{"id":10861,"date":"2019-12-19T17:15:00","date_gmt":"2019-12-19T15:15:00","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=10861"},"modified":"2019-12-22T10:12:33","modified_gmt":"2019-12-22T08:12:33","slug":"virginia-small-business-loans","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/virginia-small-business-loans\/","title":{"rendered":"Guide to Small Business Loans &#038; Funding in Virginia"},"content":{"rendered":"\n\n<p><span style=\"font-weight: 400;\">There\u2019s nothing quite like Southern hospitality.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">While that statement usually refers to fresh lemonade and a rocking chair on a front porch, there\u2019s another form of Southern hospitality you may not be so familiar with.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Here, we\u2019ll give you everything you need to know about business loans in Virginia.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Let\u2019s get to it y\u2019all!<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Starting &amp; operating a business in Virginia<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Ranked #1 on <\/span><a href=\"https:\/\/www.cnbc.com\/2019\/07\/09\/virginia-is-americas-top-state-for-business-in-2019.html\"><span style=\"font-weight: 400;\">CNBC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s 2019 list of America\u2019s Top States for Business, Virginia generated nearly $552 billion in GDP in Q2 of 2019 &#8211; amounting to roughly <\/span><a href=\"https:\/\/www.bea.gov\/system\/files\/2019-11\/qgdpstate1119.pdf\"><span style=\"font-weight: 400;\">2.6%<\/span><\/a><span style=\"font-weight: 400;\"> of the total U.S. GDP.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Not impressed? Then consider the fact that Virginia, which is <\/span><i><span style=\"font-weight: 400;\">less than half the size<\/span><\/i><span style=\"font-weight: 400;\"> of Colorado, generates <\/span><i><span style=\"font-weight: 400;\">twice as much in GDP<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Quite the eye-opener, we know! But what is it that makes Virginia\u2019s economy so strong?<\/span><\/p>\n\n<p><b>There are a number of reasons why Virginia is such a great place for you to start a small business, including:<\/b><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The 5th lowest unemployment insurance taxes in the country &#8211; <\/span><a href=\"https:\/\/www.vedp.org\/industry\/business-process-outsourcing\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">43%<\/span><\/a><span style=\"font-weight: 400;\"> lower than the nationwide average<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A corporate income tax rate of 6% which has remained stable for nearly 50 years<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Building costs that are between 7-19% lower than the national average<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An overall economic growth rate of <\/span><a href=\"https:\/\/www.virginiabusiness.com\/article\/virginias-economy-grew-1-9-in-the-second-quarter\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">1.9%<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; just under the national average (but higher than most surrounding states)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Minimal union presence, with only<\/span><a href=\"https:\/\/www.bls.gov\/news.release\/union2.t05.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\"> 5.5%<\/span><\/a><span style=\"font-weight: 400;\"> of employees having union membership<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Being a right-to-work state, meaning unions and employers are banned from creating contracts obligating employees to pay the cost of union representation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An unemployment rate of\u00a0<\/span><a href=\"https:\/\/www.bls.gov\/eag\/eag.va.htm#eag_va.f.2\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\"> 2.6%<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; below the national average of 3.6%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A small business employment rate of 47% &#8211; employing nearly half of all private-sector Virginian workers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nearly 725,000 small businesses &#8211; comprising 99.5% of all Virginia-based businesses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No need for a business license for sole proprietors<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">The diversity of Virginia\u2019s economy is also worth noting, particularly when compared with other states that typically have at least one especially strong industry (like the oil industry in Texas). Sources of information provide different answers as to which industries are the strongest in Virginia, but we\u2019ve filtered through to give you the following list.<\/span><\/p>\n\n<p><b>Top 8 industries in Virginia by % of state GDP<\/b><span style=\"font-weight: 400;\"> (according to <\/span><a href=\"https:\/\/www.richmondfed.org\/~\/media\/richmondfedorg\/research\/regional_economy\/reports\/snapshot\/pdf\/snapshot_va.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Federal Reserve Bank of Richmond<\/span><\/a><span style=\"font-weight: 400;\">):<\/span><\/p>\n\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Professional Services &#8211; 20.7%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial Activities &#8211; 17.8%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transportation &#8211; 13.9%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Manufacturing &#8211; 8.6%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Education &amp; Health Services &#8211; 7.5%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Information &#8211; 3.9%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Construction &#8211; 3.5%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leisure &amp; Hospitality &#8211; 3.1%<\/span><\/li>\n<\/ol>\n\n<p><span style=\"font-weight: 400;\">If you\u2019re currently working in any of those industries, or interested in getting started, there\u2019s still room to grow in Virginia. Just take Amazon as a \u2018prime\u2019 example. After lots of deliberation and consideration, Amazon recently announced their decision to base their second headquarters in Crystal City, Virginia &#8211; ostensibly because of those strengths noted above.