In fiscal year 2025, lenders approved 209 SBA 7(a) loans worth $60.1 million to businesses in Vermont. Here is where that money went, which institutions approved it, and how big a loan a business like yours actually gets — straight from the SBA's own published records.
The median approval was $60,000, $106,850 below the national median of $166,850. That number matters more than the headline total: it is the size of deal lenders in this state are comfortable writing, and asking for something far outside it is the quiet reason many files stall.
| Loan size | 7(a) loans | Share |
|---|---|---|
| Under $50K | 72 | 34.4% |
| $50K-$150K | 66 | 31.6% |
| $150K-$350K | 38 | 18.2% |
| $350K-$1M | 20 | 9.6% |
| $1M+ | 13 | 6.2% |
36.4% of Vermont approvals went to new businesses (startups or under two years old), against 29.8% nationally.
Ranked by number of FY2025 approvals to Vermont businesses. The single most active 7(a) lender in the state was TD Bank, National Association with 45 approvals at a median of $25,000 — which tells you exactly the size of deal it wants.
| Lender | Loans in Vermont | Median size | Total approved |
|---|---|---|---|
| TD Bank, National Association | 45 | $25,000 | $3.0 million |
| Manufacturers and Traders Trust Company | 38 | $25,000 | $2.8 million |
| Community National Bank | 26 | $75,000 | $9.6 million |
| Northeast Bank | 16 | $83,100 | $2.2 million |
| Heritage Family FCU | 10 | $55,000 | $784,500 |
| KeyBank National Association | 9 | $100,000 | $1.4 million |
| Vermont 504 Corporation | 6 | $195,000 | $1.2 million |
| BayFirst National Bank | 6 | $122,000 | $629,000 |
| The Huntington National Bank | 4 | $448,000 | $1.9 million |
| North Country Federal Credit Union | 4 | $58,750 | $239,500 |
| Beacon Bank and Trust | 4 | $948,000 | $6.1 million |
| Bar Harbor Bank & Trust | 4 | $83,700 | $347,700 |
Lenders are listed because the SBA publishes them. Inclusion is not a recommendation, an endorsement, or a statement that any of them will approve your file — and Goldspur Capital is not affiliated with any lender named.
The median initial rate recorded at approval was 10.25%, with most loans between 7.62% and 13.8%, and 77.0% written on a variable rate. Historic rates at approval across the year — not a quote, and not what you would be offered today.
| Industry | Loans | Median loan |
|---|---|---|
| Residential Remodelers | 10 | $50,000 |
| Full-Service Restaurants | 10 | $50,000 |
| Landscaping Services | 7 | $45,000 |
| New Single-Family Housing Construction (except For-Sale Builders) | 7 | $45,000 |
| Site Preparation Contractors | 7 | $25,000 |
| Electrical Contractors and Other Wiring Installation Contractors | 6 | $250,000 |
| Offices of Chiropractors | 6 | $170,000 |
| Caterers | 5 | $35,000 |
| Custom Computer Programming Services | 5 | $250,000 |
| All Other Professional, Scientific, and Technical Services | 4 | $275,000 |
| County | Loans | Median loan |
|---|---|---|
| Chittenden | 59 | $75,000 |
| Windham | 21 | $150,000 |
| Rutland | 17 | $50,000 |
| Windsor | 17 | $25,000 |
| Franklin | 16 | $20,000 |
| Washington | 15 | $96,200 |
| Lamoille | 13 | $50,000 |
| Bennington | 11 | $149,000 |
504 money buys property and heavy equipment, at a long fixed rate, through a Certified Development Company partnered with a bank. Vermont saw 19 504 approvals worth $22.4 million in FY2025, median $544,000. The most active CDCs:
| CDC | 504 loans | Median size | Total approved |
|---|---|---|---|
| Granite State Economic Development Corporation | 17 | $520,000 | $20.8 million |
| Fiscal year | 7(a) loans approved | Total approved | Median |
|---|---|---|---|
| FY2023 | 155 | $38.5 million | $75,000 |
| FY2024 | 157 | $36.0 million | $65,000 |
| FY2025 | 209 | $60.1 million | $60,000 |
| FY2026 (partial) | 118 | $33.3 million | $55,000 |
Three practical readings. First, size your ask to the state's median band — a request that sits where lenders are already active is a materially easier file than one that does not. Second, a decline is a matching problem far more often than a credit problem: the tables above show institutions with completely different appetites operating in the same state in the same year. Third, if your industry is not in the list above, it does not mean no, it means fewer lenders — and that is exactly the situation where going through a partner who knows which desk to call is worth more than another application.
Source: U.S. Small Business Administration, 7(a) and 504 FOIA loan data (data.sba.gov), files as of 30 June 2026, read on 1 September 2026. Figures cover loan APPROVALS, not disbursements, and the files contain no declined applications — so no approval rate can be calculated from them. Fiscal year 2026 is partial (1 October 2025 to 30 June 2026). Aggregated by Goldspur Capital; borrower-level records are not published. State figures are aggregated on the project state of each loan. Program guidelines shown are our lending partners' published minimums as of September 2026 and can change. They are qualification floors, not an offer.
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