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Vermont-based banks were mostly among the largest lenders to “The Green Mountain State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Vermont:
Most active SBA lenders in Vermont
| State Rank | Bank | Bank Headquarters | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Community National Bank | Derby, VT | 31 | $73,545 | 6.6% |
| 2 | TD Bank | Wilmington, DE | 28 | $35,607 | 10.5% |
| 3 | People's United Bank | Bridgeport, CT | 19 | $124,437 | 7.1% |
| 4 | Union Bank | Morrisville, VT | 14 | $111,793 | 6.9% |
| 5 | Vermont 504 Corporation | Montpelier, VT | 11 | $93,182 | 4.9% |
| 6 | Woodsville Guaranty Savings | Woodsville, NH | 9 | $102,500 | 5.8% |
| 7 | North Country FCU | South Burlington, VT | 8 | $50,125 | 7.6% |
| 8 | KeyBank | Cleveland, OH | 7 | $343,000 | 7.5% |
| 9 | First Home Bank | Saint Petersburg, FL | 5 | $107,000 | 8.1% |
| 10 | Newtek Small Business Finance | Lake Success, NY | 4 | $759,750 | 8.0% |
| 11 | Berkshire Bank | Pittsfield, MA | 4 | $412,000 | 7.9% |
| 12 | Opportunities CU | Winooski, VT | 4 | $111,500 | 5.5% |
Top Vermont PPP lenders (loans <$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | People's United Bank | 1,475 |
| 2 | Northfield Savings Bank | 862 |
| 3 | TD Bank | 733 |
| 4 | Community National Bank | 705 |
| 5 | Mascoma Bank | 592 |
| 6 | Union Bank | 527 |
| 7 | Citizens Bank | 469 |
| 8 | Vermont State Empl CU | 402 |
| 9 | Community Bank | 397 |
| 10 | National Bank of Middlebury | 359 |
Top Vermont PPP lenders (loans >$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | People's United Bank | 300 |
| 2 | TD Bank | 162 |
| 3 | Northfield Savings Bank | 136 |
| 4 | Community National Bank | 132 |
| 5 | Community Bank | 107 |
| 6 | Mascoma Bank | 99 |
| 7 | Union Bank | 76 |
| 8 | KeyBank National Association | 57 |
| 9 | Citizens Bank | 40 |
| 10 | National Bank of Middlebury | 40 |
Note: Vermont PPP loan activity data from the CARES Act from March – August and does not include Heals/Heroes Act PPP loans.