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">For small businesses, though, there may be a few more challenges to overcome before successfully establishing a base of operations in Virginia. And for those obstacles, small businesses can often turn to <\/span><a href=\"http:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\"> to help them get by. But how do small business loans in Virginia work? Keep reading to find out&#8230;<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How to fund a business in Virginia<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">As is the case with running a business in any state, there are cons that come along with the pros of being a Virginia business owner.<\/span><\/p>\n\n<p><b>The difficulties of operating a small business in Virginia include:<\/b><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.become.co\/blog\/us-labor-shortage\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Labor shortage<\/span><\/a><span style=\"font-weight: 400;\"> as a result of low unemployment rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.become.co\/blog\/how-to-compete-with-big-brands\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Competing with big corporations<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remaining relevant in the face of global outsourcing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Etc.<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">It\u2019s true that the potential setbacks that small Virginian businesses may face are numerous. Fortunately, there\u2019s also a wide variety of <\/span><a href=\"https:\/\/www.become.co\/blog\/alternative-business-funding\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">alternative business loans<\/span><\/a><span style=\"font-weight: 400;\"> in Virginia. Let\u2019s take a look at which financing options are available to small businesses in Virginia.<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-5854\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-1011758158-1.jpg\" alt=\"Non-payment of Invoice\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-1011758158-1.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-1011758158-1-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-1011758158-1-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-1011758158-1-1200x800.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-1011758158-1-405x270.jpg 405w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n\n<h2><span style=\"font-weight: 400;\">Virginia business loans<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Before we dive right into the different kinds of business loans in Virginia, it\u2019s important to note that determining which type of financing is best for your business depends on several factors. You\u2019ll want to have the following details in mind before applying:<\/span><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Which industry do you work in?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What do you intend on doing with the funds?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is your business financially healthy and stable?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How quickly do you need the money?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And more<\/span><\/li>\n<\/ul>\n\n<blockquote>\n<p><span style=\"font-weight: 400;\">You can also use these resources to improve your loan application approval odds:<\/span><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/www.become.co\/blog\/how-to-apply-for-business-loan\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Apply for a Small Business Loan<\/a><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/www.become.co\/blog\/business-loan-requirements-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Become Eligible for Business Loans<\/a><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/www.become.co\/blog\/small-business-lending-statistics-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\">How Hard Is it to Get Approved?<\/a><\/strong><\/p>\n<\/blockquote>\n\n<p><span style=\"font-weight: 400;\">Once you have answers to those questions, you\u2019ll want to consider the variety of small business loans in Virginia. Be sure to compare the pros and cons of each type of financing prior to applying.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Among the <\/span><a href=\"https:\/\/www.become.co\/blog\/reasons-for-business-loan-rejection\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">reasons why business loan applications get rejected<\/span><\/a><span style=\"font-weight: 400;\"> is applying for the wrong <em>type<\/em> of loan. So, if you want to keep yourself from being one of those loan rejections, take a few minutes to learn a bit more about the differences between the following types of business financing.<\/span><\/p>\n\n<p><b>Top 6 types of small business loans in Virginia:<\/b><\/p>\n\n<h3><span style=\"font-weight: 400;\">1. SBA loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re able to qualify for small business administration loans in Virginia, then chances are you\u2019ll want to take one. Since this is a type of business financing that is backed by the government, lenders will provide some of the best terms and rates possible when they\u2019re providing small business administration loans in Virginia.<\/span><\/p>\n\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Low monthly payments<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Not for startups<\/span><\/p>\n<p><br \/><strong>Quick Facts about SBA Loans &amp; Requirements:<\/strong><\/p>\n<ul>\n<li><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 600+<\/span><\/li>\n<li><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $350k<\/span><\/li>\n<li><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 14 days minimum<\/span><\/li>\n<li><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> Up to 10 years<\/span><\/li>\n<li><b style=\"font-size: inherit;\">Top Lender:<\/b><span style=\"font-weight: 400;\"> SmartBiz<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"http:\/\/www.become.co\/sba-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; SBA Loans<\/a><\/strong><\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">2. Unsecured loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Unsecured business loans are a kind of financing that doesn\u2019t require any form of collateral in order for you to qualify. So, if you\u2019re short on valuable assets (or if you don\u2019t want to put them at risk), then you should consider applying for this form of business financing. Just keep in mind that the rates tend to be higher than other kinds of business loans.