Best Small Business Loans in Virginia 2024: Finest Selection

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Best Small Business Loans in Virginia

In 2023, the landscape for small business loans in Virginia is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Virginia LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Virginia. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Virginia. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Virginia banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Virginia

We will discuss Virginia’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Virginia. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Virginia LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

Which banks in Virginia cater to small businesses?
Some of the best small business banks in Virginia are Virginia National Bank, First Bank, Blue Ridge Bank, Access National Bank, and Union Bank & Trust.
What is the interest rate offered by Virginia’s small business banks on loans?
Interest rates vary depending on the bank, type of loan, and creditworthiness of the borrower.
What types of loans can small businesses apply for in Virginia?
Small businesses in Virginia can apply for various types of loans, such as Business Term Loans, Commercial Mortgages, Business Lines of Credit, SBA Loans, Equipment Financing, and Merchant Cash Advances.
Which banks provide the most comprehensive small business banking services in Virginia?
Union Bank & Trust, Virginia National Bank, and Access National Bank offer an array of small business banking and loan services.
Which banks in Virginia provide digital banking services for small businesses?
First Bank, Blue Ridge Bank, Union Bank & Trust, and Access National Bank all offer digital banking and online account management services for small businesses.
Are there any advantages of banking with local small business banks in Virginia?
Small business banks in Virginia offer a local touch, a better understanding of the market, and a more personal touch as compared to larger national banks.
What documents should small businesses in Virginia have ready when applying for loans?
Financial statements, business plans, tax returns, and personal identification documents are some of the essential documents required for a small business loan application in Virginia.
What types of businesses can apply for loans in Virginia?
Independent contractors, sole proprietors, partnerships, and corporations are all businesses that can apply for loans in Virginia.
How long does it take to process a loan application with a small business bank in Virginia?
It depends on the type of loan and bank’s response timelines. Typically, applications take anywhere between a day to several weeks to process.
Do small business banks in Virginia offer flexible payment terms on loans?
Yes, small business banks in Virginia indeed offer flexible and customizable payment structures on loans.
Which Virginia small business bank offers the highest interest rates on deposit accounts?
Interest rates on deposits change regularly. Consider consulting with various banks to determine which provide the best offers at any given time.
Is it essential to have a business account when opening a small business loan account?
It is generally preferred or a requirement for opening a small business loan account in Virginia.
How can businesses in Virginia improve their chances of qualifying for financing?
Properly preparing documents, bolstering credit scores, displaying the ability to repay, and increasing returns indicate fiscal fitness making it more probable to qualify for financing.
What are some steps businesses can take to start the banking application process?
It begins with formalizing a business plan virtually or visit the small business banking representatives in Virginia directly.
What are some critical steps that businesses must follow to secure financial security?
Staying operational, showing adequate cash flow, saving and depositing earnings when positive all indicate fiscal security.
Which Virginia small business banks have received awards for excellent customer service?
Union Bank and Trust have consistently received awards for prominent customer service in Virginia.
How has virtual banking helped Virginia’s small business owners with their finances?
Increased convenience such as managing accounts via one portal, advanced bill pay solutions, the personalization of bank recommendations, better monetary data securements, and instant lending and funding opportunities.
What are the advantages of applying for small business loans in Virginia instead of larger ones out of state?
More personable, local educational experiences representing markets better due to intimate knowledge of Virginians entrepreneur and the small business operating climate.
Which small growth business bank accounts best facilitate substantial startup funding?
Access National Finance and Atlantic Union Bank show consistently efficient in supporting those requiring substantial initial funding for startups.
What are some of the common financing issues that small businesses face when taking out business loans?
Perverse card conditions interest insurmountable credit requirements and unforgiving credit conditioning.
What are microloans, and are they offered by Virginia banks?
Microloans are loans for small amounts. Depending on the bank in Virginia, small businesses may be offered microloans where routine application procedures aren’t always accurate.
What alternatives are available to Virginia small businesses in need of swift financial assistance?
An equally crucial developmental alternative that small businesses struggling with cash flow should also consider is leveraging technology that could positively streamline operations- thereby reducing burdens associated with struggles.
Can small business owners in Virginia use their retirement accounts to fund their operations?
The activation of a ROBS included ordinary business insurance as associated expenses amongother financingvehicles VA’S small owners can leverage.
What type of loans are offered to cover rapid unexpected operational expenses?
Lines of credit LOCS to deferred access require relatively les counter-restraints than most other types of small business loans/Virginia business banks can facilitate.
Can a small business designate additional founders other than its original representitative?
The business must establish a maximum, consensus nature and continue to functioning adequately- through until employing staff forces exceeding those suggested practices.
What if a Virginia-based small business owner loses its principal guarantor or alternative accounts?
A small business’s back-up banking might could switch over to offered techniques thereby issuing small business loans including defined amounts/ arranged spending soloutions.
