | Vermont Community Loan Fund, Inc.Montpelier, VT | 7 | $725K | 0.9% | $75K | — | |
| 26 | Green Mountain CUSouth Burlington, VT | 7 | $387K | 0.9% | $50K | 4.3% | |
| 27 | United Midwest Savings Bank National AssociationDe Graff, OH | 6 | $6.3M | 0.7% | $150K | 15.9% | |
| 28 | Community Bank, National AssociationCanton, NY | 5 | $641K | 0.6% | $113K | 3.5% | |
| 29 | Byline BankChicago, IL | 4 | $7.4M | 0.5% | $806K | 9.5% | |
| 30 | Citizens Bank, National AssociationProvidence, RI | 4 | $4.5M | 0.5% | $350K | 4.0% | |
| 31 | Readycap Lending, LLCBerkeley Heights, NJ | 4 | $1.1M | 0.5% | $138K | 4.3% | |
| 32 | Passumpsic Savings BankSaint Johnsbury, VT | 4 | $358K | 0.5% | $56K | 7.1% | |
| 33 | Northfield Savings BankNorthfield, VT | 3 | $4.3M | 0.4% | $1.7M | — | |
| 34 | JPMorgan Chase Bank, National AssociationColumbus, OH | 3 | $555K | 0.4% | $200K | 7.4% | |
| 35 | Savings Bank of WalpoleWalpole, NH | 3 | $263K | 0.4% | $118K | 0.0% | |
| 36 | Ledyard National BankNorwich, VT | 2 | — | 0.2% | $2.8M | 0.0% | |
| 37 | Bank Five NineOconomowoc, WI | 2 | — | 0.2% | $450K | 4.5% | |
| 38 | First Bank of the LakeOsage Beach, MO | 2 | — | 0.2% | $350K | 2.7% | |
| 39 | SouthState Bank, National AssociationWinter Haven, FL | 2 | — | 0.2% | $350K | 2.8% | |
| 40 | OptimumBankFort Lauderdale, FL | 2 | — | 0.2% | $640K | — |
504 certified development companies
| # | Lender | Approvals in VT, FY2021–25 | Dollars | Share | Median approval, all states | FY2016–26 | Charged off, FY2010–21 loans |
|---|---|---|---|---|---|---|---|
| 1 | Granite State Economic Development CorporationPortsmouth, NH · 504 CDC | 100 | $65.3M | 87.7% | $363K | 1.5% | |
| 2 | New England Certified Development CorporationWakefield, MA · 504 CDC | 7 | $8.5M | 6.1% | $499K | 0.8% | |
| 3 | Bay Colony Development CorporationWaltham, MA · 504 CDC | 4 | $10.3M | 3.5% | $417K | 1.3% | |
| 4 | Vermont 504 CorporationMontpelier, VT · 504 CDC | 2 | — | 1.8% | — | — | |
| 5 | Capital Regional Development CouncilConcord, NH · 504 CDC | 1 | — | 0.9% | $393K | 0.9% |
Fiscal-year ledger
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 118 | $33.3M | $55K | 9 | $3.2M | 127 | 705 |
| FY2025 | 209 | $60.1M | $60K | 19 | $22.4M | 228 | 1,563 |
| FY2024 | 157 | $36.0M | $65K | 16 | $12.1M | 173 | 1,118 |
| FY2023 | 155 | $38.5M | $75K | 9 | $8.3M | 164 | 1,266 |
| FY2022 | 133 | $36.3M | $75K | 26 | $15.8M | 159 | 1,491 |
| FY2021 | 150 | $46.4M | $100K | 44 | $26.7M | 194 | 1,510 |
| FY2020 | 170 | $25.0M | $65K | 26 | $10.5M | 196 | 1,163 |
| FY2019 | 202 | $29.3M | $68K | 18 | $7.7M | 220 | 1,338 |
| FY2018 | 210 | $36.5M | $61K | 19 | $7.8M | 229 | 1,403 |
| FY2017 | 221 | $30.5M | $60K | 15 | $9.3M | 236 | 1,749 |
| FY2016 | 269 | $41.4M | $75K | 22 | $14.3M | 291 | 2,319 |
7(a) approvals504 approvals
Counties
Approvals in FY2021–FY2025 set against the Census Bureau's count of business establishments. Counties with at least 30 approvals have their own page.
