Local lending data
Who lends to businesses in Richmond City?
118 SBA 7(a) loans went to businesses in Richmond City recently, at a median of $190,000. The lenders that made them, ranked, with local rates and startup share.
118 SBA 7(a) loans went to businesses in Richmond City in the most recent fiscal years, at a median of $190,000. The most active lender was Manufacturers and Traders Trust Company, with 23 loans.
SBA lending in Richmond City, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans that were actually approved to businesses in this county, not advertised ranges.
| Measure | Richmond City | Virginia | National |
|---|---|---|---|
| Loans approved | 118 | 3,796 | 214,102 |
| Median loan | $190,000 | $200,000 | $150,000 |
| 25th - 75th percentile | $73,750 - $410,250 | $80,000 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years | 10 years |
| Median initial rate | 10.62% | 10.50% | 10.25% |
| Share to startups | 32.2% | 39.5% | 33.6% |
| Charge-off rate, FY2010-19 | 7.4% | 8.5% | 7.1% |
| Jobs supported | 1,031 | 46,618 | 2,142,602 |
Which lenders actually funded them
Ranked by loans approved to businesses in Richmond City. The median, startup share and rate columns describe each lender's own loans in this county, not its national averages.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Manufacturers and Traders Trust Company | 23 | $50,000 | 48% | 11.25% |
| BayFirst National Bank | 8 | $150,000 | 0% | 13.25% |
| The Huntington National Bank | 7 | $250,000 | 29% | 10.25% |
| Readycap Lending, LLC | 7 | $134,500 | 0% | 11.00% |
| Wells Fargo Bank | 7 | $50,000 | 71% | 11.50% |
| TowneBank | 5 | $550,000 | 0% | 9.25% |
| Northeast Bank | 5 | $150,000 | 0% | 10.75% |
| First Community Bank | 5 | $441,000 | 60% | 7.50% |
| Bank of America | 4 | $200,000 | 25% | 6.78% |
| First National Bank of Pennsylvania | 4 | $421,400 | 0% | 10.38% |
What stands out here
Reading these figures against the national picture:
- Loans here run larger than average. The median of $190,000 is 27% 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.
- Startup share is about average, at 32% against 34% nationally.
- No single lender dominates, but the top three made 32% of these loans, so the shortlist below covers most of the active market.
Who borrows in Richmond City
The mix of industries taking SBA loans here, led by restaurants and hotels.
| Sector | Loans | Share |
|---|---|---|
| Restaurants and Hotels | 21 | 17.8% |
| Professional Services | 21 | 17.8% |
| Retail | 19 | 16.1% |
| Construction | 13 | 11.0% |
| Personal Services | 11 | 9.3% |
| Healthcare | 8 | 6.8% |
| Arts and Recreation | 5 | 4.2% |
| Admin Services | 5 | 4.2% |
How to use this
- Shortlist three lenders from the table whose median loan in this county is close to what you need. Size match matters more than brand.
- 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 your cash flow supports.
- Follow your sector link in the table above for lender data specific to your industry across Virginia.
Other counties in Virginia
- Nearby markets with published data: Fairfax County, Loudoun County, Prince William County, Virginia Beach City, Henrico County, Chesterfield County, Alexandria City, Chesapeake City