|At a glance —Are you trying to start your dream job? Starting a small business is never easy, no matter where you go. Yet, a loan may help ease some of the financial pressure. Vermont is potentially the best state to get a business loan. Small business loans in Vermont are widely varied and can find loans for anywhere from $50,000 to over $900,000.|
Top 5 Vermont Small Business Loan Options
Community National Bank in Derby, Vermont, is regarded as the highest-ranked Small Business Administration (SBA) lender in Vermont. Community National Bank offers a number of loans for businesses, including small businesses. These business loans include equipment, commercial real estate, construction, and commercial term loans. Other loans provided include paycheck protection programs and credit lines.
Community National has an average loan in Vermont of over $135,000 with an average interest rate of 5.05%. They offer a total of 48 loans in Vermont, though not all of these directly relate to small businesses. Community National Bank determines the clauses, rates, amounts, and overall details of each loan on a case-by-case basis. Typically their transactions are done in person by bringing your personal financial statements, tax returns, corporate tax returns, and a profit and loss statement with a balance sheet.
Union Bank in Morrisville, Vermont, is another one of the most highly rated lenders for small businesses active in Vermont. Unlike Community National, Union Bank offers two types of specialized loans specifically for small businesses. These loans include SBA loans designed to help you start, purchase, or expand a small business.
The other type of small business loan they offer is Economic Development Loans that are designed to improve the quality of neighborhoods. These loans are typically available for businesses that are having a positive impact on the quality of their communities. Union Bank offers loans under $60,000 with an average interest rate of 5.45%.
People’s United Bank in Bridgeport, Connecticut, also operates in Vermont. People’s United has been providing capital for small business owners since 1953. They offer a variety of loan options to small business owners through the SBA. Their most common model is the 7(a) loan program, the standard loan available through the SBA.
People’s United also offers a special 7(a) loan for businesses with special requirements, such as those impacted by NAFTA. Their microloan program provides small, short-term loans, while the CDC/504 Loan Program offers small businesses an avenue for business financing. People’s United typically offers loans under $60,000 with a 8.25% interest rate.
North Country FCU in South Burlington, Vermont, offers the standard SBA loan programs such as the 7(a) program. Unlike some other options, North Country FCU doesn’t offer additional programs specifically tailored to meet the needs of small businesses.
They do, however, offer loan programs that apply to businesses of all sizes such as equipment loans, business vehicle loans, and commercial mortgages. The average loan for North Country FCU is over $60,000 and has an average interest rate of 5.41%.
United Midwest Savings Bank in De Graff, Ohio, is another out-of-state lender that offers loans and small business services in Vermont. Much like North Country, United Midwest Savings doesn’t offer a variety of unique loans for small businesses beyond standard SBA loans.
They do, however, offer a service in which they can offer you a loan of up to $150,000 for your small business. This service extends to lenders, getting you in contact with lenders who can provide you with over $150,000 in small business loans. Additionally, the average loan available with United Midwest Savings Bank is over $900,000 with an average interest rate of 5.75%.
North Country FCU
South Burlington, VT
United Midwest Savings
De Graff, OH