Vermont small business statistics
Vermont logged 7,575 business applications in 2025, up 3.8% from 2024 and 36.0% from the pre-pandemic 2019 baseline. Professional services led both private-sector establishment and job growth since 2019.
Business applications, employment, lending, tax, bankruptcy, and contracting records cover different parts of Vermont's business economy.
At a glance
Vermont logged 7,575 business applications in 2025, up 3.8% from 2024 and 36.0% from the pre-pandemic 2019 baseline.
Through May 2026, total applications were up 12.2% from the same months in 2025; high-propensity applications were up 0.6%.
Chittenden filed 2,407 applications in 2025, the largest county total in Vermont. Lamoille led the high-volume counties after adjusting for population.
Professional services led both private-sector establishment and job growth since 2019.
SBA 7(a) and 504 approvals to Vermont businesses reached $82.5M in FY2025 across 228 loans, led by accommodation and food services, construction, professional services, retail trade, and wholesale trade.
Business bankruptcy cases tied to Vermont counties fell from 36 to 29 in the 12-month period ending March 31, 2026.
New business formation
Vermont business applications reached 7,575 in 2025, up 3.8% from 2024. Through May 2026, applications were 12.2% higher than in the same months of 2025.
Why compare with 2019
2019 is the last full year before the pandemic. The shutdown period and the business churn that followed changed EIN filing patterns. High-propensity applications totaled 1,217 through May 2026, up 0.6% from Jan-May 2025. Projected business formations within eight quarters fell 5.1% over the same period.
Census BFS counts applications for employer identification numbers. Applications are early filings; confirmed operating-business counts arrive later.
Where applications are concentrated
Chittenden is the largest application market by raw volume. Among the high-volume counties shown below, Lamoille stands out most after adjusting for population.
Applications relative to population
Each rate divides 2025 Census BFS applications by the county’s Census Vintage 2025 resident population estimate. Chittenden still has the most total filings, while Lamoille has the highest application volume relative to resident population among these high-volume counties.
Census BFS counts EIN applications. The denominator is 2025 resident population, which adjusts the filing count for scale. Startup conversion requires a business-based denominator.
| County | 2025 applications | Change vs 2024 | Change vs 2019 |
|---|---|---|---|
| Chittenden | 2,407 | +10.4% | +15.3% |
| Windsor | 680 | +11.5% | +43.2% |
| Washington | 674 | -8.7% | +35.6% |
| Rutland | 600 | -2.8% | +41.8% |
| Windham | 521 | +1.8% | +40.1% |
| Franklin | 444 | -4.5% | +68.2% |
| Bennington | 423 | +14.9% | +56.1% |
| Lamoille | 395 | +8.8% | +58.0% |
| Addison | 362 | -6.0% | +17.9% |
| Caledonia | 345 | -2.0% | +59.0% |
| Orleans | 300 | +2.7% | +71.4% |
| Orange | 297 | -1.7% | +52.3% |
Jobs, establishments, and wages
In 2024, Vermont had 30,789 private-sector establishments and 255,878 private-sector jobs. The establishment count was 25.6% higher than in 2019, and employment was 0.5% lower.
Professional services led establishment growth.
Professional services added 2,759 establishments from 2019 to 2024. Professional services added 2,859 jobs over the same period.
BLS QCEW counts employer establishments and jobs, along with wages, payroll, and local industry structure.
| Industry | 2024 establishments | Change vs 2019 | 2024 jobs | Change vs 2019 |
|---|---|---|---|---|
| Professional services | 6,587 | +2,759 (+72.1%) | 17,851 | +2,859 (+19.1%) |
| Construction | 3,028 | +182 (+6.4%) | 16,196 | +913 (+6.0%) |
| Administrative services | 2,982 | +956 (+47.2%) | 13,370 | +990 (+8.0%) |
| Other services | 2,248 | +258 (+13.0%) | 8,830 | +58 (+0.7%) |
| Health care and social assistance | 2,222 | +226 (+11.3%) | 51,343 | -868 (-1.7%) |
| Accommodation and food services | 1,893 | +76 (+4.2%) | 30,369 | -2,320 (-7.1%) |
| Wholesale trade | 1,618 | +127 (+8.5%) | 8,822 | -262 (-2.9%) |
| Finance and insurance | 1,326 | +345 (+35.2%) | 8,429 | -405 (-4.6%) |
| Information | 1,241 | +714 (+135.5%) | 0 | -4,322 (-100.0%) |
| Educational services | 778 | +271 (+53.5%) | 11,039 | +933 (+9.2%) |
SBA lending
SBA 7(a) and 504 approvals to Vermont businesses totaled $82.5M in FY2025 across 228 loans. The SBA files report 1,563 jobs supported for those approvals.
Accommodation and food services drew the most SBA capital.
Accommodation and food services drew $21.0M in FY2025 SBA approvals. Construction, professional services, retail trade, and wholesale trade received the next-largest approval totals.
