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County26th of 130 in Virginia by approvalsFIPS 51800
SBA loans in Suffolk 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 Suffolk city, Virginia, received 48 SBA loan approvals worth $44.4M in FY2021 to FY2025 (39 7(a), 9 504).
That is 26.7 approvals per 1,000 business establishments (1,798 establishments in 2023), close to the Virginia figure of 27.9 and below the national 41.0.
It ranks 26th of 130 Virginia counties with approvals. In FY2025 there were 12.
24 lenders had approvals here; the most active were Fulton Bank, National Association (5), Wells Fargo Bank National Association (5) and Business Finance Group, Inc. (4). The most common industry was automotive repair and maintenance.
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 Suffolk city
By number of approvals to businesses in the county, FY2021–FY2025; 24 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Fulton Bank, National AssociationLancaster, PA | 5 | $3.7M | 10.4% | |
| 2 | Wells Fargo Bank National AssociationSioux Falls, SD | 5 | $688K | 10.4% | |
| 3 | Business Finance Group, Inc.Fairfax, VA · CDC | 4 | $6.4M | 8.3% | |
| 4 | 504 Capital CorporationChesapeake, VA · CDC | 4 | $2.4M | 8.3% | |
| 5 | First National Bank of PennsylvaniaGreenville, PA | 3 | $6.7M | 6.3% | |
| 6 | Newtek Small Business Finance, Inc.Lake Success, NY | 3 | $943K | 6.3% | |
| 7 | BayFirst National BankSaint Petersburg, FL | 3 | $262K | 6.3% | |
| 8 | Enterprise Bank & TrustClayton, MO | 2 | — | 4.2% | |
| 9 | Newtek Bank, National AssociationMiami, FL | 2 | — | 4.2% | |
| 10 | Colony BankFitzgerald, GA | 2 | — | 4.2% | |
| 11 | Northeast BankLewiston, ME | 2 | — | 4.2% | |
| 12 | Woori America BankNew York, NY | 1 | — | 2.1% | |
| 13 | Rappahannock Economic Development CorporationFredericksburg, VA · CDC | 1 | — | 2.1% | |
| 14 | First Internet Bank of IndianaFishers, IN | 1 | — | 2.1% | |
| 15 | Truist BankCharlotte, NC | 1 | — | 2.1% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Automotive Repair and MaintenanceNAICS 8111 | 7 | 14.6% | |
| 2 | Personal Care ServicesNAICS 8121 | 4 | 8.3% | |
| 3 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 8.3% | |
| 4 | Health and Personal Care RetailersNAICS 4561 | 4 | 8.3% | |
| 5 | Restaurants and Other Eating PlacesNAICS 7225 | 3 | 6.3% | |
| 6 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 3 | 6.3% | |
| 7 | Lessors of Real EstateNAICS 5311 | 2 | 4.2% | |
| 8 | Child Day Care ServicesNAICS 6244 | 2 | 4.2% | |
| 9 | Other Schools and InstructionNAICS 6116 | 2 | 4.2% | |
| 10 | Bakeries and Tortilla ManufacturingNAICS 3118 | 2 | 4.2% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 12 | 25.0% | |
| 2 | Construction | 6 | 12.5% | |
| 3 | Accommodation and Food Services | 5 | 10.4% | |
| 4 | Professional, Scientific, and Technical Services | 5 | 10.4% | |
| 5 | Retail Trade | 5 | 10.4% | |
| 6 | Transportation and Warehousing | 3 | 6.3% | |
| 7 | Health Care and Social Assistance | 3 | 6.3% | |
| 8 | Manufacturing | 3 | 6.3% |
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* | 6 | $1.6M | $131K | 0 | — | 6 | 36 |
| FY2025 | 11 | $11.6M | $250K | 1 | — | 12 | 56 |
| FY2024 | 7 | $4.6M | $125K | 2 | — | 9 | 116 |
| FY2023 | 9 | $3.4M | $278K | 1 | — | 10 | 60 |
| FY2022 | 6 | $6.5M | $826K | 2 | — | 8 | 62 |
| FY2021 | 6 | $5.6M | $626K | 3 | $1.2M | 9 | 110 |
| FY2020 | 1 | — | — | 1 | — | 2 | 8 |
| FY2019 | 10 | $2.9M | $169K | 0 | — | 10 | 138 |
| FY2018 | 9 | $1.5M | $125K | 3 | $1.1M | 12 | 70 |
| FY2017 | 6 | $2.2M | $197K | 3 | $1.2M | 9 | 57 |
| FY2016 | 1 | — | — | 0 | — | 1 | 0 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 34 approvals.
Against Virginia and the country
| FY2021–FY2025 | Suffolk city | Virginia | United States |
|---|---|---|---|
| Approvals | 48 | 5,893 | 342,825 |
| Approvals per 1,000 establishments | 26.7 | 27.9 | 41.0 |
| Median 7(a) approval | $350K | $212K | $190K |
| Median 504 approval | $590K | $484K | $657K |
| Average approval | $926K | $573K | $573K |
| 504 share of approvals | 18.8% | 11.6% | 11.0% |
| Jobs supported per approval, as reported | 8.4 | 12.3 | 10.5 |
| Share of state approvals | 0.8% | 100.0% | — |
Approval sizes
- $50,000 or less10.4%5
- $50,001 to $150,00018.8%9
- $150,001 to $350,00014.6%7
- $350,001 to $1 million35.4%17
- $1 million to $2 million6.3%3
- Over $2 million14.6%7
Age of the businesses
- Existing, more than 2 years old52.1%25
- New business, 2 years or less18.8%9
- Startup, loan funds will open the business22.9%11
- Change of ownership6.3%3
Questions and answers
Which lenders make the most SBA loans in Suffolk city?
By approvals in FY2021 to FY2025: Fulton Bank, National Association (5), Wells Fargo Bank National Association (5), Business Finance Group, Inc. (4), 504 Capital Corporation (4), First National Bank of Pennsylvania (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Suffolk city?
The median 7(a) approval was $350K and the median 504 approval $590K; the Virginia 7(a) median was $212K.
Which industries get the most SBA loans in Suffolk city?
Automotive Repair and Maintenance (7); Personal Care Services (4); Other Specialty Trade Contractors (4); Health and Personal Care Retailers (4); Restaurants and Other Eating Places (3).
Is SBA lending in Suffolk city rising?
Approvals in the three latest complete fiscal years total 31, against 19 in the three before: rising (+63%).
How does Suffolk city compare with the rest of Virginia?
26.7 approvals per 1,000 establishments against 27.9 statewide, and 48 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