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Are you looking for Virginia’s best business loans & startup financing companies? For your small business in the Mother of the States, many banks, credit unions, and unconventional lenders are offering different loan types. Don’t forget that more than 818,000 small businesses operate in the state of Virginia. They make up over 99% of all businesses in this important region.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 8 business loans & startup financing options in Virginia to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Virgina-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Blue Ridge Bank

Blue Ridge Bank is the perfect lending partner for Virginian corporations looking to expand. If you are looking to start a new business in this state, then you may also use Blue Ridge Bank to embark on your new entrepreneurial journey. Affordable financing options are available at this banking establishment. At the Blue Ridge Bank, you get local processing, fast decision-making, flexible terms & conditions, competitive rates, and thorough services. Both secured & unsecured installment loan options are available at this lender.

3. First Bank and Trust Company

The average rate of interest at this bank is over 4.60%. However, the average loan amount here is $1.206 million. This amazing banking establishment has been providing lending services in Virginia, North Carolina, and Tennessee for the past four decades with many branches existing in multiple locations. It has five loan offices where you can get exact information about your loan options. The First Bank will meet all your commercial lending needs. So, learn about the SBA loan options that are available at this location. That’s how you can reach the heights of success in entrepreneurship.

4. EagleBank

EagleBank is yet another lending option for Virginia-based businesses that are prevented by the lack of funding from reaching their full potential. You can utilize this funding to purchase office equipment, invest in commercial real estate, acquire another business, or buy business vehicles easily. Business owners may secure working capital lines of credit of values up to $350k. You may use this working capital (loans or lines of credit) to either start a new business or expand your existing company. That’s how EagleBank will lead to business growth efficiently.

5. Carter Bank

This commercial bank will give you ample funding so your business can easily stay on its feet. It will offer you flexible financing, government-backed funding, local decision-making, competitive rates, flexible terms & conditions, and other benefits. The branches of this bank are located both in Virginia and North Carolina. So, get in touch with Carter Bank’s agents to see how they can help your business grow.

6. 1st Advantage Federal Credit Union

At this federal credit union (FCU), you can find ample help & support for your Virginia-based business. So, this federal credit union will link you with diverse funding options in the Mother of the States. You can get all the most famous borrowed funding opportunities, such as 504, express, and 7(a). So, you can choose a lending option that fits your needs. Moreover, the 1st Advantage FCU will offer you convenient terms and flexible rates. So, if you need quick decision-making, local expertise, and a credit union that understands Virginia’s corporate sector, 1st Advantage is your choice!

7. Chesapeake Bank

At the Chesapeake Bank, Virginian startups can easily apply for diverse funding options. That’s how you can stay on your feet and reach new heights of success in the modern corporate world. The main office of this lender is in Kilmarnock, Virginia. So, this lender will give you personalized terms with flexible options at very competitive rates. As per the bank’s website, these are some of the key features of this lender:

• Local lender decisioning for fast access to financing
• Competitive rates and personalized terms to get the most for your business
• Easy fixed monthly payments
• Auto-debit payments to save time
• Online business banking services to help manage your loan
• Business checking accounts with complimentary bill pay

8. Old Point National Bank

At Old Point, you can borrow enough money to help your business grow. So, this lender helps lots of startups based in Virginia get amply funded. So, you may open a new line of credit or simply take out a hefty loan to have 24/7 access to much-needed cash for your commercial needs. You can use this money for the following purposes:

• Working Capital Lines of Credit
• Equipment Financing
• Commercial Real Estate Financing
• Asset-based Inventory and Accounts Receivable Financing
• Standby Letters of Credit
• Tax-exempt Bond Financing
• Financing for Mergers, Acquisitions, ESOPs, and other changes of ownership and recapitalizations.

Virginia Government Resources

Check out these government resources about business grants/funding and startup financing options in Virginia:

• Virginia Small Business Financing Authority
• Grants, Funds & Finance
• Department of Economic Initiatives – Fairfax Founders Fund
• Funding & Competitions in Loudoun County
• Resources & Business Support Agencies in Rappahannock County

Top Cities in Virginia for Business Loans

Curious to know which Virginian cities are the best for business loans and startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Virginia Beach
2. Norfolk
3. Chesapeake
4. Richmond
5. Newport News
6. Alexandria
7. Hampton
8. Roanoke
9. Lynchburg
10. Charlottesville
11. Danville
12. Kilmarnock
13. Manassas
14. Fredericksburg
15. Winchester
16. Petersburg
17. Washington
18. Falls Church
19. Sterling
20. Leesburg
21. Herndon
22. Radford
23. Martinsville
24. Ashburn
25. Flint Hill
26. Waynesboro
27. Covington
28. South Boston
29. Abingdon
30. Sperryville

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Virginia in this economy. You should also look into West Virginia’s top 7 best business loans & startup financing companies because some of them cater to the unique needs of startups located in the Mother of all States.

Now, choose a lender that offers you flexible loan terms and interest rates. So, check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.