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County14th of 130 in Virginia by approvalsFIPS 51085
SBA loans in Hanover County, Virginia
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Hanover County, Virginia, received 104 SBA loan approvals worth $66.5M in FY2021 to FY2025 (90 7(a), 14 504).
That is 30.5 approvals per 1,000 business establishments (3,413 establishments in 2023), close to the Virginia figure of 27.9 and below the national 41.0.
It ranks 14th of 130 Virginia counties with approvals. In FY2025 there were 28, up 40% on FY2024.
34 lenders had approvals here; the most active were Manufacturers and Traders Trust Company (19), Business Finance Group, Inc. (10) and The Huntington National Bank (8). The most common industry was services to buildings and dwellings.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Hanover County
By number of approvals to businesses in the county, FY2021–FY2025; 34 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust CompanyBuffalo, NY | 19 | $1.2M | 18.3% | |
| 2 | Business Finance Group, Inc.Fairfax, VA · CDC | 10 | $7.8M | 9.6% | |
| 3 | The Huntington National BankColumbus, OH | 8 | $1.8M | 7.7% | |
| 4 | Live Oak Banking CompanyWilmington, NC | 5 | $8.0M | 4.8% | |
| 5 | SouthState Bank, National AssociationWinter Haven, FL | 5 | $3.2M | 4.8% | |
| 6 | 504 Capital CorporationChesapeake, VA · CDC | 4 | $5.4M | 3.8% | |
| 7 | Newtek Bank, National AssociationMiami, FL | 4 | $1.7M | 3.8% | |
| 8 | Select BankForest, VA | 4 | $607K | 3.8% | |
| 9 | TowneBankPortsmouth, VA | 3 | $5.0M | 2.9% | |
| 10 | Atlantic Union BankRichmond, VA | 3 | $4.2M | 2.9% | |
| 11 | First National Bank of PennsylvaniaGreenville, PA | 3 | $2.4M | 2.9% | |
| 12 | United Midwest Savings Bank National AssociationDe Graff, OH | 3 | $425K | 2.9% | |
| 13 | Northeast BankLewiston, ME | 3 | $330K | 2.9% | |
| 14 | BayFirst National BankSaint Petersburg, FL | 3 | $312K | 2.9% | |
| 15 | GBankLas Vegas, NV | 2 | — | 1.9% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Services to Buildings and DwellingsNAICS 5617 | 8 | 7.7% | |
| 2 | Home Health Care ServicesNAICS 6216 | 6 | 5.8% | |
| 3 | Building Equipment ContractorsNAICS 2382 | 5 | 4.8% | |
| 4 | Restaurants and Other Eating PlacesNAICS 7225 | 5 | 4.8% | |
| 5 | Other Fabricated Metal Product ManufacturingNAICS 3329 | 5 | 4.8% | |
| 6 | Child Day Care ServicesNAICS 6244 | 4 | 3.8% | |
| 7 | Automotive Repair and MaintenanceNAICS 8111 | 4 | 3.8% | |
| 8 | Building Finishing ContractorsNAICS 2383 | 4 | 3.8% | |
| 9 | Other Specialty Trade ContractorsNAICS 2389 | 3 | 2.9% | |
| 10 | Other Amusement and Recreation IndustriesNAICS 7139 | 3 | 2.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 17 | 16.3% | |
| 2 | Health Care and Social Assistance | 16 | 15.4% | |
| 3 | Administrative and Support and Waste Management and Remediation Services | 13 | 12.5% | |
| 4 | Transportation and Warehousing | 9 | 8.7% | |
| 5 | Professional, Scientific, and Technical Services | 9 | 8.7% | |
| 6 | Manufacturing | 8 | 7.7% | |
| 7 | Accommodation and Food Services | 7 | 6.7% | |
| 8 | Retail Trade | 7 | 6.7% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 21 | $10.1M | $100K | 0 | — | 21 | 202 |
| FY2025 | 27 | $9.9M | $190K | 1 | — | 28 | 413 |
| FY2024 | 19 | $6.0M | $87K | 1 | — | 20 | 192 |
| FY2023 | 20 | $13.0M | $150K | 3 | $4.5M | 23 | 252 |
| FY2022 | 12 | $6.9M | $206K | 2 | — | 14 | 109 |
| FY2021 | 12 | $17.5M | $588K | 7 | $3.6M | 19 | 464 |
| FY2020 | 13 | $19.8M | $350K | 4 | $3.0M | 17 | 327 |
| FY2019 | 7 | $1.4M | $150K | 3 | $2.1M | 10 | 68 |
| FY2018 | 22 | $11.8M | $225K | 3 | $1.7M | 25 | 293 |
| FY2017 | 20 | $3.4M | $150K | 3 | $1.4M | 23 | 123 |
| FY2016 | 26 | $20.3M | $85K | 5 | $2.7M | 31 | 235 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 106 approvals.
Against Virginia and the country
| FY2021–FY2025 | Hanover County | Virginia | United States |
|---|---|---|---|
| Approvals | 104 | 5,893 | 342,825 |
| Approvals per 1,000 establishments | 30.5 | 27.9 | 41.0 |
| Median 7(a) approval | $194K | $212K | $190K |
| Median 504 approval | $702K | $484K | $657K |
| Average approval | $639K | $573K | $573K |
| 504 share of approvals | 13.5% | 11.6% | 11.0% |
| Jobs supported per approval, as reported | 13.8 | 12.3 | 10.5 |
| Share of state approvals | 1.8% | 100.0% | — |
Approval sizes
- $50,000 or less22.1%23
- $50,001 to $150,00019.2%20
- $150,001 to $350,00022.1%23
- $350,001 to $1 million19.2%20
- $1 million to $2 million9.6%10
- Over $2 million7.7%8
Age of the businesses
- Existing, more than 2 years old45.2%47
- New business, 2 years or less15.4%16
- Startup, loan funds will open the business21.2%22
- Change of ownership17.3%18
- Not answered1.0%1
Questions and answers
Which lenders make the most SBA loans in Hanover County?
By approvals in FY2021 to FY2025: Manufacturers and Traders Trust Company (19), Business Finance Group, Inc. (10), The Huntington National Bank (8), Live Oak Banking Company (5), SouthState Bank, National Association (5). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Hanover County?
The median 7(a) approval was $194K and the median 504 approval $702K; the Virginia 7(a) median was $212K.
Which industries get the most SBA loans in Hanover County?
Services to Buildings and Dwellings (8); Home Health Care Services (6); Building Equipment Contractors (5); Restaurants and Other Eating Places (5); Other Fabricated Metal Product Manufacturing (5).
Is SBA lending in Hanover County rising?
Approvals in the three latest complete fiscal years total 71, against 50 in the three before: rising (+42%).
How does Hanover County compare with the rest of Virginia?
30.5 approvals per 1,000 establishments against 27.9 statewide, and 104 of the state's 5,893 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error