More than a hundred lenders from financial institutions throughout Vermont gathered at the Capital Plaza in Montpelier Tuesday for the Small Business Administration’s Annual Meeting and Awards Breakfast. The event recognized the leading lenders with rankings based on total SBA dollar volume and loans made during fiscal year 2014.
The Vermont District Office recognized People’s United Bank as the 7(a) Lender of the Year, Vermont 504 as the 504 Lender of the Year, and Community Capital of Vermont as the Microlender of the Year. The SBA also recognized National Bank of Middlebury, Community National Bank, Lake Sunapee Bank, KeyBank and Opportunities Credit Union for their various efforts supporting SBA loan programs.
SBA lending increased significantly in Vermont from FY13 to FY14. The 7(a) Loan Program increased from $21.7 million to $27.9 million and loan volume increased from 167 loans to 200 loans. Additionally, microloans in Vermont increased from $678,539 to $882,759 and loan volume increased from 32 loans to 53 loans.
Source: SBA 12.2.2014