Virginia’s economy is one of the most diverse in the country, powered by government contracting, technology, defense, agriculture, healthcare, and small businesses across the state. From startups in Richmond to tech firms in Northern Virginia and family-owned shops in small towns, entrepreneurs drive growth and innovation. To succeed, many rely on Virginia small business loans to access affordable financing.
This guide highlights SBA loans, state programs, and local resources available to Virginia entrepreneurs.
Virginia is home to more than 800,000 small businesses, making up 99.5% of all companies in the state.
Capital is essential for scaling startups, supporting contractors, and expanding service industries.
SBA loans and state programs make it easier for entrepreneurs to secure financing with flexible terms.
Traditional Bank Loans
Virginia banks and credit unions—including Atlantic Union Bank, Truist, and Navy Federal Credit Union—offer small business loans. These typically require strong credit and established financials.
SBA Loans in Virginia
The U.S. Small Business Administration partners with lenders across the state to expand credit access. Options include:
SBA 7(a) Loans: Up to $5 million for working capital, refinancing, or property.
SBA 504 Loans: Long-term fixed-rate loans for property or heavy equipment.
SBA Microloans: Up to $50,000 for startups and smaller businesses.
SBA Disaster Loans: Available for businesses impacted by hurricanes, flooding, or other emergencies.
State and Local Financing Programs
Virginia Small Business Financing Authority (VSBFA): Provides loan guarantees, direct loans, and credit support.
Virginia Department of Small Business and Supplier Diversity (SBSD): Offers resources, certifications, and financing support.
Local economic development offices in Richmond, Fairfax, and other counties providing revolving loan funds.
Alternative Financing Options
Business lines of credit for ongoing cash flow needs.
Equipment loans for agriculture, construction, and manufacturing companies.
Invoice factoring to manage receivables.
Online lenders offering quick funding, often at higher interest rates.
Eligibility and Requirements
Most Virginia lenders review:
Business and personal credit history.
Tax returns and financial statements.
A clear business plan with growth projections.
Collateral for larger loans.
Loan purpose and repayment capacity.
Review eligibility and credit score
Gather financial and tax documents
Write or update your business plan
Compare SBA, state, and local loan programs
Contact SBA-approved or Virginia-based lenders
Submit loan application with documents
Await approval and funding
Tech and defense contractors in Northern Virginia financing growth.
Tourism and hospitality businesses in coastal areas like Virginia Beach.
Manufacturing and agriculture operations across rural regions.
Retailers and service providers in Richmond accessing SBA microloans.
SBA Virginia District Offices (Richmond and Northern Virginia) for SBA loan programs.
Virginia Small Business Financing Authority (VSBFA) for state-backed financing.
Virginia SBSD for certifications, resources, and loan support.
Virginia SBDC Network for free consulting and financial planning.
Applying without a strong business plan.
Overlooking VSBFA programs and state resources.
Borrowing more than projected revenue supports.
Ignoring SBA disaster loans after storms or flooding.
Expansion of funding for tech, biotech, and defense startups.
More support for women- and minority-owned businesses.
Growth in online SBA loan applications for quicker access.
From Richmond’s startups to Northern Virginia’s tech-driven firms and small-town businesses across the state, Virginia entrepreneurs have access to diverse financing solutions. SBA loans, state-backed programs like VSBFA, and local revolving loan funds provide the capital needed to grow and thrive.
Ready to secure financing? Contact the SBA Virginia District Office, explore VSBFA programs, and connect with your local SBDC. With the right strategy, your Virginia business can achieve lasting success.