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Find the Best Business Loan Companies in Richmond, VA

Whether you’re opening a coffee shop in Carytown or setting up an art studio in the Museum District, a business loan can help you establish your business. The Richmond Times-Dispatch has partnered with ConsumerAffairs to create this guide by comparing local popularity and loan selection of 20 businesses and choosing nine favorites from the top commercial lending companies in Richmond.

Companies pay ConsumerAffairs to be accredited, and the Richmond Times-Dispatch and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

Compare Richmond Commercial Lending Companies

Types of business loans in Richmond

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Finding a lender in Richmond is fairly easy, but getting approved for a business loan with fair rates and terms can take a bit of time. That’s because lenders set their own rules for approval, which is why it’s extremely important to compare different lenders and their terms before settling on one. Most lenders will offer a pre-qualification or preapproval letter that will outline the interest rates, term length and lending amount, which you can use to compare options to find the right loan for your needs.

Popular types of business loans in Richmond include the following:

  • Commercial mortgage loan: A commercial mortgage loan is for a business owner who needs to buy real estate in order to grow their business. Many business owners in Richmond are buying old buildings and renovating them. This type of business real estate financing can help cover those costs.
  • Business line of credit: Business lines of credit offer owners the flexibility of financing when and if they need it. With a line of credit, business owners have access to a certain amount of funds every month that they can use as they wish. This is similar to a business credit card, but without the rewards and typically with a lower interest rate.
  • SBA loan: SBA loans are financing options offered in conjunction with the Small Business Administration. With an SBA loan, the SBA guarantees a certain portion of a loan to make it more appealing to a lender that is otherwise hesitant to lend to a business owner. These government loans for businesses are a great option, but also usually come with higher standards for approval and take longer to obtain.
  • Equipment financing loan: Equipment financing loans can only be used to purchase equipment or vehicles for a business. These types of loans use the equipment as collateral in case the borrower defaults on the loan. Rates on equipment financing loans are generally attractive.
  • Merchant cash advance: Just like a traditional cash advance, a merchant cash advance is a lump sum payment for business owners who need cash fast. With an MCA, lenders look at how much a business makes in a day or week to assess how much it can realistically pay back in a short period of time. Rates are typically very high with these types of advances, but funds are available quickly.
  • Business term loans: Business term loans provide a lump sum of capital upfront, which a business then pays back in fixed payments over time. Typically, there are two different types of term loans: short- and long-term loans. Short-term loans are better for small projects that can be paid back in a shorter amount of time without costing the business too much. A long-term business loan is better for investments that require a lot of money, like expanding the business to a new location, where paying back over a longer period of time is a better financial decision.

There are also a few other types of business loans available to business owners, like business invoice financing and business microloans. Microloans are small amounts of money given to small businesses that need some financial support. Business invoice financing is a specific, asset-based financing option that utilizes outstanding customer invoices as collateral for funds.

It is highly recommended that you do your research before going to a lender so that you can make an educated decision. You should also only work with lenders that have a strong reputation. Read reviews from customers, and ask people you trust if they have recommendations on lenders.

How to get a business loan in Richmond

Before getting a business loan in Richmond, research the various options and the associated lending requirements. Have an idea of how much you want to borrow, and check your business credit report and your personal credit report to find out areas where you can improve your creditworthiness.

It helps to have the right documents ready. You should have financial statements, bank statements, financial projections, multiple years of tax returns and your business license ready when applying for a business loan in Richmond. Allow yourself enough time to shop around for a business loan with the most favorable terms.

Richmond business loan FAQ

Do banks in Richmond give loans to start a business?

Yes, some banks in Richmond provide startup loans for businesses. Some also work with the Small Business Administration to offer more affordable rates and terms for new business owners as well.

What is a 504 loan program?

The 504 loan program provides long-term, fixed-rate financing to approved small businesses that can be used to modernize or expand a business. This is a program through the Small Business Administration, which works with community-based partners.

What business development resources exist in Richmond?

Certain organizations in Richmond are designed to support the quick and efficient growth of businesses, including the Virginia SBDC and SCORE Richmond.

Richmond business loan company information

Accredited Partner

SmartBiz Loans

With multiple loan options, including customizable support and financing, SmartBiz Loans is a lending solution for many businesses. SmartBiz Loans offers SBA loans, bank term loans and commercial real estate loans. Customers can check if they pre-qualify by using the online tool. SmartBiz Loans range between $30,000 and $5 million, depending on the loan type.

SmartBiz Loans Learn More (866) 283-8726
Accredited Partner

National Business Capital & Services

National Business Capital & Services partners with 75-plus lenders to offer a wide range of financial solutions, including bank term loans, equipment financing and business lines of credit. Bank term loans are offered with terms between six months and 10 years to provide flexibility. Customers are matched with a financing advisor for support and help selecting the right lender. Loans through National Business Capital & Services can be up to $5 million.

National Business Capital & Services

Currency

Currency provides loans for equipment, aircraft and general expenses. For customers who need fast equipment financing, the company offers approval in as little as three minutes. There are no prepayment penalties, and no down payments are required. Customers say the service is hassle-free and efficient. Currency’s loan terms are up to 72 months and up to $500,000.

Currency

Opportunity Business Loans

Opportunity Business Loans is a loan broker connecting business owners to a financing solution without them having to fill out multiple applications. Loan officers work directly with business owners to select the best loan option. There are no prepayment or hidden fees. Opportunity Business Loans’ lending partners offer loans from $3,500 to $250,000, and invoice factoring up to $5 million.

Opportunity Business Loans

Citizens and Farmers Bank

Citizens and Farmers Bank offers a variety of business solutions, including equipment loans, lines of credit, term loans and more. The company’s Relationship Review service helps business owners develop a customized plan for their business financials for free. Loan amounts start at $5,000, with flexible terms from 36 to 72 months. Citizens and Farmers Bank has multiple locations in the area, including one at 12308 Patterson Ave., Richmond, VA 23238.

Citizens and Farmers Bank

Village Bank

Village Bank offers business loans and business rewards credit cards, in addition to other business services. SBA loan amounts are available up to $5 million. Term loans are available up to seven years. Village Bank has 10 locations in the area, including one at 1401 Santa Rosa Road, Richmond, VA 23229.

Village Bank

Sonabank

Sonabank offers multiple business loan options for customers, including lines of credit, equipment loans, term loans and construction loans. The company offers specialized business banking solutions through the company’s Private Client Group. Its P.O.W.E.R. (Potential of Women Entrepreneurs Realized) program helps businesswomen in Virginia with a wide array of financial products exclusively for entrepreneurial women. Sonabank has dozens of locations throughout Virginia, including one at 8821 W. Broad St., Richmond, VA 23294.

Sonabank

JayCia Financial

JayCia Financial helps clients secure multiple types of loans and credit lines through different lenders to help maximize approvals and minimize cost. The company provides low-interest lines of credit and conventional bank loans for business owners. Cash flow financing is available up to $500,000, with no collateral or personal credit requirements. Startups are eligible to receive unsecured financing up to $150,000. JayCia Financial operates at 10825 Midlothian Turnpike, Ste. 201R, Richmond, VA 23235.

JayCia Financial

Virginia Community Capital

Virginia Community Capital is both a nonprofit community development financial institution (CDFI) and a for-profit bank offering financial services and support throughout Virginia. Business financing options include conventional term loans, SBA loans, lines of credit and equipment loans. The company also offers free advisory services. Virginia Community Capital has three locations in Virginia, including one at 7814 Carousel Lane, Ste. 100, Richmond, VA 23294.

Virginia Community Capital