The best small business loans for Newport News, 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 Newport News, VA

We're proud to work with small businesses across various industries in Newport News, 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 Newport News, 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 Newport News, 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 Newport News, VA

How to get a small business loan in Newport News, VA?

If you’re looking to get a small business loan in Newport News, 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 Newport News, 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 Newport News, 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.
 

Newport News VA

Newport News VA

 
Where do you borrow money for business in Newport News, VA?

There are several places where you can borrow money for your business in Newport News, VA. The most common options include traditional banks, credit unions, online lenders, and Small Business Administration (SBA) lenders. Each option has advantages and disadvantages, and the best one for you will depend on factors such as your credit history, business needs, and repayment terms.

What purpose is a business loan more appropriate in Newport News, VA?

The appropriateness of a business loan depends on the specific needs and goals of the business. Generally, business loans are most appropriate for purchasing equipment or inventory, expanding the business, hiring new employees, marketing and advertising, and managing cash flow. 

 

For example, a business owner in Newport News, VA, may want to apply for a loan to purchase equipment that will increase efficiency and productivity or expand the business into a new market.

What does it take to get a loan in Newport News, VA?

To get a loan in Newport News, VA, you will typically need a good credit score, a solid business plan, and some collateral or assets to put up as security for the loan. Your lender will likely also want to see you have experience running a business or managing finances. In addition, you may need to provide financial statements, tax returns, and other documentation to show your ability to repay the loan. It's important to shop around and compare offers from multiple lenders to find the best rates and terms for your business needs.

Why is it important to have a loan in Newport News, VA?

A loan is important for businesses in Newport News, VA, for several reasons. Firstly, it can provide the necessary funds to start or grow a business, purchase equipment or inventory, hire employees, or cover unexpected expenses. This can help a business stay competitive and profitable in its industry.

 

Secondly, having a loan can also improve a business's credit score if payments are made on time, making it easier to obtain financing in the future. Additionally, having a loan can help a company establish a relationship with a financial institution, which can be beneficial for obtaining other financial products and services in the future.

 

A loan can give a business the necessary capital to achieve its goals and succeed in its industry.