Virginia small business lenders are available to provide much needed capital infusions for growing companies.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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Situated along the Atlantic Coast, Virginia offers a wide range of geographical diversity thanks to the presence of the Chesapeake Bay and the Blue Ridge Mountains. There are a number of coastal towns, densely forested areas, and open plains. The state’s largest city is Virginia Beach, a popular tourist center and the location of a number of military establishments, including the U.S. Department of Defense and Central Intelligence Agencies. The state is rich in history dating back to the indigenous groups that lived here, including the Powhatan. The state is home to American historic sites from the founding of the country beyond. The Old Dominion, as it is called, has a population of 8.6 million people.
For those that operate a business here, there are a number of large industries present, including government agencies, business sectors including finance and corporate establishments, and large agricultural industry. There’s also a tourism sector present. Yet, the state is also home to 795,624 small businesses. According to the U.S. Small Business Administration, these businesses create 1.6 million jobs in the state with a payroll of $79,109,212. Without a doubt, this can be one of the best places to call home for residents and for businesses who want a pro-business state to operate in.
To do well, many of these companies need access to funding, which is where small business lenders in Virginia come into play. According to the most recent three years of data, there are 2,397 active small business loans in the state with a total value of $1,731,449,040. The average loan size here is $772,340. These funds may be used for many things, including growing a company, expanding product or service offerings, supporting equipment or other asset purchases, and many other needs. These lenders are critical to the overall success and growth of these companies, and funds are readily available to qualified business owners.
Many companies need financial tools to help them to grow and develop. Small business loans can help. These are loans often provided to smaller companies with under 100 employees. The funds may be used for various business purposes with the general goal of helping the company increase sales or generate profits. Small business loans in Virginia are available from a range of providers, including small and large banks and credit unions, private lenders, and specialized lenders. These lenders agree to provide the company with the capital it needs with the expectation that the funds will be repaid with interest.
A small business loan can be a competitive, even affordable opportunity for businesses to obtain the funding they need. To qualify, the business must meet the requirements set by the lender. This often includes being established for at least a year or two, having consistent revenue, and being able to provide a business plan. The business plan should outline the company’s structure, the market analysis of its competitors, and a description of the products and services it offers. In addition to this, it should also provide insight into the overall financial health of the organization with a look at profit and loss, balance sheet data, tax returns, and bank statements.
Many times, lenders also request the credit history of the business. If that is not available, the lender may request the credit history of the owner. The goal of these steps is to ensure that small business lenders in Virginia can understand how much risk is involved with lending these funds to the organization. That risk level determines how much can be lent and the type of loans available to the borrower. It also helps to establish the interest rate, which is the cost of borrowing money.
There are often numerous types of Virginia small business loans available, though most companies do not qualify for all of them. These loan types allow for the flexibility to allow borrowers to get the money they need in a meaningful way. For example, some may need help purchasing assets, and an equipment financing loan could help. Other companies need a large cash infusion for expansion or growth and want to repay the loan over 5 to 10 years.
Some of the most popular business loans available in Virginia include:
If you’re only in the start-up phase, you are likely limited to business grants or personal savings like many small business owners. Non-profit organizations might also be able to get grants based on their classification with the IRS, but even then, many grant providers want to see some evidence of the agency in action. If you’re new to your company, look into local resources like the Virginia Small Business Financing Authority (VSBFA), area business development agencies, or local community development organizations. Most entrepreneurs use their own savings or credit cards to get started, but there may be special programs in your area, too. See if you meet eligibility or qualifying rules for any local grants or monies from loan funds if you’re getting started.
There are also special loans like microloans, commercial real estate loans, and equipment loans that can open more doors.
With a wide range of lenders available in Virginia, companies should spend some time comparing their options to find the best possible loan terms to fit their needs. Each lender will have their own credit rules, application process, loan options, interest rates, and repayment terms. Whether you need short-term cash flow support from working capital or a long-term investment, you need to show annual revenues that indicate you can pay back the loan over time. With so many financing options out there, doing your research will help you pick the best option for you.
| Rank | Bank Name | # of Virginia Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | M&T Bank | 56 | 6.92% | $154,036 |
| 2 | Wells Fargo Bank | 54 | 7.76% | $139,067 |
| 3 | The First Bank and Trust Company | 42 | 4.63% | $1,206,345 |
| 4 | Live Oak Bank | 41 | 5.40% | $1,244,512 |
| 5 | Newtek Small Business Finance | 38 | 6.11% | $445,887 |
| 6 | First National Bank of Pennsylvania | 28 | 6.02% | $1,049,164 |
| 7 | Truist Bank | 27 | 5.00% | $1,177,696 |
| 8 | TD Bank | 25 | 7.98% | $88,508 |
| 9 | United Midwest Savings Bank | 25 | 6.00% | $235,080 |
| 10 | Dogwood State Bank | 17 | 5.62% | $1,083,535 |
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M & as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First Bank and Trust Company has been providing services for over 40 years with locations in Virginia, Tennessee, and North Carolina. With 20 banking locations and 5 loan offices, and $2.6 billion in assets, First Bank and Trust Company can meet all of the needs of its customers.
We reached out to First Bank and Trust Company to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Newtek offers a number of services for businesses to help them to meet their financial needs. Products such as loans, cloud solutions, IT security, payment processing, payroll, and options when it comes to disaster recovery are available to protect and help a business to thrive and grow.
We reached out to Newtek to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small businesses often need help and guidance when it comes to obtaining loans, but also when making financial decisions. The good news is there are some excellent resources in Virginia to help you.
The Small Business Administration in Virginia is a good starting point, as it offers numerous tools and resources to support the growth of a company. That includes a learning platform, local assistance, and resources, as well as funding programs. The SBA also offers a lot of fantastic information on its website for everything from tax payments to making wise financial decisions.
SCORE is another organization that offers a wide range of resources to owners. With a main office in Charlottesville, there are local events and training as well as lots of online webinars and workshops. This organization offers free supportive services, including mentorship programs.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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