Top SBA Lenders in Virginia

Businesses in Virginia looking for SBA loans have a variety of options to consider, each with its own distinctive features. Let’s delve into the top 10 SBA lenders in the state and highlight what borrowers need to know about each:

Virginia Preferred SBA Lenders

RankBankBank HQ# of Loans Avg Loan Avg Interest
1M&TBuffalo, NY61 $173,661 8.0%
2Wells FargoSioux Falls, SD50 $157,076 9.5%
3Newtek Small Business FinanceLake Success, NY34 $555,421 7.6%
4Live OakWilmington, NC32 $1,815,844 6.6%
5The First Bank and TrustLebanon, VA30 $273,947 5.5%
6United Midwest Savings BankDe Graff, OH30 $497,000 7.1%
7BayFirst National BankSaint Petersburg, FL29 $205,414 8.2%
8The Huntington National BankColumbus, OH28 $279,118 8.1%
9BancorpSouth BankTupelo, MS27 $254,074 7.5%
10TD BankWilmington, DE24 $49,654 9.4%
11Celtic BankSalt Lake City, UT18 $427,372 8.1%
12Truist BankCharlotte, NC17 $943,747 6.6%
13Readycap Lending, LLCBerkeley Heights, NJ16 $89,388 8.3%
14Bank of AmericaCharlotte, NC15 $377,087 3.6%
15Capital BankRockville, MD14 $975,800 5.8%
16First National Bank of PennsylvaniaGreenville, PA11 $812,600 7.6%
17Bank of Charles TownCharles Town, WV10 $283,000 7.6%
18Citizens BankElizabethton, TN10 $733,900 7.2%
19Bank of GeorgeLas Vegas, NV9 $3,045,889 6.0%
20GbankLas Vegas, NV9 $3,045,889 6.0%
21Atlantic Union BankRichmond, VA8 $1,540,750 7.6%
22Bank of HopeLos Angeles, CA8 $145,875 7.6%
23Hanmi BankLos Angeles, CA8 $1,283,000 6.3%
24BayPort Credit UnionNewport News, VA7 $84,114 6.8%
25Northeast BankLewiston, ME7 $40,043 8.4%
26Pinnacle BankNashville, TN7 $1,459,071 6.9%
27Blue Ridge BankMartinsville, VA6 $999,100 6.8%
28Byline BankChicago, IL6 $1,223,333 8.2%
29First-Citizens Bank & TrustRaleigh, NC6 $1,375,500 5.9%
30Fulton BankLancaster, PA6 $875,750 8.0%
31JPMorgan Chase BankColumbus, OH6 $172,450 8.4%
32Primis BankTappahannock, VA6 $458,417 6.8%
33SouthState BankWinter Haven, FL6 $347,500 8.4%
34Village BankMidlothian, VA6 $689,150 5.9%
35Customers BankMalvern, PA5 $1,363,800 5.8%
36First Bank of the LakeOsage Beach, MO5 $988,800 7.0%
37Harvest Small Business FinanceLaguna Hills, CA5 $597,740 6.9%
38Metro City BankDoraville, GA5 $552,500 5.7%
39Virginia National BankCharlottesville, VA5 $360,120 5.8%
40Wilmington Savings Fund SocietyWilmington, DE5 $749,580 6.0%

1. M&T Bank

M&T Bank, based in Buffalo, New York, takes the lead in Virginia. With a regional focus, the bank has facilitated 61 loans, offering an average loan amount of $173,661 at an 8.0% interest rate. Businesses seeking a reliable regional lender with a solid track record may find M&T Bank to be a suitable choice.

2. Wells Fargo

Wells Fargo, headquartered in Sioux Falls, South Dakota, secures the second spot with 50 loans in Virginia. Despite its national stature, Wells Fargo has been a significant player in the state, providing an average loan of $157,076 at a 9.5% interest rate. Businesses looking for a well-established national bank with a presence in Virginia may consider Wells Fargo.

