Best SBA Lenders in Richmond, VA (2026)
2025 FOIA data: top lenders, rates & industries for Richmond SBA loans
SBA Loans in Richmond, Virginia
Looking for an SBA loan in Richmond, Virginia? Based on 2025 FOIA data, 61 SBA 7(a) loans were funded in Richmond totaling $26.3M, supporting an estimated 720 jobs. With 29 active lenders competing for business in the Richmond market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Richmond is $431K at an average rate of 10.35%. The top lender in Richmond is First National Bank of Pennsylvania, with the most-funded industry being Tile and Terrazzo Contractors. See all Virginia SBA lenders for statewide rankings.
SBA Loans in Richmond by Business Type
Whether you’re starting a new business in Richmond, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 16% of SBA loans in Richmond (6 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 25% (7 loans) — if you’re looking to buy a business in Richmond, this is a proven use case for SBA financing. Existing businesses make up 49% and typically receive the most favorable terms.
Top SBA Lenders in Richmond, VA (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Richmond businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | First National Bank of Pennsylvania | $2.6M | 2 | 9.75% |
| 2 | Readycap Lending, LLC | $2.0M | 5 | 12.3% |
| 3 | SouthState Bank, National Association | $1.9M | 2 | 10.38% |
| 4 | First Community Bank | $1.9M | 4 | 7.95% |
| 5 | Wells Fargo Bank National Association | $1.8M | 2 | 7.6% |
| 6 | Newtek Bank, National Association | $1.8M | 7 | 11.07% |
| 7 | Northeast Bank | $1.7M | 8 | 10.72% |
| 8 | Fulton Bank, National Association | $1.6M | 1 | 10% |
| 9 | Banc of California | $1.5M | 1 | 7.5% |
| 10 | Wilmington Savings Fund Society FSB | $1.2M | 1 | 9.5% |
The top lenders in Richmond have direct experience with local businesses and understand the Richmond 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 Richmond 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 Richmond
One 5-minute application. 29+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Richmond
These are the industries that received the most SBA 7(a) funding in Richmond 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 |
|---|---|---|
| Tile and Terrazzo Contractors | 2 | $2.6M |
| Home Health Care Services | 2 | $2.4M |
| Full-Service Restaurants | 5 | $1.9M |
| Amusement Arcades | 1 | $1.6M |
| Offices of Physicians (except Mental Health Specialists) | 1 | $1.5M |
| All Other Specialty Trade Contractors | 2 | $1.2M |
| Court Reporting and Stenotype Services | 1 | $1.2M |
| Offices of Dentists | 2 | $894K |
| Residential Mental Retardation Facilities | 1 | $880K |
| Limited-Service Restaurants | 2 | $863K |
Lenders with experience funding your specific industry in Richmond 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 Richmond
Option 1: Apply directly to one of the top Richmond 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 Richmond-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.
