VERMONT 504

VERMONT 504 was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 993 PPP loans totaling $46.4M, representing approximately 0.01% of all loans nationwide.

VERMONT 504 served borrowers across 6 states. The largest concentration of activity was in Vermont, where the lender originated 974 loans totaling $38.7M. Other states with significant activity included Massachusetts, New York, New Hampshire.

The average loan size for this lender was $46,750. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.

Among the largest named borrowers that received loans through VERMONT 504 were: LITTLETON HOSPITAL ASSOCIATION, INC. (NH) — $7,171,952; ASPIRE LIVING & LEARNING INC. - OWNER (VT) — $1,999,750; DUBOIS & KING INC. EMPLOYEE STOCK OPTION PLAN (VT) — $1,850,787; and TYGATE MOTEL CORPORATION (VT) — $1,682,345.

PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.

Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.