3. Newtek Small Business Finance

Hailing from Lake Success, New York, Newtek Small Business Finance specializes in larger loans. With 34 loans in Virginia, the lender offers an average loan amount of $555,421 at a 7.6% interest rate. This lender may be an attractive option for businesses in need of substantial financial support.

4. Live Oak

Live Oak, based in Wilmington, North Carolina, secures the fourth position. With a remarkable average loan amount of $1,815,844 at a competitive 6.6% interest rate, Live Oak stands out as a lender for businesses in Virginia seeking substantial funding for growth and expansion.

5. The First Bank and Trust

Operating out of Lebanon, Virginia, The First Bank and Trust focuses on the local community. With 30 loans, this bank provides an average loan of $273,947 at an enticingly low 5.5% interest rate. Local businesses looking for community-oriented financing may find The First Bank and Trust to be a valuable partner.

6. United Midwest Savings Bank

United Midwest Savings Bank, headquartered in De Graff, Ohio, has a regional focus that extends to Virginia. With 30 loans, the bank offers an average loan amount of $497,000 at a 7.1% interest rate. Businesses seeking a regional bank with personalized service and competitive terms may find United Midwest Savings Bank appealing.

7. BayFirst National Bank

BayFirst National Bank, based in Saint Petersburg, Florida, secures the seventh spot. With 29 loans, the bank provides an average loan amount of $205,414 at an 8.2% interest rate. Businesses looking for a lender with a regional touch and competitive financing terms may find BayFirst National Bank to be a suitable choice.

8. The Huntington National Bank

The Huntington National Bank, based in Columbus, Ohio, is the eighth-ranked lender in Virginia. With 28 loans, the bank offers an average loan amount of $279,118 at an 8.1% interest rate. Businesses in Virginia seeking a regional bank with a range of financial services may consider The Huntington National Bank.

9. BancorpSouth Bank

Hailing from Tupelo, Mississippi, BancorpSouth Bank secures the ninth position. With 27 loans, the bank provides an average loan amount of $254,074 at a 7.5% interest rate. BancorpSouth Bank may appeal to businesses in Virginia looking for a balance between regional focus and competitive financing terms.

10. TD Bank

TD Bank, based in Wilmington, Delaware, closes the top 10 SBA lenders in Virginia. With 24 loans, the bank offers an average loan amount of $49,654 at a 9.4% interest rate. Businesses in Virginia seeking a lender with a regional and national presence may consider TD Bank for their financing needs.

In conclusion, Virginia businesses have a diverse range of SBA lenders to choose from, each with its own strengths and offerings. Whether seeking regional community support or larger national backing, these top 10 lenders provide a variety of options for businesses in the state.

Top Industries for SBA loans in Virginia

RankIndustry# of Loans Avg Loan Avg Interest
1Full-Service Restaurants34 $593,265 7.2%
2Hotels (except Casino Hotels) and Motels30 $2,674,817 6.1%
3Limited-Service Restaurants23 $458,796 6.9%
4Fitness and Recreational Sports Centers16 $513,300 8.0%
5Landscaping Services14 $245,086 7.6%
6Residential Remodelers14 $317,214 8.1%
7Child Day Care Services13 $1,706,262 6.6%
8General Freight Trucking, Local12 $361,833 7.1%
9Beauty Salons12 $227,958 7.8%
10All Other Specialty Trade Contractors12 $272,592 6.4%
11Pet Care (except Veterinary) Services11 $625,136 7.5%
12Custom Computer Programming Services10 $595,400 7.2%
13Computer Systems Design Services10 $995,710 8.0%
14All Other Professional, Scientific, and Technical Services10 $446,980 7.7%
15General Freight Trucking, Long Distance, Truckload10 $253,780 5.9%
16Home Health Care Services10 $474,510 8.6%
17All Other Personal Services9 $432,433 7.3%
18Plumbing, Heating, and Air-Conditioning Contractors9 $484,211 7.4%
19Offices of Mental Health Practitioners (except Physicians)9 $108,233 8.0%
20Other Computer Related Services8 $726,488 7.8%
21Offices of Certified Public Accountants8 $534,188 8.0%
22Veterinary Services7 $279,500 6.1%
23Offices of Dentists7 $1,684,786 5.1%
24General Automotive Repair7 $483,143 6.4%
25Used Car Dealers6 $72,500 9.7%
26Snack and Nonalcoholic Beverage Bars6 $298,367 8.0%
27Insurance Agencies and Brokerages6 $309,933 8.6%
28Offices of Lawyers6 $153,500 7.6%
29Offices of All Other Miscellaneous Health Practitioners6 $699,050 5.8%
30Administrative Management and General Management Consulting Services5 $813,000 7.0%
31Site Preparation Contractors5 $672,300 5.8%
32Other Waste Collection5 $124,000 7.4%
33Other Personal Care Services5 $60,420 8.2%
34Other Accounting Services5 $299,740 9.1%
35Marketing Consulting Services5 $214,000 8.4%
36Offices of Real Estate Agents and Brokers4 $267,150 6.3%
37Other Scientific and Technical Consulting Services4 $879,250 7.3%
38Other Services to Buildings and Dwellings4 $147,500 7.9%
39Residential Property Managers4 $150,000 6.0%
40Retail Bakeries4 $869,100 6.3%

