Virginia Small Businesses: Five Fast Facts

May 28, 2024

Delaney Sexton
Contributing Editor

Virginia Small Businesses: Five Fast Facts

818,450 small businesses in Virginia employ 1.6 million people.
In 2021, banks issued $2.5 billion in loans to businesses with revenues of $1 million or less.
New lending to businesses through loans of $1 million or less reached $8 billion in 2021.
There are 6,119 Virginia small businesses that exported in 2021, and their exports reached $6.9 billion.
Small business employment in the state grew by 26.3% between 1996 and 2020, which exceeded the national small business employment growth rate.