Locus Bank Inc
Locus Bank Inc is an active SBA lender in Virginia, a bank offering SBA-guaranteed small-business loans. Currently rated 3.0 stars across 2 Google reviews.
$29M
in SBA approvals since 2016
88
SBA loans funded
Restaurants & Food Service · Manufacturing · General Retail
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About Locus Bank Inc
Locus Bank Inc offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth and operational needs. With a focus on the 7(a) loan program, they provide flexible financing options that cater to a wide range of business purposes including working capital, equipment purchase, and real estate acquisition. Their experienced team works closely with clients to understand their unique needs and guide them through the application process, ensuring a smooth experience from start to finish. Located in Richmond, VA, they serve local businesses with personalized service and quick turnaround times. The bank's commitment to supporting small businesses is reflected in their ability to approve loans up to $90,000, making them a reliable partner for entrepreneurs looking to expand or stabilize their operations. Whether you're a startup or an established business, Locus Bank Inc is dedicated to helping you access the funds you need to succeed. They also support SBA 504 and Express programs, providing additional avenues for financing. Their knowledgeable staff is ready to assist with application preparation and eligibility assessments, ensuring you have the best chance at approval.
Industries Locus Bank Inc finances
Business types Locus Bank Inc actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Locus Bank Inc
What is this place and what can I find here?
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.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may be accommodated depending on availability.
What are the hours of operation?
The bank operates from 9:00 AM to 5:00 PM, Monday through Friday.
Is there a fee to use this?
Fees are associated with loan processing and vary based on the loan type and amount; consult with the bank for specifics.
Who is this open to — anyone, or only residents/members?
This bank primarily serves small business owners in the Richmond area seeking SBA financing solutions.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of around 640 is typically required for loan consideration.
How long does the traditional underwriting process take from start to close?
The underwriting process usually takes approximately 2 to 4 weeks, depending on the completeness of the application and documentation.
Is this open on weekends?
Most banks keep weekday business hours and are closed on weekends, and Locus Bank Inc typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Locus Bank Inc to confirm current weekend availability before you go.
How do I get there and where do I park?
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.
Who owns or operates this listing?
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.
How current is the information on this page?
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.
How do I contact this listing directly?
You can reach Locus Bank Inc by phone at (804) 793-0985 or online at locusimpact.org — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Locus Bank Inc before relying on them.
What core industries does this commercial bank traditionally choose to finance?
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.
Can I apply for an SBA Express line of credit at this branch?
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.
Does this bank have Preferred Lender Provider status with the government?
SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Locus Bank Inc can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this traditional institution?
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.
What are the typical down payment expectations for commercial real estate acquisitions?
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.
Does this bank impose prepayment penalties on short-term working capital facilities?
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.
Can I use loan proceeds from this bank to buy out an existing equity partner?
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.
Will historical personal bankruptcies automatically disqualify my loan application here?
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.
