SBA loans in Vermont: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 100 7(a) loans to buy an existing business in Vermont, totaling $75.1M. The median loan was $250,000, 61% lower than the $645,250 national median for SBA-financed acquisitions. Volume rose 25% from FY2024 to FY2026.
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SBA lenders in Vermont
The lenders that made the most SBA 7(a) acquisition loans in Vermont, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Heritage Family FCU | 9 | 9.0% | $1.7M | |
| 2 | Beacon Bank and Trust | 7 | 7.0% | $10.6M | |
| 3 | Live Oak Banking Company | 6 | 6.0% | $9.2M | |
| 4 | The Huntington National Bank | 6 | 6.0% | $4.5M | |
| 5 | Manufacturers and Traders Trust Company | 5 | 5.0% | $1.7M | |
| 6 | Bar Harbor Bank & Trust | 5 | 5.0% | $1M | |
| 7 | KeyBank National Association | 4 | 4.0% | $4.3M | |
| 8 | The Bank of Bennington | 4 | 4.0% | $300K | |
| 9 | United Midwest Savings Bank National Association | 3 | 3.0% | $2.3M | |
| 10 | Vermont 504 Corporation | 3 | 3.0% | $605K |
What this tells a buyer
- Deal size band. Half of Vermont acquisition loans fell between $100,000 and $1,070,000. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Vermont accounts for 0.2% of all SBA acquisition loans and ranks number 48 of 54 states and territories by count.
- Industry concentration. Limited-Service Restaurants is the most financed business type here (7 loans, 7% of the state). The top three industries together are 19%.
- Lender concentration. Heritage Family FCU made 9% of the state's acquisition loans. No single lender dominates, so there are several lenders with local acquisition experience.
- Franchise resales. 11% of acquisition loans in Vermont involved a franchised brand; the most frequent is Real Property Management (2 loans).
Vermont acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 11 | $8.2M | $90,000 | |
| FY2019 | 7 | $2.1M | $100,000 | |
| FY2020 | 7 | $2.2M | $140,000 | |
| FY2021 | 13 | $8.3M | $475,000 | |
| FY2022 | 9 | $9.1M | $204,800 | |
| FY2023 | 11 | $11.7M | $250,000 | |
| FY2024 | 12 | $8.2M | $234,000 | |
| FY2025 | 15 | $10.5M | $358,000 | |
| FY2026 | 15 | $14.7M | $315,000 |
How often do these acquisition loans fail?
Of the 38 Vermont acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 25 have already been paid in full.
For comparison, Vermont has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Top industries in Vermont
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Limited-Service Restaurants | 7 | 7.0% | $1.1M | |
| 2 | Hotels (except Casino Hotels) and Motels | 6 | 6.0% | $6.9M | |
| 3 | Full-Service Restaurants | 6 | 6.0% | $1M | |
| 4 | Offices of Chiropractors | 5 | 5.0% | $620K | |
| 5 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 4 | 4.0% | $4.6M | |
| 6 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 4 | 4.0% | $422K | |
| 7 | Meat Retailers | 3 | 3.0% | $3.6M | |
| 8 | Funeral Homes and Funeral Services | 3 | 3.0% | $2.6M | |
| 9 | All Other Professional, Scientific, and Technical Services | 3 | 3.0% | $610K | |
| 10 | General Automotive Repair | 3 | 3.0% | $365K |
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Franchise brands bought in Vermont
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Real Property Management | 2 | 2.0% | $977K | |
| 2 | Econo Lodge | 1 | 1.0% | $1.8M | |
| 3 | Plato's Closet | 1 | 1.0% | $1.8M | |
| 4 | Travelodge | 1 | 1.0% | $1.7M | |
| 5 | Little Caesars | 1 | 1.0% | $315K |
Questions buyers ask
How much do buyers borrow to buy a business in Vermont?
The median SBA 7(a) acquisition loan in Vermont was $250,000 across 100 loans (FY2018 to FY2026), 61% lower than the $645,250 national median. The middle half of loans ran from $100,000 to $1,070,000. A loan is not the purchase price: it is net of the buyer's equity injection and usually includes some working capital.
Which banks make the most SBA acquisition loans in Vermont?
Heritage Family FCU (9), Beacon Bank and Trust (7), Live Oak Banking Company (6), The Huntington National Bank (6), Manufacturers and Traders Trust Company (5). Heritage Family FCU alone accounts for 9% of Vermont acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Vermont?
Limited-Service Restaurants (7), Hotels (except Casino Hotels) and Motels (6), Full-Service Restaurants (6), Offices of Chiropractors (5), Supermarkets and Other Grocery Retailers (except Convenience Retailers) (4). The top three industries make up 19% of the state's acquisition loans.
How often do SBA acquisition loans fail in Vermont?
In the seasoned cohort (FY2018 to FY2021), among 38 Vermont acquisition loans: none charged off, against the 3.5% national acquisition average.
How does Vermont compare with other states?
Vermont ranks number 48 of 54 states and territories by acquisition loan count, with 0.2% of national volume (100 of 48,902 loans) and $75.1M approved. Browse the full state ranking.
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Related
- Limited-Service Restaurants nationally
- Hotels (except Casino Hotels) and Motels nationally
- Full-Service Restaurants nationally
- Beacon Bank and Trust
- Live Oak Banking Company
- The Huntington National Bank
- All states
- Buyer's guide to the data
State is the project state recorded by the lender (where the acquired business operates), not the borrower's mailing state.