Vermont SBA Data: CUs Serve Small Biz More Than Banks

June 30th data released by the Vermont District office of the Small Business Association confirms what credit union leaders already know - credit unions meet the needs of small business entrepreneurs more than commercial and other banks.

Out of the 30 SBA lenders doing business in Vermont, 5 are credit unions:

Opportunities
NorthCountry
VSECU
Vermont FCU
Heritage Family

Together, the 5 make up about 16% of the total number of SBA loans in Vermont. What's more interesting is that average SBA loan made by a Vermont CU is $42k. By contrast, the average SBA loan made to a Vermont business by a bank is $192k. The highest credit union average SBA loan is less than the average of all bank lenders in Vermont except for one bank that made a single $10,000 loan. Otherwise, average the average SBA loan by bank ranges from $50k to over $1.8m

The numbers don't lie. Vermont credit unions are working to help small Vermont business owners that most need their financial assistance.

Management Minute | from the Association of Vermont Credit Unions