GoSBA’s Top 50 Virginia SBA Lenders in 2024
Overview of SBA Loans in Virginia
Virginia, with a population of approximately 8.7 million people, boasts a diverse economy driven by industries such as technology, defense, healthcare, and agriculture. The state is home to a wide range of businesses, from startups to large corporations, and benefits from its proximity to Washington, D.C., making it a hub for government contractors. With cities like Richmond, Virginia Beach, and Arlington, Virginia provides an excellent environment for businesses to grow and succeed.
Popular industries in Virginia include technology, defense, healthcare, finance, and hospitality. In FY 2023, Virginia SBA loan providers funded 2,800 businesses, with a total loan volume of $2.0 billion. Virginia also has a vibrant entrepreneurial community, with many women-owned businesses contributing significantly to the state’s economic growth.
Finding the Best Virginia SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Virginia for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Virginia.
Challenges in Accessing SBA Loans in Virginia
A significant challenge for small businesses in Virginia is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Atlantic Union Bank, Wells Fargo, TowneBank, Capital One, Bank of America, First Citizens Bank, United Bank, Pinnacle Bank, Truist Bank, and John Marshall Bank. These ten lenders funded 1,400 businesses in Virginia, with a combined loan volume of $1.5 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Virginia Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Virginia, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Virginia SBA lenders in 2024.
Top 50 Virginia SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| GBank | $2,880 | $36,110,400 | 12 | 9.94% |
| Newtek Bank, National Association | $8,025 | $32,280,000 | 63 | 11.98% |
| Live Oak Banking Company | $2,574 | $27,760,000 | 20 | 10.31% |
| The Huntington National Bank | $6,165 | $16,115,900 | 51 | 10.86% |
| Atlantic Union Bank | $1,638 | $15,872,000 | 13 | 11.00% |
| Hanmi Bank | $2,106 | $11,160,000 | 10 | 10.05% |
| Readycap Lending, LLC | $7,466 | $11,022,200 | 64 | 13.69% |
| Bank of America, National Association | $3,708 | $10,982,200 | 25 | 9.62% |
| KeyBank National Association | $360 | $10,500,000 | 3 | 10.33% |
| SouthState Bank, National Association | $2,886 | $10,008,400 | 22 | 11.11% |
| First Internet Bank of Indiana | $240 | $9,667,000 | 2 | 11.13% |
| Manufacturers and Traders Trust Company | $8,268 | $9,487,300 | 81 | 11.89% |
| BayFirst National Bank | $6,600 | $9,194,600 | 55 | 13.18% |
| First National Bank of Pennsylvania | $1,764 | $7,837,400 | 12 | 10.25% |
| John Marshall Bank | $1,566 | $7,071,000 | 13 | 11.23% |
| First-Citizens Bank & Trust Company | $1,066 | $6,897,000 | 5 | 8.70% |
| Bank of Clarke | $1,260 | $6,173,600 | 9 | 10.97% |
| Citizens Bank | $1,954 | $5,954,500 | 13 | 11.12% |
| Wilmington Savings Fund Society, FSB | $1,143 | $5,862,000 | 8 | 10.81% |
| Cadence Bank | $1,808 | $5,112,000 | 15 | 11.23% |
| Truist Bank | $720 | $5,035,000 | 3 | 8.75% |
| PNC Bank, National Association | $1,686 | $5,021,600 | 11 | 11.12% |
| United Midwest Savings Bank, National Association | $2,280 | $4,990,000 | 19 | 11.25% |
| Celtic Bank Corporation | $2,088 | $4,710,300 | 13 | 11.13% |
| PCB Bank | $720 | $4,371,000 | 3 | 10.67% |
| WesBanco Bank, Inc. | $132 | $4,300,000 | 2 | 10.25% |
| Pinnacle Bank | $1,200 | $4,187,000 | 7 | 10.50% |
| Peoples Bank | $300 | $4,090,100 | 1 | 10.25% |
| Dogwood State Bank | $540 | $4,007,000 | 3 | 10.58% |
| First Bank of the Lake | $1,938 | $3,563,000 | 16 | 11.95% |
| Woori America Bank | $900 | $3,450,000 | 3 | 8.92% |
| Byline Bank | $360 | $3,363,000 | 3 | 11.25% |
| TD Bank, National Association | $3,126 | $3,287,100 | 26 | 11.78% |
| Wells Fargo Bank, National Association | $6,840 | $3,218,800 | 53 | 13.22% |
| Pathward National Association | $360 | $3,120,000 | 3 | 11.00% |
| Fund-Ex Solutions Group, LLC | $120 | $2,999,500 | 1 | 11.50% |
| First Business Bank | $248 | $2,889,000 | 2 | 11.13% |
| Village Bank | $420 | $2,833,700 | 4 | 10.13% |
| First Community Bank | $1,884 | $2,651,500 | 12 | 9.41% |
| Fulton Bank, National Association | $1,028 | $2,485,000 | 7 | 11.25% |
| Genisys CU | $132 | $2,340,000 | 1 | 11.00% |
| HomeTrust Bank | $787 | $2,157,000 | 5 | 10.95% |
| 1st Financial Bank USA | $60 | $2,000,000 | 1 | 10.25% |
| Regions Bank | $12 | $2,000,000 | 1 | 10.74% |
| Leader Bank, National Association | $120 | $1,919,000 | 1 | 10.75% |
| American Momentum Bank | $120 | $1,909,000 | 1 | 10.50% |
| Bank of Oak Ridge | $240 | $1,888,500 | 2 | 10.50% |
| CIBC Bank USA | $192 | $1,871,500 | 2 | 10.63% |
| Northeast Bank | $3,240 | $1,868,700 | 27 | 11.25% |
| Hanover Community Bank | $300 | $1,800,000 | 1 | 10.50% |
Leading Virginia SBA Lenders by Loan Volume
Analyzing the table above, GBank leads the way in Virginia with the highest loan volume, funding over $36.11 million across 12 loans. This positions GBank as a strong choice for businesses looking for substantial financing in Virginia.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, Manufacturers and Traders Trust Company takes the lead with 81 loans totaling over $9.49 million. This makes Manufacturers and Traders Trust Company highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Virginia
Newtek Bank and Live Oak Banking Company are also significant players in the Virginia SBA lending market. Newtek Bank funded 63 loans totaling $32.28 million, while Live Oak Banking Company provided 20 loans with a loan volume of $27.76 million. These institutions are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like John Marshall Bank, PCB Bank, and First Bank of the Lake provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Virginia?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Virginia. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Virginia Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Virginia’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Virginia?
If you’re ready to find the best SBA lenders in Virginia, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
