State lending data
SBA lending in Virginia
3,796 SBA 7(a) loans went to businesses in Virginia recently, at a median of $200,000. The lenders that made them, what they charged, and how the state is trending.
3,796 SBA 7(a) loans went to businesses in Virginia in the most recent fiscal years, at a median of $200,000. The most active lender in the state was Manufacturers and Traders Trust Company, with 450 loans. Approvals are down 20.1% on the year.
SBA lending in Virginia, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Virginia, not advertised ranges.
| Measure | Virginia | National |
|---|---|---|
| Loans approved | 3,796 | 214,102 |
| Total approved | $1.9 billion | $104.1 billion |
| Median loan | $200,000 | $150,000 |
| 25th – 75th percentile | $80,000 – $500,000 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.50% | 10.25% |
| Share to startups | 39.5% | 33.6% |
| Charge-off rate, FY2010–19 | 8.5% | 7.1% |
| Jobs supported | 46,618 | 2,142,602 |
| Counties with recorded lending | 125 | — |
| Lenders active in the state | 188 | — |
Is SBA lending in Virginia growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Virginia went from 746 to 596 loans, down 20.1% — while the dollars approved went from $401.2 million to $326.0 million, down 18.7%.
That puts Virginia mid-table — 29th of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Virginia | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 848 | 51,747 | 1.6% |
| FY2024 | 1,061 | 62,618 | 1.7% |
| FY2025 | 1,192 | 64,096 | 1.9% |
| FY2026 (part year) | 695 | 35,641 | 2.0% |
Which lenders actually fund businesses in Virginia
Ranked by loans approved inside Virginia. The median, startup share and rate columns describe each lender's own Virginia loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Manufacturers and Traders Trust Company | 450 | $70,000 | 52% | 10.75% |
| The Huntington National Bank | 303 | $255,000 | 70% | 10.25% |
| Newtek Bank | 205 | $200,000 | 16% | 11.00% |
| Readycap Lending, LLC | 180 | $102,750 | 13% | 13.38% |
| Wells Fargo Bank | 168 | $15,000 | 89% | 13.00% |
| Northeast Bank | 158 | $100,000 | 10% | 10.75% |
| BayFirst National Bank | 146 | $150,000 | 1% | 12.50% |
| Live Oak Banking Company | 138 | $500,000 | 35% | 9.50% |
| TD Bank | 128 | $75,000 | 29% | 11.30% |
| United Midwest Savings Bank | 76 | $150,000 | 83% | 10.25% |
| Celtic Bank Corporation | 72 | $150,000 | 12% | 10.62% |
| Bank of America | 71 | $356,800 | 17% | 7.47% |
What stands out about Virginia
Reading the state's own figures against the national picture:
- Loans here run larger than average. The median of $200,000 is 33% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- New businesses do well here. 39.5% of these loans went to startups or businesses no more than two years old, against 33.6% nationally — an unusually open market if you have no trading history.
Who borrows in Virginia
The industry mix of SBA borrowers here, led by professional services.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Professional Services | 566 | 14.9% | $180,000 | 21% |
| Restaurants and Hotels | 513 | 13.5% | $350,000 | 56% |
| Healthcare | 455 | 12.0% | $250,000 | 44% |
| Construction | 418 | 11.0% | $150,000 | 31% |
| Personal Services | 376 | 9.9% | $200,000 | 41% |
| Retail | 338 | 8.9% | $153,000 | 41% |
| Admin Services | 253 | 6.7% | $150,000 | 39% |
| Arts and Recreation | 200 | 5.3% | $300,000 | 70% |
| Manufacturing | 170 | 4.5% | $300,000 | 33% |
| Trucking | 164 | 4.3% | $102,000 | 35% |
| Wholesale | 96 | 2.5% | $200,000 | 24% |
| Education | 90 | 2.4% | $159,500 | 50% |
Where the money goes in Virginia
SBA lending is more concentrated than state totals suggest, and Fairfax County alone accounts for 19% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Fairfax County | 720 | $191,500 | $313.7 million |
| Loudoun County | 333 | $220,000 | $152.7 million |
| Prince William County | 227 | $150,000 | $79.9 million |
| Virginia Beach City | 199 | $250,000 | $124.1 million |
| Henrico County | 184 | $160,000 | $94.2 million |
| Chesterfield County | 158 | $209,850 | $85.4 million |
| Alexandria City | 121 | $200,000 | $55.2 million |
| Richmond City | 118 | $190,000 | $40.3 million |
| Chesapeake City | 116 | $154,000 | $49.5 million |
| Arlington County | 107 | $241,100 | $51.8 million |
| Stafford County | 82 | $213,250 | $46.7 million |
| Spotsylvania County | 80 | $252,550 | $53.2 million |
SBA 504 in Virginia
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Virginia 504 | National 504 |
|---|---|---|
| Projects approved | 389 | 22,192 |
| Median CDC share | $495,000 | $730,000 |
| Median total project | $1,134,000 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Virginia
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Virginia is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Maryland, Utah, Indiana, Wisconsin, Arizona, Oregon, California, Florida
Questions people actually ask
How many SBA loans are approved in Virginia each year?
3,796 SBA 7(a) loans were approved to businesses in Virginia across fiscal years 2023 to 2026, using data released June 2026, worth $1.9 billion in total. Over the most recent comparable months the number of approvals ran down 20.1% year on year, while the dollars approved ran down 18.7%.
Which bank approves the most SBA loans in Virginia?
Manufacturers and Traders Trust Company, with 450 loans approved to businesses in the state and a median loan of $70,000. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Virginia?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.