A Guide to Small Business Loans in Virginia
Opening a startup or a small business, although exciting, can prove to be quite difficult. Dealing with initial costs and day-to-day expenses while staying on the budget can be challenging, especially if your funding is not sufficient. One of the ways to deal with this issue is to take out a small business loan.
In this article, we will tell you all about the best small business loans in Virginia and show you how they work and how you can apply for them. If you sign up for DoNotPay, we will help you prepare an airtight loan request letter in minutes!
Consult the table below to learn about the types of small business loans available in Virginia:
|Long-term loan||Start at 5.50%|
|Short-term loan||Most business owners choose short-term loans when they do not qualify for long-term ones. These loans:
|Merchant cash advance||
|Business cash advance (BCA)||
|Small Business Administration (SBA) loan||
||Start at 5.50%|
There are plenty of funding options you can choose from, including:
- Virginia Economic Development Loan Fund
- Virginia SWaM Business Microloan Fund
- Atlantic Union Bank
- Virginia Credit Union
- Virginia Community Capital (VCC)
Virginia Economic Development Loan Fund is a state-funded direct loan program. Loan amounts start at $50,000 with a repayment term of ten years, and the money comes from the Virginia Small Business Financing Authority (VSBFA). It requires a personal guarantee from business owners who own 20% or more of the business.
This loan has a non-refundable application fee of $500 and requires a long list of financial documents for qualification.
Virginia SWaM Business Microloan Fund is supported by the VSBFA, but it doesn’t require participation of a bank lender. You can use this loan for working capital, renovation, and equipment financing. The amount of money you can borrow goes up to $25,000. The maximum repayment term is four years. If you want to apply, you have to pay a non-refundable $100 application fee.
Atlantic Union Bank is an SBA-approved lender that provides installment loans, lines of credit, commercial real estate loans, equipment financing, and business credit cards. It is fairly difficult to qualify for this loan if your business is not successful yet.
This loan requires strong personal credit and a history of business revenues. One of the benefits of this lender is that it has low interest rates.
Virginia Credit Union provides loans with low interest rates and is open to anyone in Richmond and surrounding cities. They offer term loans, commercial mortgages, equipment loans, lines of credit, and business credit cards with fixed variable interest rates.
VCC is a nonprofit community development financial institution that provides financing and free advisory services to small businesses. They offer financing between $50,000 and $5 million in the form of business acquisition loans, debt consolidation loans, equipment financing, commercial real estate loans, and lines of credit.
Applying for these loans requires a lot of documentation, such as tax returns, financial projections, business plans, and financial statements.
Applying for a small business loan is a complicated endeavor as lending institutions require you to submit countless documents and provide a great number of details about yourself and your company. It is easy to omit important information or a piece of paper, which is why many applications get rejected.
To avoid that, register for DoNotPay, and let us take care of your loan request. We will make sure your application is immaculate and contains all the required documents.
Follow these steps to apply:
- Open the Business Loan Request Letter product
- Provide information about your company, business needs, and loan qualifications
- Prepare the required documentation
- Indicate the loan amount you want to apply for
- Upload the documents
If you cannot decide which lending institution is the best for your business, use our integrated Find Online Business Loan Lender feature.
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