SBA fiscal year 2025 ran from Oct. 1, 2024, through Sept. 30, 2025. The published files were current as of April 28, 2026.
| Sector | FY2025 loans | FY2025 approvals | SBA jobs supported |
|---|---|---|---|
| Accommodation and food services | 33 | $21.0M | 355 |
| Construction | 42 | $9.2M | 201 |
| Professional services | 24 | $7.1M | 209 |
| Retail trade | 24 | $6.7M | 101 |
| Wholesale trade | 4 | $5.9M | 8 |
| Utilities | 2 | $5.6M | 62 |
| Administrative services | 15 | $5.0M | 161 |
| Manufacturing | 23 | $4.8M | 208 |
| Other services | 14 | $3.9M | 54 |
| Educational services | 4 | $3.6M | 7 |
| County | FY2025 loans | FY2025 approvals | SBA jobs supported |
|---|---|---|---|
| Chittenden | 64 | $28.3M | 563 |
| Lamoille | 15 | $10.0M | 81 |
| Franklin | 17 | $9.0M | 36 |
| Windsor | 19 | $7.7M | 93 |
| Windham | 22 | $5.7M | 97 |
| Washington | 16 | $5.6M | 206 |
| Rutland | 18 | $4.9M | 68 |
| Bennington | 12 | $4.8M | 29 |
| Caledonia | 13 | $2.4M | 180 |
| Orange | 12 | $2.1M | 108 |
The unincorporated business economy
IRS SOI data show 66,290 Vermont Schedules C and partnership returns/forms in Tax Year 2023. Those businesses reported $7.9B in gross receipts and $1.5B in the combined income/profit measure.
Sole proprietors account for most returns.
Vermont had 58,856 nonfarm sole-proprietor Schedules C in Tax Year 2023, with $4.1B in gross receipts and $1.0B in net profit.
Partnerships reported more gross receipts.
Vermont partnerships filed 7,434 Forms 1065 in Tax Year 2023 and reported $3.8B in gross receipts.
| County | Returns/forms | Gross receipts | Combined income/profit metric |
|---|---|---|---|
| Chittenden | 17,064 | $2.7B | $589.3M |
| Washington | 6,558 | $622.1M | $126.6M |
| Windsor | 6,410 | $688.1M | $124.2M |
| Windham | 5,360 | $489.7M | $74.3M |
| Rutland | 5,014 | $612.0M | $172.9M |
| Addison | 4,154 | $479.2M | $98.3M |
| Franklin | 4,120 | $581.1M | $58.0M |
| Bennington | 4,024 | $528.7M | $87.5M |
| Caledonia | 3,206 | $271.7M | $45.5M |
| Orange | 3,176 | $247.3M | $51.0M |
Business stress signals
Business bankruptcy cases tied to Vermont counties fell from 36 to 29 in the 12 months ending March 31, 2026. Chapter 11 accounted for 8 cases.
Why county totals can jump
Chittenden had the largest business-bankruptcy count in the latest F-5A table. Related business cases filed in the same venue can create a sudden change in one county’s total.
Definition: U.S. Courts classifies debt as business when the debtor is a corporation or partnership, or when business-related debt predominates.
| County | Business cases, 12 months ending Mar. 31, 2026 | Change vs prior 12 months | Chapter 11 cases | All bankruptcy cases |
|---|---|---|---|---|
| Chittenden | 8 | -5 | 5 | 73 |
| Addison | 4 | +3 | 0 | 15 |
| Washington | 3 | -1 | 0 | 23 |
| Windham | 3 | -2 | 0 | 14 |
| Windsor | 3 | +1 | 0 | 32 |
| Lamoille | 2 | +1 | 0 | 14 |
| Orleans | 2 | +2 | 1 | 13 |
| Rutland | 2 | -1 | 1 | 30 |
| Caledonia | 1 | +0 | 0 | 8 |
| Franklin | 1 | +0 | 1 | 36 |
National credit backdrop
The 2026 Fed Small Business Credit Survey appendix reported that 94% of U.S. employer firms faced a financial challenge in 2025, 38% applied for financing, and 52% of applicants were fully approved.
Federal contract demand
USAspending reports $1.3B in FY2025 federal procurement obligations to recipients located in Vermont. USAspending assigns these obligations to the recipient’s state and includes award type codes A, B, C, and D.
| NAICS | Federal procurement category | FY2025 obligations |
|---|---|---|
| 336611 | Ship Building and Repairing | $534.1M |
| 336419 | Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing | $383.5M |
| 334413 | Semiconductor and Related Device Manufacturing | $81.6M |
| 541990 | All Other Professional, Scientific, and Technical Services | $24.2M |
| 336413 | Other Aircraft Parts and Auxiliary Equipment Manufacturing | $22.5M |
| 541690 | Other Scientific and Technical Consulting Services | $20.8M |
| 332993 | Ammunition (except Small Arms) Manufacturing | $18.2M |
| 611519 | Other Technical and Trade Schools | $16.9M |
| 332994 | Small Arms, Ordnance, and Ordnance Accessories Manufacturing | $15.5M |
| 541511 | Custom Computer Programming Services | $13.0M |
How the numbers fit together
Vermont's business applications rose 3.8% in 2025. Since 2019, private establishments have grown 25.6% while private-sector employment has fallen 0.5%, leaving more workplaces with fewer jobs overall.
Sources and definitions
Each dataset updates on its own schedule. Annual figures use the latest complete year, and partial-year comparisons are labeled beside the relevant number.
- Census BFS monthly CSV
Updated June 10, 2026, 14:00 GMT - Census BFS county workbook
Updated June 10, 2026, 14:22 GMT - Census county population estimates
Vintage 2025 county resident population estimates - BLS QCEW annual area files
2019 and 2024 annual API files - SBA 7(a)/504 FOIA package
Updated April 28, 2026, 14:42 GMT - IRS SOI Tax Year 2023 unincorporated tables
Tax Year 2023 county combined, sole proprietor state, and partnership state tables - U.S. Courts F-5A bankruptcy XLSX
12 months ending March 31, 2026 - Fed SBCS Main Street Metrics appendix
Last updated March 23, 2026 - USAspending API
FY2025 procurement obligations
Alex Morgan turns Census, BLS, SBA, IRS, court, Federal Reserve, and USAspending records into state-by-state business comparisons.