The best small business loans for Chesapeake, VA

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Chesapeake, VA

We're proud to work with small businesses across various industries in Chesapeake, VA. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Chesapeake, VA

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Chesapeake, VA

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Chesapeake, VA

How to get a small business loan in Chesapeake, VA?

If you’re looking to get a small business loan in Chesapeake, VA, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Chesapeake, VA, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Chesapeake, VA, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.
 

Chesapeake VA

Chesapeake VA

 
How to start a business in Chesapeake, VA?

Starting a business in Chesapeake, VA, requires careful planning and research. Here are some general steps you can take to get started:

  • Develop a business plan: Create a business plan that outlines your business idea, target market, marketing strategy, financial projections, and other important details.
  • Choose a business structure: Decide on the legal structure of your business (sole proprietorship, partnership, or corporation). Register your business with the Virginia State Corporation Commission and obtain the necessary permits or licenses.
  • Secure funding: Calculate how much money you need to start your business and identify potential sources of financing. This may include personal savings, loans, or grants.
  • Choose a location: Find a suitable location for your business that is accessible to customers and meets your needs.
  • Hire employees: If you plan to hire employees, create job descriptions and interview candidates.
  • Establish a brand: Develop a brand identity for your business, including a name, logo, and website.
  • Launch your business: Once you have completed all the necessary steps, launch your business and begin marketing your products or services.

Starting a business can be challenging, but you can turn your dream into a successful reality with the proper preparation and dedication.

What is the highest business loan amount in Chesapeake, VA?

The highest business loan amount available in Chesapeake, VA, will depend on various factors such as the borrower's creditworthiness, business history, revenue, and financial standing. Some lenders may offer loans ranging from a few thousand to several million dollars. It's best to check with multiple lenders to compare loan terms, interest rates, and repayment options suit your business's needs.

Are business loans good in Chesapeake, VA?

Business loans can benefit small businesses in Chesapeake, VA, as they can provide the necessary funds to start or grow a business. However, it is essential to carefully evaluate the terms and conditions of the loan, including interest rates, fees, and repayment terms, to ensure that it is a good fit for your business needs and financial situation. Having a solid business plan and financial projections is also important to ensure you can make timely payments and avoid defaulting on the loan.

How many months is a typical business loan in Chesapeake, VA?

The length of a typical business loan in Chesapeake, VA, can vary depending on the type of loan and the lender's terms. Generally, business loans can range from a few months to several years.

Short-term loans, line working capital loans and invoice financing, can have a repayment period of a few months to a year, while medium-term loans, such as equipment loans or expansion loans, can have a repayment period of up to five years. Long-term loans, such as commercial real estate loans, can have a repayment period of up to 25 years.