Vermont businesses took out 453 SBA 7(a) loans worth $125M in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 47th of 52 by number of loans and 51st by dollars. The median loan was $61K at a median starting rate of 9.75%. In FY2026 alone, lenders approved 151 Vermont loans for $42.5M before cancellations.
What stands out in Vermont
Smaller loans than average
The median 7(a) loan in Vermont was $61K, below the national median of $175K. 69.8% of Vermont loans were $150,000 or less (49.0% nationally) and 7.1% were $1 million or more (13.6% nationally).
SBA Express is the main channel
65.6% of Vermont's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median Vermont loan was $61K (national median $175K).
Manufacturing stands out
Manufacturing accounted for 11.3% of Vermont's 7(a) loans (51 loans), 1.9 times its 5.8% national share. The median manufacturing loan in Vermont was $85K at a median rate of 8.08%.
Few franchise loans
Franchise businesses took 2.0% of Vermont's 7(a) loans, against 11.0% nationally.
One lender dominates
TD Bank, National Association approved 100 of Vermont's 453 SBA 7(a) loans in FY2024 to FY2026, a 22.1% share. The top three lenders together made 56.4%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
Lower rates than average
The median starting rate on Vermont 7(a) loans was 9.75%, against 10.25% nationally, and 27.2% of loans carried a fixed rate (13.6% nationally). SBA caps the spread a lender can charge over the base rate, and smaller loans are allowed higher spreads, so a state's loan-size mix moves its median rate.
What a typical Vermont SBA loan looks like
| FY2024-FY2026, not cancelled | Vermont | United States |
|---|---|---|
| Median loan | $61K | $175K |
| Average loan | $277K | $508K |
| Median starting rate | 9.75% | 10.25% |
| Variable-rate loans | 72.8% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 69.8% | 49.0% |
| Loans of $500K or less | 90.1% | 76.9% |
| Loans of $1M or more | 7.1% | 13.6% |
| Startups (loan opens the business) | 9.9% | 16.1% |
| Startups and businesses 2 years old or less | 36.2% | 32.0% |
| Change of ownership (buying a business) | 9.3% | 10.9% |
| Franchise businesses | 2.0% | 11.0% |
| SBA Express loans | 65.6% | 35.8% |
| Jobs supported (reported at approval) | 2,811 | 1,733,816 |
Vermont SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 157 | 209 | 151 |
| Dollars approved | $36.0M | $60.1M | $42.5M |
| Loans not cancelled | 146 | 176 | 131 |
| Median loan | $63K | $64K | $60K |
| Median rate | 10.25% | 10.25% | 8.80% |
| Loans of $150K or less | 68.5% | 69.9% | 71.0% |
| SBA Express share | 61.6% | 66.5% | 68.7% |
FY2026 approvals in Vermont changed by −27.8% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Vermont
| Lender | Loans | Share of state |
|---|---|---|
| 1. TD Bank, National Association | 100 | 22.1% |
| 2. Manufacturers and Traders Trust Company | 85 | 18.8% |
| 3. Community National Bank | 70 | 15.5% |
| 4. Heritage Family FCU | 19 | 4.2% |
| 5. KeyBank National Association | 15 | 3.3% |
| 6. The Huntington National Bank | 12 | 2.6% |
| 7. EastRise Federal Credit Union | 11 | 2.4% |
| 8. Live Oak Banking Company | 11 | 2.4% |
| 9. Vermont FCU | 10 | 2.2% |
Industries that borrow most in Vermont
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 87 | 19.2% | $50K | 10.55% |
| Retail | 61 | 13.5% | $67K | 9.75% |
| Manufacturing | 51 | 11.3% | $85K | 8.08% |
| Restaurants and hotels | 48 | 10.6% | $98K | 9.12% |
| Administrative and support services | 36 | 7.9% | $48K | 10.12% |
| Professional services | 32 | 7.1% | $60K | 10.37% |
| Other services (repair, personal care) | 31 | 6.8% | $50K | 10.00% |
| Health care | 29 | 6.4% | – | – |
Where in Vermont the loans go
| County | Loans |
|---|---|
| Chittenden | 139 |
| Washington | 52 |
| Windham | 43 |
| Franklin | 35 |
| Rutland | 34 |
| Windsor | 32 |
| Orange | 26 |
| Bennington | 23 |
| City | Loans |
|---|---|
| Burlington | 31 |
| Essex Junction | 26 |
| South Burlington | 23 |
| Williston | 20 |
| Montpelier | 17 |
| Saint Albans | 14 |
| Brattleboro | 14 |
| Bennington | 11 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Vermont
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Vermont | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 45 | 18,076 |
| 504 dollars | $38.8M | $20.82B |
| Median 504 loan | $347K | $742K |
| Jobs supported (reported at approval) | 384 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Granite State Economic Development Corporation | 40 |
SBA district office for Vermont
Vermont loans are overseen by the SBA Vermont District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Vermont
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in Vermont?
Lenders approved 157 SBA 7(a) loans for Vermont businesses in FY2024, 209 in FY2025 and 151 in FY2026, before cancellations. Net of cancelled loans, the three years total 453 loans worth $125M, plus 45 SBA 504 loans worth $38.8M.
Which banks make the most SBA loans in Vermont?
In FY2024 to FY2026 the most active 7(a) lenders in Vermont were TD Bank, National Association (100 loans, 22.1%), Manufacturers and Traders Trust Company (85 loans, 18.8%), Community National Bank (70 loans, 15.5%).
What is the typical SBA loan size and rate in Vermont?
The median 7(a) loan in Vermont was $61K and the average was $277K. The median starting interest rate was 9.75%, 72.8% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Vermont by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: West Virginia, Hawaii, District of Columbia, South Dakota, or see all states.