SBA loans by state
SBA loans in Vermont: 151 approvals in FY 2026, median $60,000
68% of loans went through SBA Express. Loans were small: the median was $60,000, against $220,000 nationally.
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Vermont: 7(a) loans approved last year
151
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Vermont: median rate at approval, $50,001 to $250,000 | 9.62% |
| Vermont: median 7(a) loan last year | $60,000 |
| Payment over 10 years, SBA fee added to the loan | $806/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Vermont, FY 2026: 151 SBA 7(a) approvals for $42.5 million (45th of the 50 states and DC, SBA file of September 30, 2026). 68% of loans went through SBA Express. Loans were small: the median was $60,000, against $220,000 nationally. The state stood out for loans to landscaping services. 16% of variable loans were priced at the SBA maximum. Franchises took only 3% of loans. 52% of approvals were revolving lines of credit. M&T Bank alone made 25% of the loans. Businesses under two years old took 28% of loans. Credit unions made 10% of loans. Borrowers were small teams, 5.2 jobs per loan. A few large loans pushed the average to $281,595. Start-ups took only 11% of approvals. Today’s cap on a $60,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| M&T Bank | 38 | $30,000 | 10.50% | New York |
| TD Bank | 34 | $32,500 | 9.75% | Delaware |
| Community National Bank | 16 | $98,000 | n/a | Vermont (in-state) |
| EastRise Federal Credit Union | 7 | $100,000 | n/a | Vermont (in-state) |
| Live Oak Banking | 5 | $350,000 | n/a | North Carolina |
Express is the main route
68% of Vermont’s loans were SBA Express, the highest among the 50 states and DC. Among the busiest lenders, M&T Bank, TD Bank and EastRise Federal Credit Union made mostly Express loans. Most of these are small loans decided by the bank itself, on a 50% guaranty.
Among the smallest SBA loans in the country
A median of $60,000 makes Vermont’s loans the lowest among the 50 states and DC in size. 49% were for $50,000 or less, the band where SBA lets the rate reach prime plus 6.5 (13.50% today) and charges 2% on an 85% guaranty.
More common here than nationally: landscaping services
12 Vermont loans went to landscaping services, 4.9 times the national share for that trade. The most frequent trades overall were landscaping services, fitness and recreational sports centers and new single-family housing construction. Vehicles and equipment wear out within a few years, so these loans stay short and small, often through SBA Express.
Among the most loans at the legal maximum
16% of Vermont’s variable loans sat exactly at SBA’s cap, 6th highest among the 50 states and DC. Of the five busiest lenders, M&T Bank priced 40% of its Vermont variable loans at the cap. Ask any lender quoting the cap what a lower margin would require.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 74 | 9.75% | 13.50% |
| $50,001 to $250,000 | 47 | 9.62% | 13.00% |
| $250,001 to $350,000 | 6 | too few | 11.50% |
| over $350,000 | 24 | 8.25% | 10.00% |
Few franchise loans
Franchise units took 3% of Vermont’s approvals, below the 14% national share; independent businesses took nearly all the rest.
A market for credit lines
Revolving lines were 52% of Vermont’s approvals, the highest among the 50 states and DC. A business that needs cash for seasonal swings or receivables can ask for a line rather than a term loan; the cap on the rate is the same.
M&T Bank dominates
M&T Bank alone made 25% of Vermont’s SBA loans, a share for one lender 8th highest among the 50 states and DC, with a median loan of $30,000. The five busiest together made 66%.
Young firms get a big share
Businesses open two years or less received 28% of Vermont’s SBA loans, 2nd highest among the 50 states and DC. With little history to show, these borrowers are judged largely on the owners’ experience, their personal credit and the projections in the business plan.
Counties with the most approvals: Chittenden (35), Washington (22) and Windham (18). Trades: landscaping services (12), fitness and recreational sports centers (5), new single-family housing construction (5), electrical contractors and other wiring installation contractors (4) and full-service restaurants (4).
All states compared.