Best SBA Lenders in Chesapeake, VA (2026)
2025 FOIA data: top lenders, rates & industries for Chesapeake SBA loans
SBA Loans in Chesapeake, Virginia
Looking for an SBA loan in Chesapeake, Virginia? Based on 2025 FOIA data, 47 SBA 7(a) loans were funded in Chesapeake totaling $20.3M, supporting an estimated 481 jobs. With 21 active lenders competing for business in the Chesapeake market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Chesapeake is $432K at an average rate of 10.5%. The top lender in Chesapeake is The Huntington National Bank, with the most-funded industry being Sports and Recreation Instruction. See all Virginia SBA lenders for statewide rankings.
SBA Loans in Chesapeake by Business Type
Whether you’re starting a new business in Chesapeake, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 45% of SBA loans in Chesapeake (11 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 10% (3 loans) — if you’re looking to buy a business in Chesapeake, this is a proven use case for SBA financing. Existing businesses make up 34% and typically receive the most favorable terms.
Top SBA Lenders in Chesapeake, VA (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Chesapeake businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | The Huntington National Bank | $3.2M | 5 | 10.3% |
| 2 | Citizens Bank | $3.2M | 3 | 10.17% |
| 3 | Live Oak Banking Company | $2.8M | 2 | 10.2% |
| 4 | Atlantic Union Bank | $1.9M | 3 | 9.75% |
| 5 | Newtek Bank, National Association | $1.8M | 6 | 10.5% |
| 6 | Fulton Bank, National Association | $1.7M | 2 | 10.25% |
| 7 | Bank of America, National Association | $975K | 1 | 7.35% |
| 8 | Regions Bank | $972K | 2 | 7.15% |
| 9 | Magnifi Financial CU | $560K | 1 | 10.25% |
| 10 | First National Bank of Pennsylvania | $450K | 1 | 9.5% |
The top lenders in Chesapeake have direct experience with local businesses and understand the Chesapeake market — commercial real estate values, local industry dynamics, and regional economic conditions. Pay attention to the “Avg Rate” column, as rates vary significantly between lenders. A 0.5-1.0% rate difference on a $500K loan translates to $15,000-$30,000 in savings over the life of the loan.
Don’t limit your search to banks listed above — many national SBA lenders also fund loans in Chesapeake and may offer better rates. An SBA loan broker like GoSBA gives you access to both local and national lenders with one application.
Get Matched with the Best SBA Lender in Chesapeake
One 5-minute application. 21+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Chesapeake
These are the industries that received the most SBA 7(a) funding in Chesapeake in 2025. If your business is in one of these sectors, lenders are already familiar with your business model and may offer faster approvals:
| Industry | Loans | Volume |
|---|---|---|
| Sports and Recreation Instruction | 3 | $3.3M |
| Offices of Dentists | 2 | $2.7M |
| All Other Amusement and Recreation Industries | 3 | $2.6M |
| Drycleaning and Laundry Services (except Coin-Operated) | 1 | $1.2M |
| Custom Computer Programming Services | 2 | $1.0M |
| Child Day Care Services | 1 | $975K |
| Elementary and Secondary Schools | 2 | $972K |
| Navigational Services to Shipping | 1 | $900K |
| Remediation Services | 2 | $750K |
| Janitorial Services | 1 | $608K |
Lenders with experience funding your specific industry in Chesapeake understand the local competitive landscape, typical revenue ranges, and seasonal patterns. This familiarity often translates to faster underwriting and more competitive terms. If your industry doesn’t appear above, SBA loans are available for nearly every legal business type — an SBA broker can match you with lenders who specialize in your sector.
How to Get an SBA Loan in Chesapeake
Option 1: Apply directly to one of the top Chesapeake lenders listed above. You’ll receive a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Chesapeake-active lenders and national SBA lenders simultaneously. More offers means better rates, faster approvals, and zero cost to you — lenders pay the broker fee.
Frequently Asked Questions
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Data from SBA 7(a) FOIA records, Calendar Year 2025. Visit sba.gov for official info.
