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County10th of 130 in Virginia by approvalsFIPS 51760
SBA loans in Richmond 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.
Businesses in Richmond city, Virginia, received 155 SBA loan approvals worth $52.7M in FY2021 to FY2025 (136 7(a), 19 504).
That is 23.7 approvals per 1,000 business establishments (6,530 establishments in 2023), below the Virginia figure of 27.9 and below the national 41.0.
It ranks 10th of 130 Virginia counties with approvals. In FY2025 there were 40, down 15% on FY2024.
46 lenders had approvals here; the most active were Manufacturers and Traders Trust Company (18), Business Finance Group, Inc. (11) and Readycap Lending, LLC (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 Richmond city
By number of approvals to businesses in the county, FY2021–FY2025; 46 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust CompanyBuffalo, NY | 18 | $1.4M | 11.6% | |
| 2 | Business Finance Group, Inc.Fairfax, VA · CDC | 11 | $3.4M | 7.1% | |
| 3 | Readycap Lending, LLCBerkeley Heights, NJ | 11 | $2.6M | 7.1% | |
| 4 | TowneBankPortsmouth, VA | 9 | $6.2M | 5.8% | |
| 5 | BayFirst National BankSaint Petersburg, FL | 9 | $1.4M | 5.8% | |
| 6 | The Huntington National BankColumbus, OH | 7 | $2.3M | 4.5% | |
| 7 | Wells Fargo Bank National AssociationSioux Falls, SD | 7 | $1.2M | 4.5% | |
| 8 | First National Bank of PennsylvaniaGreenville, PA | 6 | $4.1M | 3.9% | |
| 9 | Northeast BankLewiston, ME | 6 | $1.2M | 3.9% | |
| 10 | First Community BankBluefield, VA | 5 | $3.0M | 3.2% | |
| 11 | Bank of America, National AssociationCharlotte, NC | 5 | $1.4M | 3.2% | |
| 12 | Rappahannock Economic Development CorporationFredericksburg, VA · CDC | 4 | $1.6M | 2.6% | |
| 13 | 504 Capital CorporationChesapeake, VA · CDC | 4 | $1.3M | 2.6% | |
| 14 | United Midwest Savings Bank National AssociationDe Graff, OH | 4 | $615K | 2.6% | |
| 15 | Newtek Bank, National AssociationMiami, FL | 3 | $1.7M | 1.9% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 19 | 12.3% | |
| 2 | Legal ServicesNAICS 5411 | 9 | 5.8% | |
| 3 | Other Personal ServicesNAICS 8129 | 8 | 5.2% | |
| 4 | Building Finishing ContractorsNAICS 2383 | 6 | 3.9% | |
| 5 | Grocery StoresNAICS 4451 | 6 | 3.9% | |
| 6 | Personal Care ServicesNAICS 8121 | 5 | 3.2% | |
| 7 | Offices of PhysiciansNAICS 6211 | 5 | 3.2% | |
| 8 | Other Amusement and Recreation IndustriesNAICS 7139 | 4 | 2.6% | |
| 9 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 2.6% | |
| 10 | Drinking Places (Alcoholic Beverages)NAICS 7224 | 3 | 1.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 27 | 17.4% | |
| 2 | Accommodation and Food Services | 25 | 16.1% | |
| 3 | Professional, Scientific, and Technical Services | 21 | 13.5% | |
| 4 | Construction | 19 | 12.3% | |
| 5 | Other Services (except Public Administration) | 15 | 9.7% | |
| 6 | Health Care and Social Assistance | 9 | 5.8% | |
| 7 | Manufacturing | 8 | 5.2% | |
| 8 | Arts, Entertainment, and Recreation | 6 | 3.9% |
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* | 32 | $8.9M | $145K | 1 | — | 33 | 387 |
| FY2025 | 36 | $14.4M | $233K | 4 | $1.4M | 40 | 371 |
| FY2024 | 41 | $15.4M | $150K | 6 | $2.1M | 47 | 274 |
| FY2023 | 22 | $6.9M | $250K | 2 | — | 24 | 201 |
| FY2022 | 17 | $4.3M | $140K | 4 | $1.2M | 21 | 119 |
| FY2021 | 20 | $5.4M | $200K | 3 | $904K | 23 | 223 |
| FY2020 | 26 | $16.3M | $283K | 6 | $1.7M | 32 | 258 |
| FY2019 | 24 | $10.7M | $150K | 8 | $3.6M | 32 | 350 |
| FY2018 | 39 | $21.0M | $162K | 2 | — | 41 | 508 |
| FY2017 | 31 | $6.9M | $95K | 4 | $1.4M | 35 | 206 |
| FY2016 | 32 | $15.0M | $270K | 3 | $969K | 35 | 504 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 175 approvals.
Against Virginia and the country
| FY2021–FY2025 | Richmond city | Virginia | United States |
|---|---|---|---|
| Approvals | 155 | 5,893 | 342,825 |
| Approvals per 1,000 establishments | 23.7 | 27.9 | 41.0 |
| Median 7(a) approval | $200K | $212K | $190K |
| Median 504 approval | $311K | $484K | $657K |
| Average approval | $340K | $573K | $573K |
| 504 share of approvals | 12.3% | 11.6% | 11.0% |
| Jobs supported per approval, as reported | 7.7 | 12.3 | 10.5 |
| Share of state approvals | 2.6% | 100.0% | — |
Approval sizes
- $50,000 or less19.4%30
- $50,001 to $150,00022.6%35
- $150,001 to $350,00026.5%41
- $350,001 to $1 million25.2%39
- $1 million to $2 million5.2%8
- Over $2 million1.3%2
Age of the businesses
- Existing, more than 2 years old63.9%99
- New business, 2 years or less14.2%22
- Startup, loan funds will open the business15.5%24
- Change of ownership6.5%10
Questions and answers
Which lenders make the most SBA loans in Richmond city?
By approvals in FY2021 to FY2025: Manufacturers and Traders Trust Company (18), Business Finance Group, Inc. (11), Readycap Lending, LLC (11), TowneBank (9), BayFirst National Bank (9). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Richmond city?
The median 7(a) approval was $200K and the median 504 approval $311K; the Virginia 7(a) median was $212K.
Which industries get the most SBA loans in Richmond city?
Restaurants and Other Eating Places (19); Legal Services (9); Other Personal Services (8); Building Finishing Contractors (6); Grocery Stores (6).
Is SBA lending in Richmond city rising?
Approvals in the three latest complete fiscal years total 111, against 76 in the three before: rising (+46%).
How does Richmond city compare with the rest of Virginia?
23.7 approvals per 1,000 establishments against 27.9 statewide, and 155 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