Virginia Small Business Loans: Still in search for a small business loan at Virginia? This article alights all the best Small Business Loan available at Virginia.
Small business owners in Virginia have many funding options including state and local grants and traditional and online lending products.
Virginia Small Business Loans
Virginia is among the states with the most potential when it comes to bolstering its entrepreneurial scene. The average loan size for a resident in Virginia is $405,000.
There are plenty of banks and credit unions that offer small business grants in Virginia. However, here are a few banks that support the Small Business Administration (SBA).
SunTrust is one of the leading small business lenders in VA. Today, this bank offers a variety of lending options to small business owners including business term loans, SBA, loans, equipment financing, commercial mortgages, lines of credit, and SBA working capital loans. Loan terms vary by product.
Rate & Fees: Rates and fees vary based on the lending product you choose; however, all applicants are urged to contact their local SunTrust branch to speak with a representative to gain insight into current rates.
Eligibility: SunTrust does not disclose specifics about eligibility and interested business owners should contact their local branch or call a representative at 877.370.5108.
Bank of America
Bank of America has branches across Virginia where small business owners can apply for short-term loans, SBA loans, lines of credit, auto loans, equipment loans, and commercial real estate loans. Loan limits and terms vary by product. Short-term loans are available from $10,000 to $100,000 for 12 – 60 months.
Rates & Fees: Rates and fees vary based on product. Therefore, short-term loans have fixed rates of 5.75% or less with a $150 origination fee. To learn more about the rates and fees as they relate to other small business financing products, contact your local Bank of America.
Eligibility: All loan products have different eligibility requirements. To get a short-term loan through Bank of America. You must be in business for at least 2 years, have annual revenue of $100,000 less and have a FICO score of at least 670.
Wells Fargo offers unsecured business loans, lines of credit, business real estate financing, healthcare practice financing, and SBA loans. Small business loans are available from $10,000 to $100,000 with terms of one to five years.
Rates & Fees: Wells Fargo rates and fees vary based on the loan product as well as your creditworthiness and loan value, among other factors. However, if you’re searching for a short-term business loan in Virginia, you can expect an interest rate as low as 8.00%.
Eligibility: To be eligible for a Wells Fargo small business loan, you must be a banking customer, have excellent credit, and be able to show strong financial performance through your banking activity. For information on loan requirements as they relate to other lending options, you can contact your local Wells Fargo branch.
Virginia Small Business Grants
Grants are funds you don’t have to repay. Here are some options for small business grants in Virginia.
USDA Rural Development Virginia
Deadline: March 29
Worth between $10,000 and $500,000, this grant is available to small businesses in rural Virginia that employ 50 or fewer people and have an annual revenue of at least $1 million. Funds are only approved for specific applications including training, acquisition of land, pollution control, and feasibility studies.
Small Business Jobs Grant Fund Program
Deadline: Contact SBSD for details
This grant provides $500 – $2,000 to offset hiring costs. It’s only available to companies that have average annual revenue of $3 million and that employ 50 or fewer people. Only the following sectors are eligible: Manufacturing, Distribution Centers, Research & Development, Information Technology Services to Business, and Inbound Call Centers.
Port of Virginia Economic and Infrastructure Development Grant
Deadline: March 31
The POV grants, which offers up to $500,000 in funding, helps companies that want to open or expand a maritime-related employment center in the Commonwealth of Virginia. Grants are typically available to businesses that create at least 25 new full-time positions and are involved in maritime commerce or export/imports from the Port of Virginia.
The Virginia Economic Development Incentive Grant (VEDIG)
Deadline: Contact VEDP
VEDIG is designed to encourage employment. Eligibility requirements vary based on the company location and whether or not the company has a current presence in Virginia. Further, award amounts also vary based on several factors including the number of jobs, wage levels, ROI, and region demographics including unemployment and poverty rates.
The Virginia Investment Performance Grant (VIP)
Deadline: Contact VEDP
VIP is available to existing VA companies that make a capital investment that results in “added capacity, modernization, increased productivity, or the creation development, and utilization of advanced technology.” Award amounts vary based on numerous factors including wage levels, new jobs created, overall employment, total capital investment, etc.
Small Business Investors in Virginia
When you seek funding from investors, they may take a share of business profits – but they also share risk with you. Here are some options for small business investors in Virginia.
Village Capital is a venture capital firm that specializes in early-stage investments. The firm is dedicated to solving societal programs. They typically invests in companies in the health, education, and financial inclusion sectors, as well as those that specialize in resource sustainability.
Tall Oaks Capital
Tall Oaks Capital is a seed and early-stage investment group that also provides strategic guidance and long-term investment support.
It currently co-invests in over 45 firms and typically invests between $50,000 and $1,500,000. Tall Oaks Capital most often works with companies in the healthcare and information technology sectors.
Liquid Capital Group
In particular, the group prefers to work with companies in the following sectors: Digital Rights Management, Digital Security, Data Mining and Intelligent Computing, Electronic Commerce, Personal Area Networking, Mobile Computing, and IP-based Communications.
Other Online Lenders
While there are benefits to working with a local lender, you don’t need to limit your funding search just because you are located in Virginia. There are online lenders that offer a variety of products for small businesses. Here are a few of our favorites.
Fundbox offers lines of credit and invoice factoring to small business owners. Typically approved borrowers can access up to $100,000. Interest rates vary based on a variety of factors including the lending product you select, your revenue, and your creditworthiness.
To be eligible you must use a supported accounting software program. There are no minimum credit score requirements.
BlueVine provides business lines of credit up to $250,000 and invoice factoring lines of credit up to $5 million. Payment terms typically range from 6 – 12 months, though payments structures may vary based on the type of funding you choose. Fixed rates for the lines of credit start as low as 4.80%.
To apply for a loan or line of credit, you must have a FICO score of 600 or higher, be in business for at least 6 months and have at least $100,000 in revenue.
To be eligible for invoice factoring, you must have a FICO score of at least 530, be in business for at least 3 months, and be a B2B business. You must also be able to provide basic information about the invoices and have at least three months of banking activity.
Funding Circle is a P2P lender that offers short-term business loans of $25,000to $500,000 for 6 – 60 months fixed interest rates typically range from 4.99%to 22.99%. There is also an origination fee between 3.49% – 6.99%.
To be eligible, you must have a FICO score of at least 620, There are no minimum annual revenue requirements, but you must be in business for at least two years and be able to show at least six months of recent bank statements.
If you need funding for your business, there are several options available. If you have the time, reviewing grant options is often the most affordable way to access fund. Therefore, loans from both traditional and online lenders can get your funds much quicker with far fewer stipulations.