Top SBA Loan Franchises in Virginia

RankFranchiseName# of Loans Avg Loan Avg Interest
1Quality Inn9 $3,305,000 6.2%
2Property Management Inc.4 $150,000 6.0%
3Days Inn4 $1,753,500 6.3%
4Super 84 $1,722,625 6.6%
5The Goddard School3 $2,301,333 4.1%
6Firehouse Subs3 $194,667 6.3%
7Elements Massage3 $25,000 8.2%
8Red Roof Inn2 $2,067,500 6.0%
9I.M.DRIPBaR2 $210,000 6.3%
10EverLine Coatings and Services2 $174,000 9.0%
11Pool Scouts2 $140,000 6.0%
12Zoom Drain2 $155,000 9.8%
13Junk Shot2 $150,000 7.5%
14Sam the Concrete Man2 $150,000 9.8%
15American Family Care/Doctors E2 $757,500 6.0%
16AdvantaClean2 $150,000 7.5%
17Pro-Lift Doors2 $75,000 5.6%
18JDog Junk Removal & Hauling2 $150,000 6.3%
19HomeTeam Inspection Service2 $150,000 9.8%
20Hampton Inn2 $4,166,000 6.3%
21HouseMaster2 $150,000 6.0%
22Restore Cryotherapy2 $1,065,950 6.4%
23Celebree School2 $1,351,450 6.1%
24Burn Boot Camp2 $432,950 5.9%
25Elite Home Fitness2 $290,000 8.8%
26Comfort Inn2 $5,000,000 5.0%
27Stretch Lab2 $155,000 9.8%
28The Camp Transformation Center2 $150,000 8.3%
29College Hunks Hauling Junk2 $154,000 6.0%
30BrightStar Care2 $515,000 9.5%
31Econo Lodge2 $1,255,000 5.3%
32RockBox Fitness2 $249,750 9.5%

