SBA loans in Virginia: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 849 7(a) loans to buy an existing business in Virginia, totaling $1.1B. The median loan was $719,000, 11% higher than the $645,250 national median for SBA-financed acquisitions. Volume rose 22% from FY2024 to FY2026.
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SBA lenders in Virginia
The lenders that made the most SBA 7(a) acquisition loans in Virginia, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 125 | 14.7% | $175M | |
| 2 | The Huntington National Bank | 49 | 5.8% | $62.3M | |
| 3 | GBank | 44 | 5.2% | $118M | |
| 4 | Manufacturers and Traders Trust Company | 37 | 4.4% | $24.7M | |
| 5 | Hanmi Bank | 27 | 3.2% | $23.1M | |
| 6 | TowneBank | 26 | 3.1% | $33.6M | |
| 7 | Pinnacle Bank | 25 | 2.9% | $32.7M | |
| 8 | Truist Bank | 21 | 2.5% | $21.1M | |
| 9 | First National Bank of Pennsylvania | 18 | 2.1% | $17.8M | |
| 10 | Byline Bank | 16 | 1.9% | $26.9M |
What this tells a buyer
- Deal size band. Half of Virginia acquisition loans fell between $323,000 and $1,806,000. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Virginia accounts for 1.7% of all SBA acquisition loans and ranks number 20 of 54 states and territories by count.
- Industry concentration. Hotels (except Casino Hotels) and Motels is the most financed business type here (88 loans, 10% of the state). The top three industries together are 21%.
- Lender concentration. Live Oak Banking Company made 15% of the state's acquisition loans. No single lender dominates, so there are several lenders with local acquisition experience.
- Franchise resales. 27% of acquisition loans in Virginia involved a franchised brand; the most frequent is Quality Inn (16 loans).
Virginia acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 62 | $61.1M | $460,000 | |
| FY2019 | 106 | $105M | $520,300 | |
| FY2020 | 88 | $95.7M | $756,250 | |
| FY2021 | 107 | $161M | $862,000 | |
| FY2022 | 72 | $122M | $1,140,000 | |
| FY2023 | 82 | $106M | $689,550 | |
| FY2024 | 90 | $113M | $815,000 | |
| FY2025 | 132 | $171M | $699,500 | |
| FY2026 | 110 | $145M | $795,000 |
How often do these acquisition loans fail?
Of the 363 Virginia acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 13 have been charged off by the SBA, a rate of 3.6% by loan count and 0.9% by dollars. 189 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Virginia is in line with the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Top industries in Virginia
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 88 | 10.4% | $251M | |
| 2 | Limited-Service Restaurants | 47 | 5.5% | $32.9M | |
| 3 | Full-Service Restaurants | 45 | 5.3% | $26.9M | |
| 4 | All Other Specialty Trade Contractors | 24 | 2.8% | $37.3M | |
| 5 | Home Health Care Services | 23 | 2.7% | $21.3M | |
| 6 | General Automotive Repair | 22 | 2.6% | $20.2M | |
| 7 | Fitness and Recreational Sports Centers | 20 | 2.4% | $16.6M | |
| 8 | Child Care Services | 16 | 1.9% | $22.4M | |
| 9 | Offices of Certified Public Accountants | 16 | 1.9% | $11.1M | |
| 10 | Insurance Agencies and Brokerages | 14 | 1.6% | $8.6M |
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Franchise brands bought in Virginia
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Quality Inn | 16 | 1.9% | $47M | |
| 2 | Super 8 | 11 | 1.3% | $22M | |
| 3 | Days Inn | 7 | 0.8% | $18.6M | |
| 4 | The UPS Store | 6 | 0.7% | $3.6M | |
| 5 | Firehouse Subs | 6 | 0.7% | $2.3M | |
| 6 | Comfort Inn | 5 | 0.6% | $18.6M | |
| 7 | Rodeway Inn | 5 | 0.6% | $15.1M | |
| 8 | The Goddard School | 5 | 0.6% | $9.3M | |
| 9 | Senior Helpers | 5 | 0.6% | $1.5M | |
| 10 | Best Western | 4 | 0.5% | $17.5M | |
| 11 | Country Inn and Suites by Radisson | 4 | 0.5% | $13.8M | |
| 12 | Clarion Inn | 4 | 0.5% | $13.3M | |
| 13 | Motel 6 | 4 | 0.5% | $11.2M | |
| 14 | Econo Lodge | 4 | 0.5% | $5.1M | |
| 15 | Meineke Car Care Center | 4 | 0.5% | $2.5M |
Acquisitions by industry in Virginia
The 14 industries with the most acquisition loans in Virginia (minimum ten). Charge-off rates appear where at least 20 loans are old enough to measure.
| Industry | Loans | Median loan | Charge-off |
|---|---|---|---|
| Hotels and Motels | 88 | $2,680,000 | 0.0% |
| Limited-Service Restaurants | 47 | $342,500 | 4.3% |
| Full-Service Restaurants | 45 | $450,000 | n/a |
| All Other Specialty Trade Contractors | 24 | $1,367,500 | n/a |
| Home Health Care Services | 23 | $550,000 | n/a |
| General Automotive Repair | 22 | $500,000 | n/a |
| Fitness and Recreational Sports Centers | 20 | $539,500 | n/a |
| Offices of Certified Public Accountants | 16 | $485,000 | n/a |
| Child Care Services | 16 | $1,173,500 | n/a |
| Insurance Agencies and Brokerages | 14 | $442,500 | n/a |
| Landscaping Services | 13 | $350,000 | n/a |
| All Other Professional, Scientific, and Technical Services | 11 | $550,500 | n/a |
| Plumbing, Heating, and Air-Conditioning Contractors | 11 | $710,000 | n/a |
| Pet Care Services | 10 | $708,000 | n/a |
Questions buyers ask
How much do buyers borrow to buy a business in Virginia?
The median SBA 7(a) acquisition loan in Virginia was $719,000 across 849 loans (FY2018 to FY2026), 11% higher than the $645,250 national median. The middle half of loans ran from $323,000 to $1,806,000. A loan is not the purchase price: it is net of the buyer's equity injection and usually includes some working capital.
Which banks make the most SBA acquisition loans in Virginia?
Live Oak Banking Company (125), The Huntington National Bank (49), GBank (44), Manufacturers and Traders Trust Company (37), Hanmi Bank (27). Live Oak Banking Company alone accounts for 15% of Virginia acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Virginia?
Hotels (except Casino Hotels) and Motels (88), Limited-Service Restaurants (47), Full-Service Restaurants (45), All Other Specialty Trade Contractors (24), Home Health Care Services (23). The top three industries make up 21% of the state's acquisition loans.
How often do SBA acquisition loans fail in Virginia?
In the seasoned cohort (FY2018 to FY2021), among 363 Virginia acquisition loans: 3.6% charged off, in line with the 3.5% national acquisition average.
How does Virginia compare with other states?
Virginia ranks number 20 of 54 states and territories by acquisition loan count, with 1.7% of national volume (849 of 48,902 loans) and $1.1B approved. Browse the full state ranking.
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Related
- Hotels (except Casino Hotels) and Motels nationally
- Limited-Service Restaurants nationally
- Full-Service Restaurants nationally
- Live Oak Banking Company
- The Huntington National Bank
- GBank
- All states
- Buyer's guide to the data
State is the project state recorded by the lender (where the acquired business operates), not the borrower's mailing state.