Locus Bank Inc

This is a commercial bank that specializes in SBA loans, providing small businesses with financing options like 7(a), 504, and Express loans to support growth and operational needs.

Ask Locus Bank Inc directly — some branches take walk-ins, others book SBA conversations by appointment.

Hours vary by branch and change. Check Locus Bank Inc's website or call before you visit.

Browsing this directory is free. Any loan fees are set by Locus Bank Inc and the SBA program — ask the lender for its current schedule.

This bank primarily serves small business owners in the Richmond area seeking SBA financing solutions.

Many SBA lenders look for a personal score around 640 or higher, but each bank sets its own bar and it changes. Ask Locus Bank Inc what it looks for today.

The underwriting process usually takes approximately 2 to 4 weeks, depending on the completeness of the application and documentation.

Most bank SBA teams work weekdays; confirm with Locus Bank Inc before planning a weekend visit.

Locus Bank Inc is located in Virginia — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Locus Bank Inc, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Locus Bank Inc itself, which runs its own lending under its own ownership. If you work at Locus Bank Inc, you can claim this listing from this page to manage it.

The core details for Locus Bank Inc — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Locus Bank Inc before applying. If you represent Locus Bank Inc, claim this listing to keep its information up to date.

You can reach Locus Bank Inc by phone at (804) 793-0985 or online at locusimpact.org — the same details are in the contact card on this page.

Based on its approved SBA loans, Locus Bank Inc most often finances businesses in restaurants & food service, general retail, construction & contractors, fitness & recreation, manufacturing, and medical practices & clinics. This reflects Locus Bank Inc's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Locus Bank Inc which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Locus Bank Inc participates in SBA Express depends on its specific SBA lending authority. Contact Locus Bank Inc and ask if it offers SBA Express and what the current limits and terms look like for your situation.

Whether Locus Bank Inc has SBA Preferred Lender (PLP) status is set by the SBA. Ask the bank directly; PLP lenders can approve in-house and often move faster.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Locus Bank Inc's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Locus Bank Inc directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Locus Bank Inc what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Locus Bank Inc to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Locus Bank Inc to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Locus Bank Inc weighs this case by case under its own policy, so be upfront about your history and ask Locus Bank Inc how it evaluates prior bankruptcies.