Starting a Small Business in Northern Vermont and New Hampshire
Starting your own business is an incredibly exciting moment in your life, whether you’ve ventured into business ownership before, or if this is your first time setting up shop. From the first spark of an idea to the day you open your doors to the public, there’s plenty to keep you busy along the way.
If you’re thinking about starting a small business in Vermont or New Hampshire, Union Bank is here to support your entrepreneurial dreams. Find out more about how we can help you turn that dream into a reality.
Why start your business in Vermont or New Hampshire?
Vermont and New Hampshire have much to offer to aspiring business owners. As world-class tourist destinations for sports enthusiasts, these two states are home to 90% of New England’s top skiing and mountain biking locations.
Around 14 million visitors journey to New Hampshire every year, with another 8 million visiting Vermont. In summer 2021, New Hampshire saw a record-breaking 4.4 million visitors spending over $2 billion in the state. It’s no wonder this area is considered the third best in the country for new business opportunities.
And it’s not only the visitors that you have as potential customers. Vermont is home to over 600,000 residents, while New Hampshire boasts a population of 1.35 million people.
Businesses throughout Vermont and New Hampshire proudly serve both longtime residents and those traveling through all year round. They’re great places to start up a new enterprise.
What to do when you’re still in the planning phase?
Before you start looking for a business location or getting business cards printed, you need to do your research. Conducting market research first will save you time and money, and prevent you from going down an unprofitable road.
You need to know if there’s space for your idea to become a successful local business, so find out as much as you can about the area, your potential customers, and the competition.
Union Bank staff works directly with a number of local economic development organizations whose job it is to help new and existing businesses plan, budget, and finance their plans. We’ll also work with our borrowers to find credit enhancements and additional funding opportunities where possible. We partner with:
- United States Department of Agriculture (USDA) Rural Development
- Vermont Economic Development Authority
- Granite State Economic Development Corporation
- Grafton County Economic Development Council
- Northern Communities Investment Corporation
- County and town revolving-loans funds
- Lamoille Economic Development Corporation
- Washington Valley Economic Council
- Small Business Development Centers
- SCORE NH
- SCORE VT
Networking with other professionals and business owners in the community can also help you get a leg up when setting up your new small business. Finding like-minded people who’ve stood where you are now can be invaluable support as you get started.
Organizations like Think Vermont and Live Free and Start in New Hampshire are go-to resources to build your network. The Vermont Small Business Development Center also provides advice and workshops to both new and experienced business owners. Find additional networking opportunities and groups in Vermont and New Hampshire and meet fellow business owners in your area.
Working with local banks to reach your goals
When you’re setting up a new business, there’s likely one big factor on your mind: paying for everything. Working with a local financial institution like Union Bank, you’ll benefit from over 130 years of experience and support for our community. We know a thing or two about the area—we’ve been here since 1891!
We’ve been a Small Business Administration Preferred Lender since 1987 and have been recognized throughout the years for lending to small businesses. We’ve even received a few awards for highest volume growth and the third highest loan volume in our area. It’s all a reflection of Union Bank’s dedication to helping small businesses thrive in the communities we serve.
What can you use an SBA loan for?
Small Business Administration (SBA) loans are designed to help you start, purchase, or expand a small business. That could mean buying real estate to open up a store or restaurant, making essential equipment purchases, or even getting a jumpstart on working capital.
There are government-guaranteed loans administered by community institutions, like Union Bank, to help you succeed. There’s no minimum loan amount, they offer flexible repayment options, and you’ll benefit from smaller down payments than you would with personal loans or other commercial options.
Your loan terms will be set based on the needs of your business. Contact the business lending team at Union Bank to find out more about interest rates and terms that would work best for your growing business.
Get ready for your grand opening
As members of the community you’re serving, the team at Union Bank want to see your business succeed. That’s why we offer a wide range of commercial products to help your business grow, no matter the size.
With our business checking and savings accounts, you can easily stay on top of your business finances. Offer your customers the convenience of multiple payment options like credit cards or gift cards when you use our Merchant Services products.
Growing rapidly and expanding the team? Union Bank also offers affordable, full-service options for payroll, human resources, and employee benefit administration for our existing commercial partners. Avoid the risk of fines and penalties if you make a mistake and rest assured that the employee admin side of your business is being carefully managed.
Ready to get started?
At Union Bank, we’re proud to invest in your small business and watch it go from strength to strength. We’ve partnered with local businesses for over a century and, as a federally-recognized and award-winning small business lender, we’re excited to help you find the right commercial financing for your new venture.
Contact the lending team today to find out more about the business products we offer, and submit your commercial loan application to get the process started.