Small Business Loans in Vermont
Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.
10 Small Business Loans in Vermont
Our guide offers a thorough review of small business lenders in Vermont, utilizing dependable data. These entities are ranked by the total number of small business loans they have issued over the year.
Essentially, our directory highlights the financial organizations and lenders that are most committed to aiding small enterprises across the state.
(This stands out from several online resources, which often concentrate on non-profit organizations that infrequently engage in lending or government initiatives that remain out of reach for a large segment of businesses!)
Takeaway: Despite being a small state, most of Vermont’s small business loans get issued by local, Vermont-based banks and credit unions.
Methodology: Our research is informed by SBA 7a loan data, verifying that each lender featured offers SBA financing. Additionally, we've highlighted other small business financing options they present on their websites.
Conventional banks typically require high credit scores and a business operation history of no less than two years. In response, our guide introduces two alternative funding options aimed at small business owners facing challenges with lower credit ratings or those in the early stages of their entrepreneurial journey in Vermont.
1. Credit Suite
Credit Suite is renowned for its proficiency in business credit advisory and software offerings, also providing two unique funding options.
Their Cash Flow Financing option is ideally suited for entrepreneurs who have been in business for several years with only a basic credit score. This approach allows you to utilize your business's steady cash flow as collateral for obtaining adaptable financing. Instead of fixed monthly payments, the repayment terms are based on a portion of your regular cash flow.
The Credit Line Hybrid is tailored to provide financing exclusively based on personal credit scores, eliminating the need for detailed financials, bank statements, or comprehensive business plans. It's crafted for startups and entrepreneurs, with available funding ranging from $5,000 to $150,000.
Business financing options offered:
- Credit Suite Cash Flow Financing
- Credit Suite Credit Line Hybrid
2. Community National Bank
Locally owned and operated Community National Bank issues more SBA 7a loans than any other bank in Vermont. (Not to be confused with banks of similar names in other states.)
Business financing options offered:
Equipment Loans
Commercial Real Estate Loans
Construction Loans
Commercial Term Loans
Lines of Credit
3. Heritage Family Credit Union
Heritage Family is a small credit union primarily serving Vermont with a small, solid group of business loan offerings. They focus on approval speed and low rates.
Business financing options offered:
Operating line of Credit
Overdraft line of Credit
Real Estate & Construction Loans
Vehicle and Equipment Loans
4. TD Bank
TD Bank stands as a significant banking institution, covering every state along the East Coast, Georgia being the sole exception. This bank boasts numerous branches and provides a comprehensive selection of financing options tailored for small businesses. Additionally, it's recognized as a Preferred Lender by the SBA.
The bank accommodates business loan applications through both digital platforms and direct, face-to-face interactions.
Business financing options offered:
Term Loans
Business Lines of Credit
Commercial Real Estate Loans & Mortgages
SBA Loans
Revolving Lines of Credit
Equipment Financing
Asset Based Lending
Supply Chain Financing
TD Business Solutions Credit Card
5. New England Federal Credit Union
The New England Federal Credit Union is a small credit union in Vermont. They offer a standard array of small business loans.
Business financing options offered:
Machinery, Equipment, and Vehicle Loans
Business Equity Plus Loans
Real Estate Term Loans for Business
Investment Property Mortgages
Business Lines of Credit
6. Manufacturers and Traders Trust Company
M&T Bank, with its headquarters nestled in Buffalo, New York, boasts a substantial portfolio of business loans. Additionally, it provides a variety of loan options specifically designed to meet the needs of particular sectors.
Business financing options offered:
Business Lines of Credit
Business Credit Cards
Term Loans
Equipment Financing
Small Business Administration (SBA) Loans
Farm & Rural Business Loans
Restaurant Business Loans
Medical Practice Loans
7. Woodsville Guaranty Savings Bank
Woodsville is another local bank with a strong line up of small business financing products.
Business financing options offered:
Term Loans
Commercial Real Estate Loans
Agricultural Loans
Lines of Credit
Participation in large commercial and community development projects
SBA Loans
Letters of Credit
8. Vermont Federal Credit Union
Vermont FCU is the third local credit union on this list - unusual for most states. If you prefer credit unions to traditional banks, here is your third option.
Business financing options offered:
Business Term Loans
Business Lines of Credit
Commercial Mortgage Loans
SBA Loans
9. People’s Trust Company of St. Albanas
People’s Trust is a small bank in Vermont with many options for real estate and agricultural loans.
Business financing options offered:
Small Business Express Loans
Business Lines of Credit
Business Equipment & Vehicle Loans
Commercial Construction Loans
Commercial Real Estate Loans
Government-Backed Loans: SBA, Farm Service Agency (FSA), Vermont Economic Development Authority (VEDA)
10. North Country Federal Credit Union
North Country is the fourth credit union on this list, and it has a good variety of standard small business loan options. They boast that their business credit cards offer rates as low as 7.45% - a fantastic rate for a credit card!
Business financing options offered:
Commercial Mortgages
SBA Loans & Lines of Credit
Vehicle Loans
Equipment Loans
Unsecured Term Loans
Lines of Credit
Real Estate Lines of Credit
Business Credit Cards
How to apply for a small business loan in Vermont
Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!
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