Top Virginia SBA Loan Borrowers by Jobs Supported

RankBusinessLocationIndustry Loan Size Interest Rate Jobs
1GLOBAL FOOD GROUP INC.Roanoke, VALimited-Service Restaurants $2.5M – $5M 5.8%270
2CROSS UNDERGROUND DEVELOPMENTVirginia Beach, VAOther Heavy and Civil Engineering Construction $500K – $1M 7.0%152
3ANNOVEX PHARMA INC.Lorton, VAOffices of All Other Miscellaneous Health Practitioners $1M – $2.5M 6.0%148
4A PLUS SPORTS LLCBurke, VAFitness and Recreational Sports Centers $2.5M – $5M 4.5%138
5SWEATWORKS LLCArlington, VACustom Computer Programming Services $1M – $2.5M 9.3%130
6DIGITAL 1 ENTERPRISES INCLynchburg, VAOther Computer Related Services $500K – $1M 6.0%125
7LONE JACK HOLDINGS INC.Fairfax, VAHome Health Care Services $500K – $1M 9.5%120
8SCHWEIKER PARTNERS LLCRoanoke, VALimited-Service Restaurants $500K – $1M 5.5%111
9GAHTS LTDGreat Falls, VAResidential Mental Retardation Facilities $1M – $2.5M 6.0%102
10DYNAMIC SCIENCE INC.Chesapeake, VAAir Traffic Control $500K – $1M 7.0%91
11ATCSI LLCVirginia Beach, VAAir Traffic Control $1M – $2.5M 7.3%91
12OASIS PLANTSCAPING LLCSterling, VALandscaping Services $250K – $500K 9.0%88
13MOCKINGBIRD LANE VENTURES LLCChesapeake, VAAmusement and Theme Parks $1M – $2.5M 9.8%87
14FOSTER CONSULTING INC.Alexandria, VAMarketing Consulting Services $250K – $500K 7.1%86
15SAM NEW VISIONS LLCVirginia Beach, VASupermarkets and Other Grocery (except Convenience) Stores $2.5M – $5M 4.5%84
16GLOBAL HEALTHCARE AGENCY LLCStafford, VAHome Health Care Services $250K – $500K 7.5%80
17SPIG INDUSTRY LLCBristol, VASheet Metal Work Manufacturing $2.5M – $5M 9.0%80
18HACKERS LLCVirginia Beach, VAFull-Service Restaurants $2.5M – $5M 9.0%76
19RENAISSANCE CHRYSLER DODGE JEEAltavista, VANew Car Dealers $2.5M – $5M 5.8%73
20JULA’S ON THE POTOMAC INC.Alexandria, VAFull-Service Restaurants $500K – $1M 7.8%72
21HARVEST GORDONSVILLE LLCZion Crossroads, VAFull-Service Restaurants $1M – $2.5M 5.5%68
22OASIS HH OPERATIONS LLCAshburn, VAHome Health Care Services $500K – $1M 5.8%65
23VOH APOLLO I LLCAlexandria, VAChild Day Care Services $1M – $2.5M 6.3%63
24MCALLISTER MILLS INC.Independence, VANarrow Fabric Mills and Schiffli Machine Embroidery $250K or less 5.0%62
25SRTL LLCMidlothian, VAPlumbing, Heating, and Air-Conditioning Contractors $1M – $2.5M 7.9%62
26LOBOS CONSTRUCTION BROTHERS LLFredericksburg, VAResidential Remodelers $250K or less 8.0%60
27COURTHOUSE PRESCHOOL INC.Virginia Beach, VAElementary and Secondary Schools $500K – $1M 6.0%60
28RENNER AND COMPANY CPA P.C.Alexandria, VAOffices of Certified Public Accountants $1M – $2.5M 8.0%60
29KNL HOLDINGS LLCRaven, VASite Preparation Contractors $1M – $2.5M 7.8%56
30SQUALI LLCAshburn, VALimited-Service Restaurants $250K or less 8.3%53
31NEWGUARD PLASTIC CARDS LLCRocky Mount, VAAll Other Plastics Product Manufacturing $2.5M – $5M 9.3%53
32SELWAY CORPORATIONGainesville, VAFitness and Recreational Sports Centers $250K or less 9.8%52
33GIBBONS RESTAURANTS INCChester, VAFull-Service Restaurants $500K – $1M 6.8%52
34RAINBOW INTERNATIONAL OF RICHMRockville, VAAll Other Personal Services $250K – $500K 7.8%50