What are the primary legal statutes indetured in Virginia that affect loan acquisition?
B-bill SBOT legislature determines and regulates loan acquisition limits, requirements competitive analysis and lender sponsor contracts.
Who qualifies for startup acquisition VA’s small business loans?
It varies according to banks applying mandates including requirement definitions. However, every owner must possess strong credit scores, IDs, reports and accomplished previous planning as future operations predictions. EOF That finishes our 30 questions and answers!
What are some of the best small business banks in Virginia?
Some of the best small business banks in Virginia are BB&T, Wells Fargo, Capital One, and Union Bank & Trust.
What types of loans do these small business banks offer?
These small business banks offer different types of loans, including term loans, lines of credit, equipment loans, and SBA loans.
Are there any specific small business banks that are better for start-ups in Virginia?
Union Bank & Trust is a great option for start-up businesses in Virginia.
Are there any small business banks in Virginia that offer online banking services?
All small business banks in Virginia do offer online banking services, allowing you to manage your finances securely and efficiently from anywhere.
What are the fees charged by small business banks in Virginia?
The fees charged by small business banks in Virginia vary depending on the bank and the services you use. Be sure to read the fee schedule carefully before signing up.
Do small business banks in Virginia offer cash management services?
Yes. Most small business banks in Virginia offer cash management services that allow you to effectively manage your business’s cash flows, including account balances, payments, and transfers.
Which small business banks in Virginia offer free business checking accounts?
Several small business banks in Virginia offer free business checking accounts, including BB&T, Capital One, PNC Bank, and SunTrust.
Do small business banks in Virginia offer merchant services?
Yes, most small business banks in Virginia offer merchant services, such as credit card processing and payment gateways, to help businesses accept payments securely and efficiently.
Which small business banks in Virginia offer remote deposit services?
BB&T, Union Bank & Trust, and Wells Fargo are examples of small business banks in Virginia that offer remote deposit services to help businesses deposit checks from their office or storefront.
Can I access a small business loan as a non-US citizen in Virginia?
Yes, if you have a valid visa, you can access loans for small businesses from several financial institutions in Virginia.
Can I access a loan as a Virginia resident if my business operates outside of the state?
Yes, most small business banks in Virginia provide loans to businesses based on the creditworthiness and income of the companies.
Are there special incentives to Virginia small businesses?
Yes, some small business banks in Virginia offer available incentives for Virginia small businesses to help offset the costs of doing business.
How can I open a business account in Virginia?
To open a business account in Virginia, you’ll usually be required to offer identification information, typically a valid ID. You’ll be required to fill out an online application as well.
Are small business banks in Virginia FDIC insured?
Yes, all small business banks in Virginia are FDIC insured, giving you peace of mind that your deposits are backed by the full faith and credit of the United States government.
Are there any small business banks in Virginia that specialize in business expansions?
Some small business banks in Virginia specialize in business expansions. Capital One is one example of this.
Does Wells Fargo offer business savings accounts in Virginia?
Yes, Wells Fargo offers 2 different savings accounts that cater to businesses in Virginia.
What can Bank of America offer for small business account holders in Virginia?
Bank of America can offer online banking benefits and $200 cash bonus for those who obtain a qualifying checking account.
Is there an online-only small business bank available in Virginia?
National Cooperative bank, is an online-only bank, offering an array of banking solutions catering to small businesses.
Do these small business banks in Virginia offer wire transfer services for transactions?
Yes, most small business banks in Virginia offer wire transfer services for transactional purposes.
Which banks offer tax and payroll services to small businesses in Virginia?
Many small business banks in Virginia offer tax and payroll services to small businesses, like PNC BANK, The National Bank of Blacksburg, Virginia National Bank and First Bank.
Do small business banks in Virginia offer incorporated retirement services?
Incorporated retirement accounts can be accessed through banks like Union Bank & Trust and Navy Federal Credit Union in Virginia.
What benefits does Union Bank & Trust offer on their business credit cards?
cash and bonus back rewards on selected transaction. Associated triple layer security giving reassurance for added safety with purchases and relocation of funds.
How would a small business in Virginia acquire a loan from Atlantic Union Bank?
Contact Atlantic Union Bank via phone, online, or visit one of their branch locations to access loan solutions according to your needs.
Do banks discriminate against small businesses in Virginia on the basis of their business size?
No, small business banks can offer custom solutions regardless of the businesses’ size in Virginia.
What advantages coincide with applying for an SBA 7a loan through First-Citizens Bank in Virginia?
Few incentives include lower interest rates and down payments comparing to traditional business loans, flexible repayment and long fall maturity rates.
Will S&T; Bank allow on-site ATM access with available business banking accounts?
Yes, as an add-on, S&T; enables clients to utilize and start fiscal inclusion rounds for transactions.
Does United Bank have locations just for banking on Small Businesses in Virginia?
Yes.. “United Banking for Businesses is intended to support companies with commercial goals across any level of operation where they lack resources or systems in by guiding companies by creating tailored products according to their requirements.

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Conclusion

As Virginia, also known as The Old Dominion continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Virginia economy.

When looking for the best small business loans in Virginia, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Virginia LLC or growing your existing LLC in Virginia, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Virginia.

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