Lending data
Who actually lends to construction and contracting businesses in Virginia?
418 SBA 7(a) loans went to construction and contracting businesses in Virginia recently, at a median of $150,000. Here are the lenders that made them, ranked.
418 SBA 7(a) loans went to construction and contracting businesses in Virginia in the most recent fiscal years. The median was $150,000 over 10 years. The most active lender was Manufacturers and Traders Trust Company, with 50 loans.
What lending to construction and contracting businesses in Virginia actually looks like
Every figure on this page is computed from SBA 7(a) loan-level FOIA data released 2026-06-30. It reflects loans that were actually approved, not rate cards or advertised ranges.
| Measure | Construction and contracting, Virginia | All 7(a) borrowers |
|---|---|---|
| Loans approved | 418 | 214,102 |
| Median loan | $150,000 | $150,000 |
| 25th - 75th percentile | $75,000 - $350,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.75% | 10.25% |
| Share to startups | 31.1% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 10.9% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to construction and contracting businesses in Virginia. This is the list worth working from, because a lender that has funded dozens of businesses like yours in your state has seen your file before.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Manufacturers and Traders Trust Company | 50 | $80,000 | 36% | 11.00% |
| The Huntington National Bank | 42 | $242,500 | 55% | 10.75% |
| Northeast Bank | 30 | $98,100 | 0% | 10.75% |
| Readycap Lending, LLC | 23 | $50,000 | 9% | 14.00% |
| United Midwest Savings Bank | 21 | $150,000 | 100% | 11.25% |
| BayFirst National Bank | 19 | $150,000 | 0% | 12.25% |
| TD Bank | 18 | $112,500 | 22% | 11.40% |
| Newtek Bank | 18 | $275,000 | 11% | 10.62% |
| Wells Fargo Bank | 12 | $15,000 | 100% | 13.12% |
| Bank of Clarke | 11 | $500,000 | 18% | 9.75% |
What stands out in this market
Reading the figures above against the national picture:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- Startup share is about average, at 31% against 34% nationally.
- No single lender dominates, but the top three made 29% of these loans, so the shortlist below covers most of the active market.
- Rates run higher here. The median initial rate of 10.75% is 0.50 points above the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- Lenders have been burned here before. 10.9% of loans to this market from the FY2010-2019 cohorts were charged off, against 7.1% overall. That history is why underwriting in this sector is tighter than the numbers alone would suggest — it is not personal.
Which of them lend to new businesses
Of those loans, 31.1% went to businesses the SBA classes as startups — new, under two years old, or opening with the proceeds. These are the lenders in this market that actually wrote them.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 23 | $242,500 | 55% | 10.75% |
| United Midwest Savings Bank | 21 | $150,000 | 100% | 11.25% |
| Manufacturers and Traders Trust Company | 18 | $80,000 | 36% | 11.00% |
| Wells Fargo Bank | 12 | $15,000 | 100% | 13.12% |
| First Bank of the Lake | 7 | $209,700 | 78% | 9.75% |
| Live Oak Banking Company | 5 | $325,000 | 56% | 10.50% |
How to use this
- Shortlist three lenders from the table whose median loan is close to what you need.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year. See choosing an SBA lender.
- Check your coverage first with the affordability calculator so you ask for a number the cash flow supports.
- Assemble the package before you call. The document checklist is the single biggest thing you control.
Compare other markets
- Other sectors in Virginia: professional services, restaurants and hotels, healthcare, personal services, retail, admin services
- Construction in comparable states: Wisconsin, Idaho, New Hampshire, Maryland, Connecticut, Missouri