35DCKCHC LLCFalls Church, VAChild Day Care Services $500K – $1M 4.5%50
36ORION’S HARP LLCArlington, VACouriers $500K – $1M 3.2%50
37NEW CENTURY FOOD CORPORATIONLorton, VAFood Service Contractors $1M – $2.5M 7.1%50
38HAMPTON ROADS HOLDINGS INC.Leesburg, VAWineries $1M – $2.5M 8.0%45
39EMH OF GREATER RICHMOND LLCRichmond, VAOutpatient Mental Health and Substance Abuse Centers $250K – $500K 9.8%43
40SV PROFESSIONALS LLCHerndon, VAOther Computer Related Services $250K or less 10.0%41
41RAIS POUR HOUSE LLCSterling, VAFull-Service Restaurants $500K – $1M 6.3%40
422525 LTDRichmond, VAFull-Service Restaurants $500K – $1M 7.0%40
43NIYAN HOME HEALTHCARE LLCAshburn, VAHome Health Care Services $500K – $1M 9.0%40
44US INFRA REHAB SERVICES LLCRichmond, VAWater and Sewer Line and Related Structures Construction $500K – $1M 6.4%40
45AMERICAN GREATEST CARE LLCWoodbridge, VASpecialty (except Psychiatric and Substance Abuse) Hospitals $500K – $1M 6.0%40
46MY NEXT PUPPY LTDChantilly, VA $2.5M – $5M 6.3%40
47S&G CAPITAL LLCLeesburg, VASnack and Nonalcoholic Beverage Bars $250K or less 6.3%39
48COASTAL ANIMAL REFERRAL EMERGEWilliamsburg, VAVeterinary Services $500K – $1M 4.4%38
49JAMES RESTAURANT INCMidlothian, VAFull-Service Restaurants $500K – $1M 5.5%38
50DYNAMIC GYMNASTICS LLCFalls Church, VASports and Recreation Instruction $1M – $2.5M 8.1%38
51TCG DNV REAL ESTATE LLCDanville, VAFuneral Homes and Funeral Services $1M – $2.5M 7.0%36
52SAGEON LLCAshland, VAChild Day Care Services $2.5M – $5M 8.5%36
53LEOBRUMA LLCVirginia Beach, VAAll Other Personal Services $500K – $1M 7.5%35
54ARRYA LLCRichmond, VAAgents and Managers for Artists, Athletes, Entertainers, and Other Pub $1M – $2.5M 7.5%35
55CN STONE RIDGE LLCChantilly, VAComputer Training $250K or less 6.0%34
56KINGSTON INVESTMENTS LLCSpringfield, VAOther Scientific and Technical Consulting Services $500K – $1M 6.0%34
57JMLP VIRGINIA LLCElkton, VASolid Waste Collection $500K – $1M 5.4%34
58END TO END ENTERPRISE SOLUTIONAlexandria, VAAdministrative Management and General Management Consulting Services $500K – $1M 6.8%34
59SKIN LOGIC LLCSterling, VABeauty Salons $250K – $500K 7.5%33
60WILLOW ANIMAL HOSPITAL LLCWarrenton, VAVeterinary Services $250K – $500K 6.0%33
61RAPPAHANNOCK CAKE COMPANY LLCFredericksburg, VARetail Bakeries $500K – $1M 8.0%33
62ARENA LOGISTICS GREENSBORO INRichmond, VACouriers $500K – $1M 6.0%33
63ARTER VENTURES INC.Alexandria, VAFitness and Recreational Sports Centers $250K or less 9.5%32
64FIVE-FOUR-ZERO VOLLEYBALL ACADSpotsylvania, VASports Teams and Clubs $250K or less 6.0%31
65CELEBIC TRUCKING INC.Chantilly, VACouriers $1M – $2.5M 7.5%31
66FRANKLIN & TOPHER LLCHenrico, VAOffices of Mental Health Practitioners (except Physicians) $250K or less 12.0%30
67TLJ CHANTILLY LLCChantilly, VALimited-Service Restaurants $250K or less 6.0%30
68DB NOVA LLCReston, VABeauty Salons $500K – $1M 5.8%30
69WATERS EDGE WINERY & BISTRONorfolk, VADrinking Places (Alcoholic Beverages) $1M – $2.5M 6.3%30
70NORTH STAR 412 INCNorton, VALimited-Service Restaurants $1M – $2.5M 5.2%30
71CHILDREN’S LIGHTHOUSE OF CHANTChantilly, VAChild Day Care Services $2.5M – $5M 5.3%30
