From October 2023 through September 2026, Virginia businesses received 3,204 SBA 7(a) loans totaling $1.68B, net of cancellations. That ranks 18th of 52 by number of loans and 16th by dollars. The median loan was $211K at a median starting rate of 10.25%. In FY2026 alone, lenders approved 1,122 Virginia loans for $608M before cancellations.
What stands out in Virginia
A franchise-heavy market
Franchise businesses took 18.5% of Virginia's 7(a) loans, against 11.0% nationally. The most frequent brands were The Learning Experience (11), The UPS Store (10), Super 8 by Wyndhan (10).
More startup lending
Loans to open a new business made up 23.8% of Virginia's 7(a) loans, against 16.1% nationally; counting businesses two years old or younger, the share is 39.3%.
Professional services stands out
Professional services accounted for 14.5% of Virginia's 7(a) loans (466 loans), 1.4 times its 10.2% national share. The median professional services loan in Virginia was $180K at a median rate of 10.50%.
What a typical Virginia SBA loan looks like
| FY2024-FY2026, not cancelled | Virginia | United States |
|---|---|---|
| Median loan | $211K | $175K |
| Average loan | $525K | $508K |
| Median starting rate | 10.25% | 10.25% |
| Variable-rate loans | 90.4% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 44.2% | 49.0% |
| Loans of $500K or less | 75.8% | 76.9% |
| Loans of $1M or more | 13.3% | 13.6% |
| Startups (loan opens the business) | 23.8% | 16.1% |
| Startups and businesses 2 years old or less | 39.3% | 32.0% |
| Change of ownership (buying a business) | 10.4% | 10.9% |
| Franchise businesses | 18.5% | 11.0% |
| SBA Express loans | 30.6% | 35.8% |
| Jobs supported (reported at approval) | 37,310 | 1,733,816 |
Most frequent franchise brands among Virginia 7(a) loans: The Learning Experience (11), The UPS Store (10), Super 8 by Wyndhan (10).
Virginia SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 1,205 | 1,497 | 1,122 |
| Dollars approved | $555M | $757M | $608M |
| Loans not cancelled | 1,061 | 1,191 | 952 |
| Median loan | $160K | $236K | $250K |
| Median rate | 11.25% | 10.25% | 9.50% |
| Loans of $150K or less | 49.8% | 42.0% | 40.9% |
| SBA Express share | 30.7% | 26.0% | 36.3% |
FY2026 approvals in Virginia changed by −25.1% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Virginia
| Lender | Loans | Share of state |
|---|---|---|
| 1. Manufacturers and Traders Trust Company | 409 | 12.8% |
| 2. The Huntington National Bank | 223 | 7.0% |
| 3. Newtek Bank, National Association | 194 | 6.1% |
| 4. Readycap Lending, LLC | 168 | 5.2% |
| 5. Northeast Bank | 152 | 4.7% |
| 6. Live Oak Banking Company | 138 | 4.3% |
| 7. Wells Fargo Bank National Association | 117 | 3.7% |
| 8. TD Bank, National Association | 100 | 3.1% |
| 9. BayFirst National Bank | 96 | 3.0% |
| 10. First Community Bank | 70 | 2.2% |
Industries that borrow most in Virginia
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Professional services | 466 | 14.5% | $180K | 10.50% |
| Restaurants and hotels | 440 | 13.7% | $402K | 10.00% |
| Health care | 382 | 11.9% | $250K | 10.25% |
| Construction | 350 | 10.9% | $175K | 10.50% |
| Other services (repair, personal care) | 320 | 10.0% | $200K | 10.25% |
| Retail | 288 | 9.0% | $150K | 10.50% |
| Administrative and support services | 226 | 7.1% | $193K | 10.25% |
| Arts, entertainment and fitness | 173 | 5.4% | $333K | 10.00% |
Where in Virginia the loans go
| County | Loans |
|---|---|
| Fairfax | 610 |
| Loudoun | 280 |
| Prince William | 194 |
| Henrico | 175 |
| Virginia Beach City | 165 |
| Chesterfield | 131 |
| Richmond City | 104 |
| Chesapeake City | 95 |
| City | Loans |
|---|---|
| Alexandria | 180 |
| Richmond | 176 |
| Virginia Beach | 166 |
| Fairfax | 126 |
| Fredericksburg | 115 |
| Chesapeake | 96 |
| Arlington | 93 |
| Manassas | 86 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Virginia
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Virginia | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 327 | 18,076 |
| 504 dollars | $294M | $20.82B |
| Median 504 loan | $488K | $742K |
| Jobs supported (reported at approval) | 2,881 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Business Finance Group, Inc. | 173 |
| 504 Capital Corporation | 95 |
| Rappahannock Economic Development Corporation | 57 |
How older loans performed
Of the 1,194 SBA 7(a) loans approved for Virginia businesses in FY2020 and FY2021 (not cancelled), 42 had been charged off by September 30, 2026: 3.5% by count and 0.8% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Virginia
Virginia loans are split between the Richmond District Office (64% of loans) and the Washington District Office (36% of loans). District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Virginia
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in Virginia?
Lenders approved 1,205 SBA 7(a) loans for Virginia businesses in FY2024, 1,497 in FY2025 and 1,122 in FY2026, before cancellations. Net of cancelled loans, the three years total 3,204 loans worth $1.68B, plus 327 SBA 504 loans worth $294M.
Which banks make the most SBA loans in Virginia?
In FY2024 to FY2026 the most active 7(a) lenders in Virginia were Manufacturers and Traders Trust Company (409 loans, 12.8%), The Huntington National Bank (223 loans, 7.0%), Newtek Bank, National Association (194 loans, 6.1%).
What is the typical SBA loan size and rate in Virginia?
The median 7(a) loan in Virginia was $211K and the average was $525K. The median starting interest rate was 10.25%, 90.4% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Virginia by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Arizona, Maryland, Utah, Indiana, or see all states.