SBA loans by state
SBA loans in Virginia: 1,122 approvals in FY 2026, median $245,000
24% of loans went to businesses not yet open. Franchises took 22% of loans.
Independent site, not a lender and not affiliated with the U.S. Small Business Administration. Loans are applied for only with an SBA lender.
Your loan against approvals in your state
Example, not your result yet· change a figure to see yours
Virginia: 7(a) loans approved last year
1,122
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Virginia: median rate at approval, $50,001 to $250,000 | 9.75% |
| Virginia: median 7(a) loan last year | $245,000 |
| Payment over 10 years, SBA fee added to the loan | $3,311/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Virginia, FY 2026: 1,122 SBA 7(a) approvals for $607.8 million (17th of the 50 states and DC, SBA file of September 30, 2026). 24% of loans went to businesses not yet open. Franchises took 22% of loans. Only 11% of the loans came from lenders based in Virginia. Variable rates dominated: only 7% of loans were fixed. The state stood out for loans to custom computer programming services. 13% of variable loans were priced at the SBA maximum. Loan sizes were even, with an average of $541,733. Business purchases were rare, 11% of loans. Only 12% of loans went to businesses under two years old. 25% of loans had their guaranteed part sold to investors. Few loans ran past 15 years: 10%. Today’s cap on a $245,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| M&T Bank | 194 | $75,000 | 9.75% | New York |
| Newtek Bank | 118 | $150,000 | 9.75% | Florida |
| Northeast Bank | 83 | $150,000 | 9.75% | Maine |
| Live Oak Banking | 61 | $350,000 | 9.24% | North Carolina |
| Huntington National Bank | 52 | $250,000 | 9.25% | Ohio |
A start-up state
With 24% of loans going to businesses not yet open, Virginia ranks 5th highest among the 50 states and DC for start-up lending. Every one of those borrowers had to put in at least 10% of the project cost, under SOP 50 10 8.1.
Franchise lending stands out
22% of Virginia’s loans went to franchise units, the highest among the 50 states and DC. The UPS Store, The Back Nine and Super 8 by Wyndhan / Super 8 appeared most often.
Most Virginia loans come from out-of-state lenders
Only 11% of Virginia’s 1,122 approvals came from a lender based in the state (26% on average). The volume went to lenders that work across many states, led here by M&T Bank, Newtek Bank and Northeast Bank. Local lenders also priced lower: their median variable margin was 2.25 points over prime, against 2.75 points for lenders based elsewhere.
Fixed rates almost absent
Only 7% of Virginia’s loans were fixed-rate, 7th lowest among the 50 states and DC. Almost every borrower here carries a prime-based rate whose payment moves when prime does.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 209 | 10.75% | 13.50% |
| $50,001 to $250,000 | 407 | 9.75% | 13.00% |
| $250,001 to $350,000 | 148 | 9.75% | 11.50% |
| over $350,000 | 358 | 9.00% | 10.00% |
More common here than nationally: custom computer programming services
17 Virginia loans went to custom computer programming services, 3.1 times the national share for that trade. The most frequent trades overall were full-service restaurants, limited-service restaurants and fitness and recreational sports centers. A practice or agency is bought for its client base, so these loans are mostly changes of ownership under SBA’s rules for buying a business, with few hard assets behind them.
Many loans priced at the ceiling
13% of Virginia’s variable loans were at the maximum SBA allows for their size, against 11% nationally. Almost all of those are loans of $50,000 or less, where the cap is prime plus 6.5 points; in that band 43% of Virginia’s loans were at the cap.
Loan sizes are even
The average Virginia loan, $541,733, was only 2.2 times the median, one of the narrowest gaps in the country: few very large loans, and a market built around mid-size ones.
Few business purchases
Only 11% of Virginia’s approvals financed a change of ownership (13% nationally). Most of the money went to owners expanding, equipping or adding working capital to a business they already run.
Counties with the most approvals: Fairfax (229), Loudoun (90) and Prince William (81). Trades: full-service restaurants (55), limited-service restaurants (52), fitness and recreational sports centers (39), snack and nonalcoholic beverage bars (26) and hotels and motels (25).
All states compared.