| # | County | Approvals | Dollars | Establishments | Per 1,000 establishments | By fiscal year |
|---|---|---|---|---|---|---|
| 1 | Chittenden County | 273 | $108M | 5,665 | 48.2 | |
| 2 | Rutland County | 93 | $29.3M | 1,945 | 47.8 | |
| 3 | Washington County | 90 | $20.4M | 2,118 | 42.5 | |
| 4 | Franklin County | 72 | $20.6M | 1,101 | 65.4 | |
| 5 | Windham County | 70 | $28.2M | 1,657 | 42.2 | |
| 6 | Windsor County | 55 | $23.5M | 1,926 | 28.6 | |
| 7 | Bennington County | 50 | $16.7M | 1,258 | 39.7 | |
| 8 | Lamoille County | 48 | $16.9M | 1,001 | 48.0 | |
| 9 | Orleans County | 43 | $7.3M | 782 | 55.0 | |
| 10 | Caledonia County | 40 | $7.3M | 913 | 43.8 | |
| 11 | Orange County | 40 | $9.7M | 711 | 56.3 | |
| 12 | Addison County | 33 | $13.6M | 1,158 | 28.5 | |
| 13 | Grand Isle County | 10 | $1.5M | 170 | 58.8 | |
| 14 | Essex County | 1 | — | 107 | 9.3 |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 59 | $10.2M | 6.4% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 52 | $9.2M | 5.7% | |
| 3 | Traveler AccommodationNAICS 7211 | 36 | $48.7M | 3.9% | |
| 4 | Residential Building ConstructionNAICS 2361 | 35 | $2.8M | 3.8% | |
| 5 | General Freight TruckingNAICS 4841 | 33 | $2.3M | 3.6% | |
| 6 | Building Equipment ContractorsNAICS 2382 | 28 | $11.3M | 3.1% | |
| 7 | Other Specialty Trade ContractorsNAICS 2389 | 26 | $1.8M | 2.8% | |
| 8 | Grocery StoresNAICS 4451 | 25 | $10.4M | 2.7% | |
| 9 | Offices of Other Health PractitionersNAICS 6213 | 23 | $2.4M | 2.5% | |
| 10 | Beverage ManufacturingNAICS 3121 | 21 | $13.3M | 2.3% | |
| 11 | Automotive Repair and MaintenanceNAICS 8111 | 21 | $5.8M | 2.3% | |
| 12 | Other Food ManufacturingNAICS 3119 | 19 | $3.9M | 2.1% | |
| 13 | Other Amusement and Recreation IndustriesNAICS 7139 | 18 | $2.5M | 2.0% | |
| 14 | Bakeries and Tortilla ManufacturingNAICS 3118 | 17 | $4.4M | 1.9% | |
| 15 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 17 | $3.8M | 1.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 136 | 14.8% | |
| 2 | Accommodation and Food Services | 119 | 13.0% | |
| 3 | Construction | 115 | 12.5% | |
| 4 | Manufacturing | 113 | 12.3% | |
| 5 | Professional, Scientific, and Technical Services | 68 | 7.4% | |
| 6 | Health Care and Social Assistance | 67 | 7.3% | |
| 7 | Other Services (except Public Administration) | 66 | 7.2% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 66 | 7.2% | |
| 9 | Transportation and Warehousing | 42 | 4.6% | |
| 10 | Wholesale Trade | 26 | 2.8% |
Franchise brands
| # | Brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Riko's Pizza | 2 | 0.2% | |
| 2 | Criterium Engineers | 2 | 0.2% | |
| 3 | 9round | 2 | 0.2% | |
| 4 | Servco Subaru Inc. | 1 | 0.1% | |
| 5 | My Place Hotels | 1 | 0.1% | |
| 6 | Subaru Dealer Agreement | 1 | 0.1% | |
| 7 | Interstate All Battery Center | 1 | 0.1% | |
| 8 | Travelodge by Wyndham | 1 | 0.1% | |
| 9 | Quality Inn | 1 | 0.1% | |
| 10 | Econo Lodge | 1 | 0.1% |
How earlier loans turned out
| Loans approved FY2010–FY2021 | VT 7(a) | US 7(a) | VT 504 | US 504 |
|---|---|---|---|---|
| Approvals in these years | 2,647 | 639,905 | 259 | 85,591 |
| Cancelled or never disbursed | 259 | 79,313 | 44 | 12,514 |
| Disbursed loans | 2,388 | 560,592 | 215 | 73,077 |
| Paid in full | 2,035 | 435,813 | 106 | 35,491 |
| Charged off | 104 | 36,891 | 3 | 905 |
| Still outstanding (status exempt from disclosure) | 249 | 87,888 | 106 | 36,681 |
| Charged off, share of disbursed loans | 4.4% | 6.6% | 1.4% | 1.2% |
| Dollars charged off, share of disbursed dollars | 1.7% | 2.5% | 0.1% | 0.9% |
| Dollars charged off | $6.8M | $5.70bn | $94K | $499M |
Approval sizes
- $50,000 or less37.7%346
- $50,001 to $150,00024.3%223
- $150,001 to $350,00018.7%172
- $350,001 to $1 million11.1%102
- $1 million to $2 million4.5%41
- Over $2 million3.7%34
Age of the businesses
- Existing, more than 2 years old54.1%497
- New business, 2 years or less21.0%193
- Startup, loan funds will open the business17.1%157
- Change of ownership7.6%70
- Not answered0.1%1
Against the country
| FY2021–FY2025 | Vermont | United States |
|---|---|---|
| Approvals per 1,000 establishments | 44.0 | 41.0 |
| Median 7(a) approval | $75K | $190K |
| Median 504 approval | $397K | $657K |
| 504 share of approvals | 12.4% | 11.0% |
| Jobs supported per approval, as reported | 7.6 | 10.5 |
| Approvals, change on FY2016–FY2020 | -22% | 10% |
Questions and answers
Which lenders make the most SBA loans in Vermont?
By 7(a) approvals in FY2021 to FY2025: Community National Bank (116), TD Bank, National Association (113), Manufacturers and Traders Trust Company (86), Heritage Family FCU (56), EastRise Federal Credit Union (43). For 504 loans: Granite State Economic Development Corporation (100), New England Certified Development Corporation (7), Bay Colony Development Corporation (4). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Vermont?
The median 7(a) approval was $75K and the median 504 approval $397K; the average across both programs was $330K.
Which industries get the most SBA loans in Vermont?
Restaurants and Other Eating Places (59); Services to Buildings and Dwellings (52); Traveler Accommodation (36); Residential Building Construction (35); General Freight Trucking (33).
Which Vermont counties receive the most SBA loans?
Chittenden County (273), Rutland County (93), Washington County (90), Franklin County (72), Windham County (70), by approvals in FY2021 to FY2025.
Is SBA lending in Vermont rising?
Approvals in the three latest complete fiscal years total 565, against 549 in the three before: broadly level (+3%).
What share of SBA loans in Vermont are charged off?
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 4.4% are recorded as charged off (national: 6.6%); for 504 loans the figure is 1.4% (national: 1.2%). Newer loans are left out because most have not had time to reach either outcome.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error