Union Bank
Union Bank is an active SBA lender in Vermont, a bank offering SBA-guaranteed small-business loans. Currently rated 5.0 stars across 11 Google reviews.
About Union Bank
Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses through various loan programs. With a focus on the 7(a) loan program, it provides funding options tailored to meet the needs of entrepreneurs seeking capital for growth, working capital, or acquisition. The bank's experienced team guides clients through the application process, ensuring clarity and efficiency. Located conveniently in Morrisville, VT, it serves local businesses while also supporting clients across the region. The bank is committed to fostering economic development by providing flexible financing solutions, including support for startups and established enterprises. Its expertise in SBA loans helps businesses access capital with favorable terms and competitive rates, making it a trusted partner for small business success.
Serves SBA borrowers in 2 states
Union Bank has funded SBA loans for businesses in these states, by borrower location. Tap a state to see every lender serving it.
Industries Union Bank finances
Business types Union Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Union Bank
What is this place and what can I find here?
This is a bank that offers SBA loan programs, including the 7(a) loan, to support small business growth and development. You can find assistance with loan applications, personalized financial guidance, and access to funding options tailored to your business needs.
Do I need an appointment or can I walk in?
It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may also be accommodated depending on availability.
What are the hours of operation?
Union Bank's Morrisville Main branch operates Monday–Thursday from 8:00 AM to 4:00 PM and Friday from 8:00 AM to 5:00 PM. Please confirm current hours with the branch.
Is there a fee to use this?
There are no fees to visit or inquire; however, loan processing may involve standard application and closing costs associated with SBA loans.
Who is this open to — anyone, or only residents/members?
This bank primarily serves small business owners and entrepreneurs in Vermont, though some services may be available to out-of-state clients based on eligibility.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally preferred, though higher scores improve approval chances.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes 30 to 45 days, depending on the completeness of application documentation and loan complexity.
Is this open on weekends?
No, Union Bank's Morrisville Main branch is not open on weekends; it is closed Saturday and Sunday. Contact the branch at (802) 888-6600 for weekday business lending assistance.
How do I get there and where do I park?
Union Bank's Morrisville Main branch is located at 20 Lower Main Street, Route 100, Morrisville, VT 05661. It offers free drive-through access with two lanes, wheelchair-accessible facilities, a drive-up ATM accessible on foot, and a lowered teller station. Please confirm parking details by calling (802) 888-6600.
Who owns or operates this listing?
This page is an independent directory listing for Union Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Union Bank itself, which runs its own lending under its own ownership. If you work at Union Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Union Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Union Bank before applying. If you represent Union Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Union Bank by phone at (802) 888-6600 or online at ublocal.com — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Union Bank before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, Union Bank most often finances businesses in restaurants & food service, construction & contractors, general retail, hotels & lodging, automotive repair & services, and food manufacturing & processing. This reflects Union Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Union Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Union Bank participates in SBA Express depends on its specific SBA lending authority. Contact Union Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
Yes, Union Bank holds SBA Preferred Lender Program (PLP) status, which enables in-house approval of SBA loans for faster processing. Please confirm this applies to the Morrisville branch by contacting them at (802) 888-6600.
Are start-up companies eligible for financing at this traditional institution?
The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Union Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Union Bank directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Union Bank what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Union Bank to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Union Bank to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Union Bank weighs this case by case under its own policy, so be upfront about your history and ask Union Bank how it evaluates prior bankruptcies.
