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County11th of 130 in Virginia by approvalsFIPS 51710
SBA loans in Norfolk city, 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.
SBA approved 131 loans to businesses in Norfolk city, Virginia, in FY2021 to FY2025, worth $70.1M: 88 under 7(a) and 43 under 504.
That is 24.3 approvals per 1,000 business establishments (5,398 establishments in 2023), close to the Virginia figure of 27.9 and below the national 41.0.
It ranks 11th of 130 Virginia counties with approvals. In FY2025 there were 23, down 39% on FY2024.
40 lenders had approvals here; the most active were 504 Capital Corporation (31), Business Finance Group, Inc. (11) and Newtek Bank, National Association (11). The most common industry was restaurants and other eating places.
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 Norfolk city
By number of approvals to businesses in the county, FY2021–FY2025; 40 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | 504 Capital CorporationChesapeake, VA · CDC | 31 | $20.9M | 23.7% | |
| 2 | Business Finance Group, Inc.Fairfax, VA · CDC | 11 | $6.4M | 8.4% | |
| 3 | Newtek Bank, National AssociationMiami, FL | 11 | $5.7M | 8.4% | |
| 4 | Readycap Lending, LLCBerkeley Heights, NJ | 8 | $1.3M | 6.1% | |
| 5 | Wells Fargo Bank National AssociationSioux Falls, SD | 7 | $2.8M | 5.3% | |
| 6 | The Huntington National BankColumbus, OH | 5 | $2.8M | 3.8% | |
| 7 | BayFirst National BankSaint Petersburg, FL | 5 | $572K | 3.8% | |
| 8 | Truist BankCharlotte, NC | 4 | $3.3M | 3.1% | |
| 9 | Celtic Bank CorporationSalt Lake City, UT | 4 | $1.5M | 3.1% | |
| 10 | Fulton Bank, National AssociationLancaster, PA | 4 | $1.0M | 3.1% | |
| 11 | BayPort Federal Credit UnionNewport News, VA | 4 | $525K | 3.1% | |
| 12 | First National Bank of PennsylvaniaGreenville, PA | 3 | $1.5M | 2.3% | |
| 13 | Atlantic Union BankRichmond, VA | 2 | — | 1.5% | |
| 14 | PNC Bank, National AssociationWilmington, DE | 2 | — | 1.5% | |
| 15 | First Bank of the LakeOsage Beach, MO | 2 | — | 1.5% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 11 | 8.4% | |
| 2 | General Freight TruckingNAICS 4841 | 7 | 5.3% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 5 | 3.8% | |
| 4 | Other Specialty Trade ContractorsNAICS 2389 | 5 | 3.8% | |
| 5 | Offices of Other Health PractitionersNAICS 6213 | 5 | 3.8% | |
| 6 | Residential Building ConstructionNAICS 2361 | 5 | 3.8% | |
| 7 | Other Personal ServicesNAICS 8129 | 4 | 3.1% | |
| 8 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 4 | 3.1% | |
| 9 | Home Health Care ServicesNAICS 6216 | 4 | 3.1% | |
| 10 | Building Equipment ContractorsNAICS 2382 | 4 | 3.1% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 20 | 15.3% | |
| 2 | Retail Trade | 17 | 13.0% | |
| 3 | Accommodation and Food Services | 16 | 12.2% | |
| 4 | Transportation and Warehousing | 15 | 11.5% | |
| 5 | Health Care and Social Assistance | 13 | 9.9% | |
| 6 | Professional, Scientific, and Technical Services | 10 | 7.6% | |
| 7 | Other Services (except Public Administration) | 9 | 6.9% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 7 | 5.3% |
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* | 13 | $4.0M | $250K | 1 | — | 14 | 127 |
| FY2025 | 15 | $8.2M | $290K | 8 | $6.4M | 23 | 237 |
| FY2024 | 32 | $9.1M | $150K | 6 | $3.9M | 38 | 399 |
| FY2023 | 15 | $9.5M | $306K | 10 | $9.1M | 25 | 373 |
| FY2022 | 21 | $11.9M | $511K | 6 | $2.2M | 27 | 219 |
| FY2021 | 5 | $3.8M | $663K | 13 | $6.0M | 18 | 213 |
| FY2020 | 6 | $5.6M | $617K | 12 | $11.0M | 18 | 112 |
| FY2019 | 13 | $10.1M | $320K | 11 | $4.1M | 24 | 262 |
| FY2018 | 10 | $6.3M | $501K | 7 | $7.4M | 17 | 133 |
| FY2017 | 14 | $6.5M | $193K | 7 | $3.5M | 21 | 339 |
| FY2016 | 12 | $1.9M | $100K | 6 | $1.7M | 18 | 105 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 98 approvals.
Against Virginia and the country
| FY2021–FY2025 | Norfolk city | Virginia | United States |
|---|---|---|---|
| Approvals | 131 | 5,893 | 342,825 |
| Approvals per 1,000 establishments | 24.3 | 27.9 | 41.0 |
| Median 7(a) approval | $250K | $212K | $190K |
| Median 504 approval | $373K | $484K | $657K |
| Average approval | $535K | $573K | $573K |
| 504 share of approvals | 32.8% | 11.6% | 11.0% |
| Jobs supported per approval, as reported | 11.0 | 12.3 | 10.5 |
| Share of state approvals | 2.2% | 100.0% | — |
Approval sizes
- $50,000 or less12.2%16
- $50,001 to $150,00016.8%22
- $150,001 to $350,00026.7%35
- $350,001 to $1 million32.1%42
- $1 million to $2 million8.4%11
- Over $2 million3.8%5
Age of the businesses
- Existing, more than 2 years old61.1%80
- New business, 2 years or less14.5%19
- Startup, loan funds will open the business14.5%19
- Change of ownership9.2%12
- Not answered0.8%1
Questions and answers
Which lenders make the most SBA loans in Norfolk city?
By approvals in FY2021 to FY2025: 504 Capital Corporation (31), Business Finance Group, Inc. (11), Newtek Bank, National Association (11), Readycap Lending, LLC (8), Wells Fargo Bank National Association (7). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Norfolk city?
The median 7(a) approval was $250K and the median 504 approval $373K; the Virginia 7(a) median was $212K.
Which industries get the most SBA loans in Norfolk city?
Restaurants and Other Eating Places (11); General Freight Trucking (7); Other Amusement and Recreation Industries (5); Other Specialty Trade Contractors (5); Offices of Other Health Practitioners (5).
Is SBA lending in Norfolk city rising?
Approvals in the three latest complete fiscal years total 86, against 63 in the three before: rising (+37%).
How does Norfolk city compare with the rest of Virginia?
24.3 approvals per 1,000 establishments against 27.9 statewide, and 131 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