Getting a business loan in Virginia is not as difficult as many may think. Your small business deserves a chance to thrive and grow. Especially if you are operating within the state of Virginia, then you are already at an advantage. This is a wonderful region in which to own and operate a small business.
Did you know that 99.5% of all businesses in Virginia are small businesses? And did you know that small businesses employ just over 1.5 million Virginians? The state is welcoming of smaller companies. A state that is so open to small companies sounds like a valid reason to take advantage of every conceivable channel available to help grow your business.
What Companies Need for Small Business Loans Virginia
When applying for small business loans in Virginia, the best way to go about it is to have all of your documentation and information prepared. This way, you keep the process moving along. And you stand to get funded a lot faster than if you are scrambling around looking for items requested. Among the documents and paperwork that a lender might ask to see are:
- Tax returns, both personal and business. Be prepared to show up to three years’ worth.
- Financial statements. This includes balance sheets, profit and loss statements, and cash flow statements, among a number of other types of financial documentation that you could potentially be asked to provide.
- Your articles of incorporation
- Any leases that the business currently holds on property in Virginia or otherwise
- Licensing or permits that are required by the state and also by the federal government
- A business plan. While not all small business loans in Virginia require you to have a business plan, it can help. If there are weaker areas in your application, a business plan works to your advantage.
If you opt to go with a traditional Virginia bank, prepare for long wait times. Not to mention, banks are generally hesitant to work with small businesses. They prefer to work with larger, more established corporations. For them, it is simply not worth the risk. Whereas, if you work with an online or alternative lender, your chances of being approved for a business loan in Virginia are better. Plus, an alternative lender will likely get you financed within a couple of days. You don’t have to wait weeks or even months for the cash.
What Can You Do with Your Virginia Business Loan?
Again, the beneficial thing about working with an online or alternative lender is that there is no regulation limiting the use of funds for any one specific thing. For example, let’s say you want to roll out a new product for your business. You could use your loan proceeds for research and development, for marketing that product, for testing that product, you name it. You might also use loan funds to purchase equipment for your company, buy new vehicles, or even remodel your current office space. We have worked with some Virginia-based companies that have used loan funds to buy out a competitor, significantly expanding their portfolio and outreach.
One of the more common uses for business loan funds is to help bolster cash flow during a more stagnant sales period. Especially given the current situation, when small business owners face inflation, labor shortages, and supply chain issues, money can be tight. Before your situation is dire, getting a business loan now makes sense. This way, you know the money is there should you need it to help weather a difficult period.
First Union Lending is Here for Virginia Businesses
When it comes to small business loans in Virginia, you know that you can trust First Union to have your best interests at heart. We work with many businesses and industries, helping them get the cash they need precisely when they need it – not weeks or months from now. We want to see our clients thrive and ultimately succeed. This is why we do what we do. We offer short-term loans, merchant cash advances, and lines of credit, among other financing types. Even for those whose credit score may not be ideal, we might still have a financing solution for you. Call today and let’s get started together.