72PUZUKAN INC.Falls Church, VAFull-Service Restaurants $250K – $500K 5.5%29
73LOKEY ENTERPRISES LLCElkton, VAGeneral Freight Trucking, Local $250K or less 6.0%28
74BRAZEN VENTURES LLCVirginia Beach, VAOther Building Finishing Contractors $250K or less 9.0%28
75GAME ON LLCCrozet, VAEducational Support Services $250K – $500K 9.0%28
76A1 LLCAshburn, VAOther Personal Care Services $250K or less 8.0%27
77FLORELL ENTERPRISES LLCHerndon, VACommercial Bakeries $250K – $500K 8.3%27
78BMK VENTURES INCVirginia Beach, VAOther Miscellaneous Durable Goods Merchant Wholesalers $500K – $1M 6.3%27
79CNK ENDEAVORS INCORPORATEDBristol, VA $500K – $1M 8.0%27
80K & T INVESTMENT GROUP INC.Blacksburg, VAFull-Service Restaurants $500K – $1M 8.3%27
81CELEBREE SCHOOL OF RESTONReston, VAChild Day Care Services $1M – $2.5M 6.0%27
82BMK VENTURES INC.Virginia Beach, VAOther Miscellaneous Durable Goods Merchant Wholesalers $1M – $2.5M 6.3%27
83STASS CORP.Midlothian, VAChild Day Care Services $2.5M – $5M 6.2%27
84ROSSY INSURANCE AGENCY INC.Fairfax, VAInsurance Agencies and Brokerages $250K or less 10.5%26
85J&L HERMES SUPPLY LLC.Virginia Beach, VASoap and Other Detergent Manufacturing $250K or less 6.0%26
86DIESEL SERVICES LLCFredericksburg, VAPlumbing, Heating, and Air-Conditioning Contractors $500K – $1M 6.8%26
87DIAMONDBACK TOOL CO. INC.Charlottesville, VAHardware Merchant Wholesalers $1M – $2.5M 6.0%26
88INTER-CHROME DENTAL LAB LLCChesapeake, VADental Laboratories $1M – $2.5M 6.5%26
89B AND G MARINE SERVICES LLCLancaster, VAOffices of Other Holding Companies $2.5M – $5M 6.0%26
90CFN SERVICES INC.Reston, VAComputer Systems Design Services $2.5M – $5M 8.3%26
91OLDE TOWNE SCHOOL FOR DOGS LLAlexandria, VAPet Care (except Veterinary) Services $500K – $1M 8.6%25
92DOGTOPIA OF FAIRFAX CITYFairfax, VAPet Care (except Veterinary) Services $1M – $2.5M 5.8%25
93SHORELINE INDUSTRIES INCORPORAPortsmouth, VAStructural Steel and Precast Concrete Contractors $1M – $2.5M 7.8%25
94WONDER YEARS LLCHenrico, VAChild Day Care Services $2.5M – $5M 1.5%25
95MAPLEWOOD COFFEE ROASTERS INC.Chantilly, VALimited-Service Restaurants $250K or less 7.3%24
96DOG ‘N’ BUTTERFLY LLCStaunton, VAPet Care (except Veterinary) Services $250K or less 8.5%24
97CAST IRON CRAFT HOUSE LLCWarrenton, VAFull-Service Restaurants $250K – $500K 6.8%24
98SAFE & SOUND CAR AUDIO AND SECManassas, VAAutomotive Parts and Accessories Stores $500K – $1M 7.5%24
99RIVER DISTRICT GOLF & SOCIALDanville, VAFull-Service Restaurants $1M – $2.5M 8.3%24
100BROWNSVILLE MARKET LLCCrozet, VAGasoline Stations with Convenience Stores $1M – $2.5M 5.8%24

Note about SBA lenders near me in Virginia

When it comes to top Virginia SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the Virginia preferred lender list, 2) approved lenders in Virginia, or 3) active participants in the Virginia SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in Virginia swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in Virginia, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.

It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.