Best Virginia SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Virginia
SBA Loans in Virginia
Virginia businesses received $757.1M in SBA 7(a) loan approvals across 1,497 businesses in 2025, supporting 16,625 jobs. With 129 active SBA lenders competing for business in Virginia, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Virginia is $506K at 10.44%, which is 0.12% above the national average of 10.32%. The top lender in Virginia is Live Oak Banking Company, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in Virginia by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Virginia, here’s how SBA lending breaks down:
Startups represent 24% of Virginia SBA loans (300 loans totaling $183.1M). Business acquisitions (change of ownership) account for 26% (149 loans, $194.2M). Existing businesses make up the largest share at 39% (811 loans). If you’re buying a business in Virginia, acquisitions are a well-established use case for SBA 7(a) loans.
Virginia vs. National Average
How does Virginia’s SBA lending market compare to the national average in 2025?
Virginia10.44%
National Avg10.32%
Virginia’s avg rate is 0.12% higher than the national average
Virginia$506K
National Avg$478K
Virginia’s avg loan is 1.1x the national average
A rate higher than the national average of 10.32% is significant context for Virginia borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Virginia (2025 Data)
The table below ranks every SBA 7(a) lender active in Virginia in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | $61.2M | 54 | 9.58% |
| 2 | Newtek Bank, National Association | $44.5M | 125 | 11.11% |
| 3 | The Huntington National Bank | $40.4M | 83 | 9.95% |
| 4 | Northeast Bank | $29.9M | 188 | 11.02% |
| 5 | Manufacturers and Traders Trust Company | $28.9M | 146 | 11.08% |
| 6 | Readycap Lending, LLC | $28.3M | 83 | 12.4% |
| 7 | GBank | $25.2M | 8 | 8.97% |
| 8 | Bank of Clarke | $18.6M | 24 | 9.74% |
| 9 | First Community Bank | $17.8M | 43 | 7.63% |
| 10 | Truist Bank | $17.1M | 10 | 8.86% |
| 11 | Truliant FCU | $16.2M | 14 | 10.29% |
| 12 | Atlantic Union Bank | $15.5M | 29 | 9.89% |
| 13 | Pinnacle Bank | $15.3M | 9 | 9.25% |
| 14 | First-Citizens Bank & Trust Company | $12.8M | 11 | 9.17% |
| 15 | United Midwest Savings Bank National Association | $12.6M | 26 | 10.16% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Virginia have funded the most deals locally, meaning their loan officers understand Virginia’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Virginia-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Virginia
One 5-minute application. 129 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Virginia
SBA lending in Virginia reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Virginia in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 25 | $76.3M |
| Limited-Service Restaurants | 54 | $34.3M |
| Full-Service Restaurants | 71 | $33.8M |
| Child Day Care Services | 27 | $24.2M |
| All Other Specialty Trade Contractors | 21 | $19.9M |
| All Other Amusement and Recreation Industries | 27 | $19.8M |
| Offices of Dentists | 20 | $19.6M |
| Homes for the Elderly | 5 | $18.2M |
| General Automotive Repair | 28 | $16.1M |
| Other Personal Care Services | 22 | $15.8M |
| Veterinary Services | 3 | $15.0M |
| Home Health Care Services | 32 | $13.4M |
| Computer Systems Design Services | 26 | $12.6M |
| Snack and Nonalcoholic Beverage Bars | 19 | $12.0M |
| All Other Professional, Scientific, and Technical Services | 23 | $11.4M |
If your business operates in one of Virginia’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Virginia
SBA lending activity within Virginia is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Virginia the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Virginia Beach | 80 | $46.2M |
| Fredericksburg | 58 | $37.1M |
| Richmond | 61 | $26.3M |
| Alexandria | 90 | $24.9M |
| Chantilly | 28 | $24.6M |
| Sterling | 39 | $24.1M |
| Fairfax | 57 | $22.6M |
| Arlington | 49 | $21.8M |
| Chesapeake | 47 | $20.3M |
| Midlothian | 28 | $16.8M |
How to Get an SBA Loan in Virginia
Option 1: Apply directly to one of the top Virginia lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Virginia-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Virginia in 2025?
What is the average SBA loan interest rate in Virginia?
Can I get an SBA loan to start a business in Virginia?
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What industries get the most SBA loans in Virginia?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