<\/span><\/p>\n\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> No risk to personal assets<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Higher interest rates<br \/><br \/><\/span><\/p>\n<p><strong>Quick Facts about Unsecured Loans &amp; Requirements:<\/strong><\/p>\n<ul>\n<li><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 350+<\/span><\/li>\n<li><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 6 months minimum<\/span><\/li>\n<li><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $250k<\/span><\/li>\n<li><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 3 hours minimum<\/span><\/li>\n<li><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> 6-24 months<\/span><\/li>\n<li><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> OnDeck<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/unsecured-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211;\u00a0 Unsecured Loan<\/a><\/strong><\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">3. Lines of credit<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A line of credit works very similarly to a credit card, where you\u2019re able to use the funds as needed and up to a designated credit limit. If you need a flexible form of business financing, then a line of credit can be the solution that you\u2019re looking for. Just be careful not to use a line of credit too loosely, as you can run the risk of getting yourself stuck in a cycle of debt.<\/span><\/p>\n\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Use funds as-needed<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Penalties for late payments<br \/><br \/><\/span><\/p>\n<p><strong>Quick Facts about Line of Credits &amp; Requirements:<\/strong><\/p>\n<ul>\n<li><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 300+<\/span><\/li>\n<li><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li><b>Credit Line:<\/b><span style=\"font-weight: 400;\"> Up to $100k<\/span><\/li>\n<li><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 4 hours minimum<\/span><\/li>\n<li><b>Interest Rates:<\/b><span style=\"font-weight: 400;\"> As low as 4.66%<\/span><\/li>\n<li><b>Top Lender: <\/b><span style=\"font-weight: 400;\">Fundbox<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Line of Credit<\/a><\/strong><\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">4. Invoice factoring<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Looking for a way to effectively <\/span><a href=\"https:\/\/www.become.co\/blog\/unpaid-invoices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">deal with slow or even non-paying customers<\/span><\/a><span style=\"font-weight: 400;\">? Invoice factoring is a way to access money that\u2019s stuck in unpaid invoices. The lender will give you around 80% of the value of those unpaid invoices and then the remaining 20% once they collect the payments on your behalf.<\/span><\/p>\n\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Access funds tied up from slow-paying customers<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Placing customer relationships in the hands of a third party<\/span><\/p>\n<p><br \/><strong>Quick Facts about Invoice Factoring &amp; Requirements:<\/strong><\/p>\n<ul>\n<li><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 530+<\/span><\/li>\n<li><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $5 million<\/span><\/li>\n<li><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 3 hours minimum<\/span><\/li>\n<li><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> 1-13 weeks<\/span><\/li>\n<li><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> BlueVine<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/invoice-factoring\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Invoice Factoring<\/a><\/strong><\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">5. Equipment financing<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are multiple industries wherein businesses have a strong dependence on having properly functioning equipment &#8211; restaurants, construction, manufacturing, auto repair, etc. Whether you\u2019re looking to <\/span><a href=\"https:\/\/www.become.co\/blog\/equipment-financing-vs-leasing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">purchase or lease equipment<\/span><\/a><span style=\"font-weight: 400;\"> (or even repair equipment), this type of business loan can be a huge help. Plus, the equipment serves as its own collateral!<\/span><\/p>\n\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> No collateral needed<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Equipment devalues quickly<\/span><\/p>\n<p><br \/><strong>Quick Facts about Equipment Financing &amp; Requirements:<\/strong><\/p>\n<ul>\n<li><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 450+<\/span><\/li>\n<li><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $250k<\/span><\/li>\n<li><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 2 hours minimum<\/span><\/li>\n<li><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> Up to 5 years<\/span><\/li>\n<li><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> Everlasting Capital<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-equipment-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Equipment Financing<\/a><\/strong><\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">6. Merchant cash advance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you need <\/span><a href=\"https:\/\/www.become.co\/blog\/best-fast-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">fast access to business funding<\/span><\/a><span style=\"font-weight: 400;\">, then a merchant cash advance can come to the rescue in your time of need. It\u2019s important to point out that MCAs balance that quick and easy access of funds with high interest rates, short repayment terms, and frequent payment requirements (weekly or even daily). Plus, they\u2019re repaid with a percentage of future credit and debit card transactions &#8211; so if your business doesn\u2019t have a high volume of those sorts of payments, you may want to consider other forms of business financing.