Vermont Named Best State to Receive Small Business Administration Loan

From Vermont Business Magazine, July 5, 2016:

by Priyanka Prakash, – Fit Small Business recently published a list a the best and worst states to get an SBA loan based on data we acquired directly from the Small Business Administration freedom of information act. Through its research it discovered that Vermont is the best overall place to receive an SBA loan. “It was difficult for us to rank the best state to get and repay SBA loans because there was no state that wowed us across all three measures: access to sba loans, average loan size, and repayment rate. However, Vermont performed the best out of all the states on these three counts,” Fit SMall Business wrote in its analysis. See maps and rankings below.

In Vermont, 1.14 percent of small businesses got SBA loans between 2006 and 2015. This was the sixth highest out of all states. While 1.14 percent may seem like an incredibly small number, SBA loans are very difficult to qualify for, so only a very small fraction of businesses succeed. For Vermonters who got SBA loans, the average loan size was $153,740. This is a decent loan size, but other states such as George, South Carolina, and Alaska were the best in terms of loan size. The repayment rate in Vermont was excellent. Over 70 percent of Vermont small businesses paid back their SBA loans on time, making this the fifth highest SBA repayment rate in the nation.

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