Last annual update:
Few Virginia-based banks were among the largest lenders to “The Old Dominion State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Virginia:
| VA Rank | Virginia Bank | Bank HQs | # of Loans | Avg Interest | Avg VA Loan |
|---|---|---|---|---|---|
| 1 | M&T | Buffalo, NY | 55 | 7.8% | $183,973 |
| 2 | Wells Fargo | Sioux Falls, SD | 38 | 9.2% | $123,447 |
| 3 | Newtek Small Business Finance | Lake Success, NY | 31 | 7.4% | $553,526 |
| 4 | The First Bank and Trust | Lebanon, VA | 30 | 5.4% | $272,280 |
| 5 | Live Oak | Wilmington, NC | 28 | 6.1% | $2,029,679 |
| 6 | United Midwest Savings Bank | De Graff, OH | 26 | 6.7% | $550,385 |
| 7 | BancorpSouth Bank | Tupelo, MS | 24 | 7.3% | $254,792 |
| 8 | BayFirst National Bank | Saint Petersburg, FL | 23 | 7.6% | $221,000 |
| 9 | TD Bank | Wilmington, DE | 21 | 9.2% | $49,843 |
| 10 | The Huntington National Bank | Columbus, OH | 19 | 7.4% | $337,147 |
| 11 | Celtic Bank | Salt Lake City, UT | 16 | 7.9% | $462,044 |
| 12 | Readycap Lending, LLC | Berkeley Heights, NJ | 16 | 8.3% | $89,388 |
| 13 | Truist Bank | Charlotte, NC | 15 | 6.5% | $987,513 |
| 14 | Bank of America | Charlotte, NC | 13 | 2.9% | $381,238 |
| 15 | Capital Bank | Rockville, MD | 13 | 5.6% | $1,031,631 |
SBA loans – Virginia
A note about these Virginia SBA lenders – People frequently ask us if one of the banks above is 1) on the Virginia preferred lender list 2) an approved lender in Virginia, or 3) participating in the Virginia SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Virginia and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Virginia. We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.