Small business lenders in the District of Columbia provide exceptional financial support to growing companies.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Washington D.C. isn’t a state but the capital city of the country. Located on the Potomac River, it is easily seen as the heart of the country, one of the most important components of the government. Yet, aside from the federal government’s presence, there are many people that call this area home. It has a population of 689,000 people but also boasts an annual tourism number of 20 million people each year, making it one of the most visited cities in the world. D.C., or The District, as it is called, is a vibrant city, and within each of the neighborhoods and communities, there are a number of small businesses that call the area home.
Though Washington, D.C., does not have a huge population, it does have a large number of small businesses. According to the U.S. Small Business Administration, there are 79,047 small businesses that operate here. They also provide a large portion of the jobs in the city, accounting for 257,236 jobs. Those jobs have a payroll of over $19,373,740. It is clear to see that this is one of the most important components of the livelihood of people here. Many of those people work in private sector positions, including tourism industry jobs. Other small businesses include service providers, restaurants, and shop owners. There’s ample diversity here.
Also important is that there are small business loans in Washington, D.C., available. For those seeking out options, it helps to know that a number of businesses have loans here. According to the most recent three years of data from the U.S. Small Business Administration, there are 249 loans in the city with a total loan volume of $136,314,141. The average loan size in D.C. is $547,446. These loans are used for many needs, including paying for expansion, marketing, inventory, and payroll. They are valuable tools for companies of all types.
Obtaining a business loan in the District of Columbia allows a borrower to get the capital they need for a wide range of needs. Typically, small business loans are for companies of under 100 people, though there are a wide range of options available to meet most needs. Lenders offer these loans based on the amount the company needs to borrow, and the borrower agrees to repay that amount plus interest. In many ways, these loans work just like any other type of loan, but the company is the borrower. There are a few key things to know about these loans.
Not just any company can obtain a small business loan in Washington, D.C. It is very common for companies to need to have proven value as well as steady revenue, as this helps to demonstrate that the company is financially strong. Most lenders also require more information about the company, including information about the company’s revenue, history, industry, and overall growth. The creditworthiness of the company is also considered. If the business does not have a strong credit history, the owner’s credit may be used to help with the qualifications for the loan.
Without a doubt, small business lenders in Washington, D.C., want to lend to businesses to help support their growth, but they need to be confident the company has the financial means to repay that debt. This is why they do a very careful level of research to gather as much information as possible about the company. This data can help lenders determine how much to lend as well as the interest rate to charge to the borrower. Most often, companies must be at least a year old, though some options for startups may be available.
Washington, D.C., small business lenders offer a range of different loan types as well. Each type may provide a different level of financial support for the company. Some examples of the types of business loans you can expect to find in the District of Columbia include the following:
Whether you need help with real estate, expanding operations, buying more equipment, or something else, there are many other entrepreneurs out there like you who are ready to invest with a small business loan. Economic development and business development resources include things well beyond loans, such as grants for nonprofits, but loans may be the only way for you to get substantial financial support. For a DC business startup, cash flow is a common challenge. Once you’ve got some revenue and business assets, however, you may be able to apply for loans to help expand operations or purchase commercial real estate.
Since many microloans may not go far enough to help you accomplish your business needs, loans from financial institutions like a credit union are another avenue to explore. Look into all available lenders at the national level, such as SBA.gov loans, but also local lenders in the D.C. area or in Maryland. Many funding programs are available through financial services or lending institutions, but each comes with their own eligibility requirements or repayment terms.
If you are a small business owner, your first step is to gather your financial information and then apply for a loan with a lender. The good news is that many small business lenders in the District of Columbia are ready to offer fast, affordable funding of capital to companies.
| Rank | Bank Name | # of Washington DC Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust Company | 25 | 7.58% | $112,296 |
| 2 | TD Bank | 6 | 6.39% | $37,000 |
| 3 | Wells Fargo Bank | 5 | 6.94% | $242,240 |
| 4 | Live Oak Banking Company | 4 | 5.31% | $2,696,250 |
| 5 | Wilmington Savings Fund Society | 4 | 6.00% | $609,875 |
| 6 | Bank of America | 3 | 3.42% | $492,400 |
| 7 | Capital Bank | 3 | 5.75% | $435,933 |
| 8 | CDC Small Business Finance Corporation | 3 | 7.92% | $46,667 |
| 9 | First National Bank of Pennsylvania | 3 | 5.97% | $835,333 |
| 10 | Hanmi Bank | 3 | 5.25% | $487,167 |
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M & as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
WSFS Bank offers services to customers in 5 states and has been doing so since starting in 1832. With $20 billion in assets and 119 offices, Wilmington Savings Fund Society can meet its customers’ needs with individual, corporate and individual money managing services to meet their needs.
We reached out to WSFS Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Lenders are often a good source of capital, but knowing how to obtain a loan and establish financial security is a bit different. There are a few key resources available to companies, though, that can help build financial strength and confidence. One of the first places to look for support is the U.S. Small Business Administration in the District of Columbia. Find support for learning to build business credit, manage business financials, and make wise decisions for your company.
Another resource is SCORE, which has an office in the city. Use this company’s resources to help you with a wide range of financial resources, including educational videos, webinars, and seminars. It is a completely free service and offers companies a wide range of resources to support their growth and overall financial health. Use these tools – there is no cost for doing so.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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