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Lucy Gardner Davis


An experienced small business lending expert fluent in the SBA loan-making process

Lucy Gardner Davis surveys the small business landscape in the Richmond area with pride. Lucy represents commercial lenders and certified development companies in making government guaranteed loans to small business borrowers, and her work plays a crucial part in helping small businesses find their footing.

“It means a lot to me that the work I do makes a real difference for small businesses,” Lucy says. “When I look at all of the projects around Richmond that I’ve worked on, it’s very fulfilling to recognize that I was a part of that process. It’s fantastic to see people living their dreams and knowing I’ve helped them in some way.”

Lucy joined ThompsonMcMullan after seven years as the Assistant District Counsel to the United States Small Business Administration’s Richmond District Office (SBA). She has extensive experience working in SBA offices across the country and was selected for assignments as the Acting District Counsel in the Atlanta, Seattle and Richmond Districts. She also has served on assignment as counsel for the SBA National Guaranty Purchase Center and the SBA headquarters in Washington, D.C.

The most common issue that Lucy’s clients face is navigating the federal regulations governing the SBA loan-making process. She represents lenders in their 7(a) and 504 SBA loan closings, assists lenders with servicing actions on existing SBA loans and creates loan closing packages for new loan programs. Lucy, who is licensed to practice in Virginia, Maryland and West Virginia, says the demands of her work can be intense, fast-paced and complex, particularly related to funding deadlines under the SBA 504 loan program.

Lucy has grown to thrive on the deadline pressure and steady parade of challenges that come with the work. Today, she is one of only a handful of attorneys in Virginia who is a certified Designated Attorney by the SBA, meaning she has built the expertise and received the training to become prequalified to submit loans to the SBA District Counsel. She prides herself on good customer service, a wealth of knowledge in her practice area, diligent organizational skills, and an efficient and practical approach to problem-solving.

“I never get bored doing this job,” she says. “My clients hire me because they’ve got a problem, and I need to figure out the solution to that problem, usually within a very short time frame. This work brings a lot of interesting challenges, and I appreciate that. I enjoy the unpredictability of it. There’s always something new coming around the corner.”

Originally from White Bear Lake, Minnesota, Lucy has been happily married for more than 20 years and has two sons and two dogs. Her hobbies include hot yoga, running, hiking with her family, listening to live music, eating good food, reading books, dancing like Elaine from Seinfeld, and watching movies, often with her children—in fact, she’s pretty sure she’s seen Moana more than 100 times. Lucy is also a professional kid sports spectator and a burgeoning soccer coach for the under 5 set.


Business Transactions, Corporate and Real Estate

Representative Experience

  • Represent lenders in SBA loan closings
  • Assist lenders with servicing actions on existing SBA loans
  • Create loan closing packages for new loan programs


  • University of Richmond School of Law, J.D.
  • Randolph Macon Woman’s College, Bachelor of Arts
  • Stoneleigh-Burnham School


  • Virginia
  • District of Columbia
  • West Virginia
  • Maryland


  • Member of Real Property Section, Virginia State Bar (2005-present)
  • Member of the National Association of Development Companies (NADCO) (2006 to Present)
    • NADCO Attorney Advisory Council
    • Co-taught the 2014 NADCO 504 Loan Closing Update Course Webinar which all U.S. Small Business Administration (SBA) Designated Counsel need to take to maintain their Designated Counsel status with SBA Designated Counsel under the U. S. Small Business Administration 504 Loan Program
  • Region III representative for the National Association for Government Guaranteed Lenders (NAGGL) (2006-2010)
  • Central Virginia Legal Aid, Volunteer, (2002-present)
  • Richmond SPCA, Associate Board, (2006 -2007)
  • Lewis F. Powell American Inn of Court (2018-present)
    • Team Leader
  • Metropolitan Richmond Women’s Bar (2017-present)
    • Awards Chair


  • First Time Practitioner’s Guide to Liens and Judgments in Title Policies (Fee Simple Magazine, Virginia Bar Real Estate Practice Section Publication, Spring 2004)
  • Determining What Law Controls as to the Attachment, Perfection, Effect of Perfection or Nonperfection, and Priority of Personal Property When Used for Collateral in a Loan (Co-written with C. Grice McMullan) (Fee Simple Magazine, Virginia Bar Real Estate Practice Section Publication Fall 2004)
  • “The Top Ten Reasons for the Repair or Denial of the SBA Guarantee” (NAGGL newsletter, January 2006)
  • Documentation Requirements for 7(a) Loans Made Under The American Recovery and Reinvestment Act of 2009 (the “Recovery Act”) (Co-written with Graciela Gatell, Counsel for the U.S. Small Business Administration Guaranty Purchase Center; NAGGL newsletter, February 2010)
  • “SBA Procedure for Reimbursement of Lender Legal Fees on 7(a) Loans” (NAGGL newsletter, June 2006)
  • “Early Defaults, Early Loan Problems Impact SBA Guarantee Purchase Procedures” (NAGGL newsletter, December 2006)

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