Virginia Business Loans

Virginia is a state that has a balanced and healthy economy with an array of different industries contributing. Once exclusively known for its tobacco farming, the state has built a strong and diverse local economy. Although still prominent in the agriculture industry, businesses both large and small have become a driving force behind the states growing economy. Business owners rely on business loans in Virginia to help their businesses take advantage of the opportunities in the local economy. SMB Compass provides business loans in Virginia help stabilize and expand businesses in a wide array of industries.

Agriculture still remains one of the most prominent industries in Virginia, providing over $50 billion and hundreds of thousands of jobs for the states annually. Virginia has over 40,000 farms, with crops such as tobacco, grains, corns, and cotton that provide a large portion of the revenue. Virginia is fortunate to have both fertile farming land and an abundance of natural resources. The mining industry plays a significant role in the local economy, producing gold, copper, stone, and iron. These businesses use equipment financing and small business loans in Virginia to purchase machinery and cover added expenses.

The aerospace industry is thriving throughout the state with upwards of 200 aerospace company’s residing in Virginia, including major companies such as Boeing and Raytheon. With its proximity to the nations capital, Virginia’s economy has flourished from the rise of the technology industry and the revenue that comes from the military presence in the state. The technology industry continues to grow and provide billions of dollars and jobs throughout the state. Small business loans in Virginia help businesses take on both small projects and large government projects to ensure everything is properly managed. Business loans provide additional working capital to give business owners the flexibility to take on bigger projects and clients.