Best SBA lenders
Best SBA lenders in Virginia
The most active SBA lenders in Virginia, ranked from every 7(a) and 504 loan in the SBA's public record, FY2010-2026. Manufacturers and Traders Trust Company leads with 1,497 loans funded.
By Mario Bailey · Source: SBA FOIA 7(a) and 504 data, FY2010–2026, as of 2026-03-31
Top SBA lenders in Virginia
The full Virginia ranking, by SBA loans funded since FY2010. Every figure is in-state: each lender's loans, dollars, average loan size, and 7(a) charge-off rate cover its Virginia lending only, not its national book. A charge-off rate appears only when a lender has at least 20 funded 7(a) loans in Virginia; below that line, and on 504-only lending, it reads “not reported,” never 0%.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust Company | 1,497 | $242.4M | $162K | 6.01% |
| 2 | Wells Fargo Bank National Association | 1,475 | $333.0M | $226K | 6.64% |
| 3 | Business Finance Group, Inc. | 1,193 | $895.2M | $750K | 7.69% |
| 4 | Truist Bank | 1,172 | $434.1M | $370K | 2.73% |
| 5 | 504 Capital Corporation | 675 | $392.3M | $581K | not reported |
| 6 | Atlantic Union Bank | 656 | $266.1M | $406K | 2.59% |
| 7 | TD Bank, National Association | 579 | $71.1M | $123K | 8.46% |
| 8 | Live Oak Banking Company | 463 | $643.4M | $1.4M | 1.94% |
| 9 | The Huntington National Bank | 450 | $212.6M | $472K | 0.44% |
| 10 | Primis Bank | 421 | $150.7M | $358K | 4.51% |
| 11 | Northeast Bank | 366 | $62.6M | $171K | 3.55% |
| 12 | BayFirst National Bank | 309 | $62.1M | $201K | 8.41% |
| 13 | Newtek Bank, National Association | 308 | $124.2M | $403K | 0.00% |
| 14 | Celtic Bank Corporation | 294 | $101.1M | $344K | 11.22% |
| 15 | Readycap Lending, LLC | 269 | $102.3M | $380K | 1.12% |
| 16 | Rappahannock Economic Development Corporation | 238 | $174.6M | $734K | not reported |
| 17 | Newtek Small Business Finance, Inc. | 228 | $146.9M | $644K | 0.00% |
| 18 | PNC Bank, National Association | 227 | $66.9M | $295K | 3.08% |
| 19 | The First Bank and Trust Company | 226 | $161.0M | $712K | 0.00% |
| 20 | Fulton Bank, National Association | 225 | $120.1M | $534K | 4.89% |
| 21 | First National Bank of Pennsylvania | 195 | $176.5M | $905K | 8.21% |
| 22 | United Midwest Savings Bank National Association | 185 | $61.6M | $333K | 10.27% |
| 23 | TowneBank | 181 | $112.5M | $622K | 2.76% |
| 24 | VelocitySBA, LLC | 178 | $5.6M | $31K | 12.92% |
| 25 | Bank of America, National Association | 167 | $54.1M | $324K | 0.60% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
7(a) banks vs 504 lenders (CDCs) in Virginia
The two SBA programs have different lenders. A 7(a) loan comes from one bank or credit union; a 504 project pairs a bank with a Certified Development Company (CDC), the nonprofit that funds the SBA-backed portion. The leaders in Virginia by each program's loans funded since FY2010:
- 1. Manufacturers and Traders Trust Company 1,497 loans
- 2. Wells Fargo Bank National Association 1,475 loans
- 3. Truist Bank 1,172 loans
- 4. Atlantic Union Bank 656 loans
- 5. TD Bank, National Association 579 loans
- 1. Business Finance Group, Inc. 1,167 loans
- 2. 504 Capital Corporation 675 loans
- 3. Rappahannock Economic Development Corporation 238 loans
- 4. Chesapeake Business Finance Corporation 26 loans
Counts are each program's funded loans in Virginia. How the two programs differ: 504 vs 7(a), by the data.
Where SBA lending concentrates in Virginia
The 3 industries with the most SBA loans in Virginia since FY2010, and the most active lender in each. A lender that leads your industry locally can matter more than the overall #1.
| Industry | Loans | Total funded | Most active lender |
|---|---|---|---|
| Professional and Technical Services | 2,538 | $1.0B | Manufacturers and Traders Trust Company (313 loans) |
| Accommodation and Food Services | 2,236 | $1.6B | Manufacturers and Traders Trust Company (196 loans) |
| Health Care and Social Assistance | 1,920 | $1.1B | Business Finance Group, Inc. (212 loans) |
Full industry, city, and yearly breakdowns: SBA lending in Virginia.
How this ranking works
- “Most active” means loans funded. The ranking counts every SBA 7(a) and 504 loan funded to Virginia businesses in the SBA's public FOIA record, FY2010–2026, as of 2026-03-31. No lender pays to appear or to rank, and activity is not a fit score: the right lender for you depends on your industry, loan size, and timeline.
- The 10-loan line. A lender enters the Virginia table only with at least 10 loans funded in-state, so one-off activity never reads as a track record. Industry cells above are held to at least 30 loans.
- Charge-off is 7(a)-only and needs 20+ loans. The SBA reports charge-offs on 7(a) loans, never on 504 loans. We show an in-state rate only when a lender has at least 20 funded 7(a) loans in Virginia; anything thinner reads “not reported,” never 0%. It is a charge-off share of funded loans to date, not a lifetime default rate.
- Name collisions are excluded, and counted. The SBA does not normalize lender names across mergers and rebrands, so one name can blend several unrelated institutions. Flagged names are never ranked on this page; each exclusion is disclosed under the table.
The exact calculations and limits: methodology.
Best SBA lenders in Virginia: frequently asked questions
Who is the most active SBA lender in Virginia?
Manufacturers and Traders Trust Company is the most active SBA lender in Virginia in the public record, with 1,497 7(a) and 504 loans funded since FY2010 ($242.4M in Virginia). The ranking counts loans funded, never who pays us.
Do these lenders only serve Virginia?
No. The ranking measures activity in Virginia: loans funded to Virginia businesses in the SBA's record. Many of these lenders are national or multi-state institutions; the loans, dollars, and charge-off figures shown are their Virginia lending only.
What's the difference between a 7(a) lender and a CDC?
A 7(a) lender is a bank or credit union that funds an SBA-guaranteed loan directly. A Certified Development Company (CDC) is a nonprofit that funds the SBA-backed portion of a 504 project alongside a bank. Charge-off is reported only on 7(a) loans, so a 504-only CDC shows "not reported," never 0%.
How many SBA lenders are active in Virginia?
131 lenders have funded at least 10 SBA loans in Virginia since FY2010 in the public record (as of 2026-03-31). The table above names the 25 most active of them; names that blend several same-named institutions are excluded from rankings.
Mario Bailey. (2026). Best SBA lenders in Virginia. SBA Loan Index. https://sbaloanindex.com/best-sba-lenders/in/va/
Free to cite and quote with attribution and a link. Members of the press can reach us via our press page.
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