<\/span><\/p>\n\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Fast access to cash<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> High interest rates<\/span><\/p>\n<p><br \/><strong>Quick Facts about MCAs &amp; Requirements:<\/strong><\/p>\n<ul>\n<li><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 500+<\/span><\/li>\n<li><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 6 months minimum<\/span><\/li>\n<li><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $150k<\/span><\/li>\n<li><b>Monthly Revenue:<\/b><span style=\"font-weight: 400;\"> $12k minimum<\/span><\/li>\n<li><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> 2-10 months<\/span><\/li>\n<li><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> Uplyft Capital<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/merchant-cash-advance\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; MCA<\/a><\/strong><\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Local Virginia business grants<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">When it comes to Virginia business grants, there are quite a few that you may be able to obtain. And, as opposed to business loans, business grants are funds that come with no repayment. And they always said there\u2019s no such thing as a free lunch!<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Just keep in mind that there are still criteria that your business will need to meet in order to qualify for a Virginia business grant. Those criteria may include the size of your business, the intended use of the funds, where your business is based, and so on.<\/span><\/p>\n\n<p><b>Here are a few local Virginia business grants to take into consideration:<\/b><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Virginia Investment Performance Grant (VIP)<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The business must be a manufacturer and be based in Virginia<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Funds must be used to increase capacity, modernize, increase productivity, or create, develop, or utilize advanced technology<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amounts vary and are determined by the Secretary of Commerce and Trade<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Virginia Economic Development Incentive Grant (VEDIG)<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Available to businesses based in Virginia <\/span><b>and <\/b><span style=\"font-weight: 400;\">outside of Virginia (stipulations differ)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Main purpose of this grant is to create new employment opportunities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amounts vary and are determined by the Secretary of Commerce and Trade<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small Business Jobs Grant Fund Program<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Available to businesses earning annual revenue of $3 million+ and employ 50 people or less<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Available to manufacturers, R&amp;D, information technology, distribution centers, and inbound call centers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Provides $500-$2,000 to offset hiring costs<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">There are several other Virginia business grants that your small business may be able to qualify for, so it\u2019s best to do your due diligence on which fit your needs the best. The bottom line is, if you <\/span><i><span style=\"font-weight: 400;\">can <\/span><\/i><span style=\"font-weight: 400;\">qualify for Virginia business grants, you have every reason to apply!<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Wrapping it up<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">With such a strong economy, it\u2019s abundantly clear that taking a small business loan in Virginia is a worthy investment. And, since business loans in Virginia come in many shapes and sizes, there\u2019s a solution for you whatever the reason might be. Get the financial boost you need to keep your Virginia-based business running at full capacity!<\/span><\/p>\n\n<p><a href=\"http:\/\/www.become.co\/apply\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-10745\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min.jpg\" alt=\"Small Business Failure Rate\" width=\"1024\" height=\"341\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-300x100.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-768x256.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-1200x400.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-604x201.jpg 604w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s nothing quite like Southern hospitality. While that statement usually refers to fresh lemonade and a rocking chair on a front porch, there\u2019s another form of Southern hospitality you may not be so familiar with. Here, we\u2019ll give you everything you need to know about business loans in Virginia. Let\u2019s get to it y\u2019all! Starting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[79,1,12],"tags":[118,303],"class_list":["post-10861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-guides","category-uncategorized","category-us-resources","tag-alternativeloan","tag-fast-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guide to Small Business Loans &amp; Funding in Virginia - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/virginia-small-business-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guide to Small Business Loans &amp; Funding in Virginia - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"There\u2019s nothing quite like Southern hospitality. While that statement usually refers to fresh lemonade and a rocking chair on a front porch, there\u2019s another form of Southern hospitality you may not be so familiar with. Here, we\u2019ll give you everything you need to know about business loans in Virginia. Let\u2019s get to it y\u2019all! 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