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Small Business Loans in Virginia

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  • Get funds as fast as 24 hours
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By Erin Ryan Senior Writer, Editor and Social Community Manager at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Loan Amount Up to $500,000
  • Estimated Repayment Terms 1-5 Years
  • Interest Rate Starting at 7%
  • Speed of Funding As fast as 1 day

Whether you’re looking to remodel your business space, hire staff, purchase new equipment, order inventory or cover another expense, finding the capital to do so can be especially challenging for many entrepreneurs. Here are a few financial institutions and resources you can turn to when you’re in search of small business loans in Virginia.


Virginia’s Small Business Landscape

According to the U.S. Small Business Administration (SBA), there are nearly 746,000 small businesses in Virginia, employing 1.5 million workers. 

The tourist season is a big deal for business owners in the state. Many need to prepare for months to meet the demands of their busiest season. As a result, the accommodation and food-service industries as well as retail trade employ many small business workers.

Other top sectors for small business employment:

  • Technical, professional and scientific services
  • Health care and social assistance
  • Construction 
  • Administrative, support and waste management
  • Manufacturing

According to the same SBA report, nearly 85% of companies exporting goods from Virginia were small businesses, and they were responsible for generating $15.1 billion in total exports.


5 Banks for Small Business Loans in Virginia

1. TowneBank

In operation since 1999 and headquartered in Virginia, this bank offers branches in the state from Richmond to Hampton Roads. Additionally, TowneBank is A+ rated by the Better Business Bureau (BBB), and it ranked as No. 16 on Forbes’ 2021 list of America’s Best Banks.

Small business financing at this Virginia banks includes the following:

  • Letters of credit
  • Dealer financing 
  • Working capital loans
  • Working capital lines of credit
  • Business credit cards
  • Commercial real estate loans

2. Atlantic Union Bank

This financial institution was ranked No. 36 on Forbes’ list of America’s Best Banks. It’s also accredited by the BBB, where it’s earned an A+ rating. 

If you’re in search of SBA lenders in Virginia, Atlantic Union Bank won’t disappoint. It offers the following SBA loans:

  • CAPLines 
  • 504 loan
  • Standard 7(a) loan
  • 7(a) small loan
  • Express loan
  • Export working capital loan
  • International trade loan 
  • Veterans Advantage loan

Additional loan types include these:

  • USDA loans
  • Business credit cards
  • Business term loans
  • Business lines of credit
  • Commercial real estate loans

3. First Community Bank

When you’re searching for Virginia small business funding, consider this bank, which is A+ rated by the BBB. It’s also earned 4.5 stars on WalletHub as well as the site’s 2021 Best Bank in Virginia designation. Here you’ll find equipment financing, commercial real estate loans and commercial lines of credit.

4. EagleBank

Here’s another SBA lender in Virginia, which has earned WalletHub’s 5-star rating out of more than 400 reviews as well as recognition as one of the state’s best banks of the year. Additionally, this financial institution is BBB accredited with an A+ rating.

Visit one of 10 locations in the state, where you’ll find these loan options:

  • Term loans
  • Letters of credit
  • Equipment leasing
  • Commercial real estate loans
  • Commercial lines of credit

5. Farmers Bank

Entrepreneurs looking for small business loans in Virginia can turn to this bank, with headquarters in Windsor and 8 locations in the state. While it’s been in operation since 1919, it’s earned modern-day recognition with a 4.5-star rating on WalletHub. 

The following types of financing are available here:

  • Business loans
  • Equipment loans
  • Construction loans
  • Agricultural loans
  • Business credit cards
  • Acquisition and development loans
  • Working capital lines of credit
  • Commercial mortgage and real estate investment loans

How to Get a Small Business Loan in Virginia

Prepare yourself to apply for a small business loan in Virginia. Understand the minimum qualification requirements you’ll need to be approved for financing, including revenue, credit score and time in business. And know that these can vary depending on your lender and the loan type you’re seeking. 

Many business owners first think of conventional lending institutions, such as the banks above, when they need funding for their company. They’re often disappointed to find, though, that bank requirements for getting a business loan are challenging to meet and the process can be lengthy.

That’s when many entrepreneurs turn to alternative financing options, such as short-term loans and merchant cash advances, for their Virginia business. The process to apply and receive funding is relatively easy and fast. Regarding terms, applicants can expect more frequent payments, shorter repayment periods and higher interest rates.

  • Applying for Virginia Small Business Funding Through Fast Capital 360

    Whether you’re searching for an SBA loan or a merchant cash advance in Virginia, we can be of service. 

    Here’s how:

    Speed

    A few minutes online is all it takes to get started. Not only is the application process fast, but so is funding – you could receive funds as soon as 1 day of approval.

    Multiple Offers

    We partner with lenders throughout the country to help you find the best offer. Because of this, your single application could return several financing offers. 

    Expert Guidance

    Chat with one of our experienced Business Advisors to understand your offer details. Then make the best funding decision for your business. 

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Additional Resources for Virginia Entrepreneurs

While you have an idea of several lenders you can turn to for small business financing in Virginia, there are other resources that could prove valuable to your entrepreneurial venture.

SCORE

SCORE is a nationwide nonprofit organization dedicated to training and developing small business owners. There are more than 20 branches in Virginia alone.

Visit the SCORE website and access online resources, such as helpful articles, document templates and instructional videos. You can also take advantage of free 1-on-1 business counseling, networking events and training webinars.

Virginia Small Business Development Center

Small Business Development Centers are found throughout the country and are funded in part by the SBA. They offer a wealth of aid to entrepreneurs.

  • Training
  • Webinars
  • Special events
  • Funding resources
  • Business counseling 
  • Industry-specific resources
  • COVID business-recovery assistance

Community Business Partnership

Located in Springfield, VA, this organization serves northern Virginia, Maryland and Washington, D.C. Through the organization’s Business Finance Center, there are several funding programs available for Black-, Latino- and Asian-owned small businesses as well as low-income communities.

In addition, Community Business Partnership hosts a Women’s Business Center, Veterans Business Outreach Center and Small Business Development Center. Free business counseling, classes, webinars, shared workspaces and more are available here.

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