(STACKER) — The Small Business Administration (SBA) backed loans worth $27.5 billion through its primary lending program in 2023. How much of that money was loaned to small businesses in Central Virginia?
Many small businesses get their start and scale up with SBA loans, which increased lending to Black, Latino, and women entrepreneurs in the past few years in step with efforts to become more equitable.
Small businesses can use these funds for real estate acquisitions or improvements, working capital, supplies and equipment, and for other business startup or acquisition purposes.
So where do Central Virginia counties land as far as SBA investment in small businesses? 8News has taken the original top 50 list, ranked by dollars in SBA loans granted per resident, and narrowed it down to Central Virginian counties and cities.
Keep scrolling to learn more.
#12. Chesterfield County
- SBA approved about $42.55 per resident in 7(a) loans in 2023
- Total approved funds: $15.3 million
- Number of loans: 43
- Original ranking: #50
#11. Powhatan County
- SBA approved about $44.30 per resident in 7(a) loans in 2023
- Total approved funds: $1.3 million
- Number of loans: 4
- Original ranking: #46
#10. New Kent County
- SBA approved about $47.00 per resident in 7(a) loans in 2023
- Total approved funds: $1.1 million
- Number of loans: 2
- Original ranking: #45
#9. Amelia County
- SBA approved about $48.79 per resident in 7(a) loans in 2023
- Total approved funds: $645,000
- Number of loans: 2
- Original ranking: #43
#8. Louisa County
- SBA approved about $54.10 per resident in 7(a) loans in 2023
- Total approved funds: $2.0 million
- Number of loans: 5
- Original ranking: #41
#7. Henrico County
- SBA approved about $57.14 per resident in 7(a) loans in 2023
- Total approved funds: $19.0 million
- Number of loans: 28
- Original ranking: #38
#6. Orange County
- SBA approved about $78.26 per resident in 7(a) loans in 2023
- Total approved funds: $2.8 million
- Number of loans: 3
- Original ranking: #27
#5. Northampton County
- SBA approved about $113.69 per resident in 7(a) loans in 2023.
- Total approved funds: $1.4 million
- Number of loans: 1
- Original ranking: #18
#4. Hanover County
- SBA approved about $118.62 per resident in 7(a) loans in 2023
- Total approved funds: $13.0 million
- Number of loans: 20
- Original ranking: #14
#3. Greensville County
- SBA approved about $118.84 per resident in 7(a) loans in 2023
- Total approved funds: $1.4 million
- Number of loans: 2
- Original ranking: #13
#2. Lancaster County
- SBA approved about $565.82 per resident in 7(a) loans in 2023.
- Total approved funds: $6.2 million
- Number of loans: 4
- Original ranking: #2
#1. Richmond City
- SBA approved about $777.00 per resident in 7(a) loans in 2023
- Total approved funds: $6.9 million
- Number of loans: 22
- Original ranking: #1
Flippa found the counties in Virginia where applicants were approved for the most SBA loan funds per capita in fiscal year 2023, which ended in September. The analysis was based on the SBA’s most common loan program, known as 7(a) loans. SBA’s 7(a) program provides extra security to lenders when they loan money to small businesses that might otherwise be considered too risky to grant. Loans can be for up to $5 million, but in 2023, nearly 7 in 10 loans were for amounts of $350,000 or less.
This story features data reporting and writing by Paxtyn Merten and is part of a series utilizing data automation across 50 states.
This story originally appeared on Flippa and was produced and distributed in partnership with Stacker Studio.
