Small Business & SBA Loans in Georgia

If you’re an entrepreneur, Georgia should be on your mind because of its low cost of living–and a business loan can help you succeed!

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Applying is free and won't impact your credit*

Types of Georgia Business Loans

All sorts of small business loans and other financing options are available in Georgia, and each type has the potential to help your company take root in the Peach State, depending on your needs.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Local Georgia Business Loan Options

Several organizations service loans to small businesses that set up shop in Georgia.

Invest Atlanta promotes several small business lending initiatives for companies based in Atlanta. The organization even hosts workshops and provides educational resources to improve your chances of approval.

Delta Community Credit Union is a great credit union option in Georgia that provides several forms of commercial lending.

The state runs a State Small Business Credit Initiative (SSBCI) where entrepreneurs can apply for loans that are partially backed by state government funds.

Access to Capital for Entrepreneurs helps North Georgia and metro Atlanta’s entrepreneurs survive and thrive.

Atlanta Micro Fund is a CDFI that helps low-income areas to get funding.

Albany Community Together! (ACT) provides Capital, Coaching & Connections with a focus on African Americans, other populations of color & low-income persons.

Southwest Georgia United offers small business loans, micro-loans, business development services, and home repair loans to support jobs and decent housing.

Small Business Assistance Corporation provides loans to businesses in Southeast Georgia. They offer SBA 504 and 7(a) loans, microloans, and business loans from $1,000 – $150,000.

Georgia Primary Bank offers SBA 504, 7(a), and USDA loans. They also offer equipment loans, lines of credit, and accounts receivable loans.

LiftFund focuses on providing small business loans to underserved communities including women and minorities in Georgia and other Southern states.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Speak with a Georgia representative

Atlanta
Dr. Eukeethia Barnes and Allen Huff
(678) 218-1930
eukeethia.barnes@lendiolocal.com
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FAQs

What other resources are available to Georgia small businesses?

The Georgia Department of Economic Development has a fantastic website for Peach State businesses, no matter whether you are starting up or are an existing small business owner. The Entrepreneurs Resource Center, as the name suggests, is a hub of essential information for new or aspiring small business owners working in technology, innovation, or applied research fields. ACE (Access to Capital for Entrepreneurs) is an iconic Georgia small business resource–not only does the organization connect entrepreneurs with loans, but it also runs mentorship programs and other initiatives.

What Georgia small business grants are available?

You should regularly check USGrants.org for federal business grant opportunities, especially if your company works in education, agriculture, or environmental conservation. The City of Atlanta offers small business grants and microloans on a rolling basis, particularly for creatives. The Appalachian Regional Commission offers Congressionally backed grants to many businesses working in Appalachian regions, including northern Georgia.

What do I need to qualify for a loan in Georgia?

Before applying for funding, you need to select a corporate structure for your company, like a sole proprietorship or limited liability company (LLC). In some cases, you will have to file an application with the Georgia Secretary of State. You might also need licenses and permits to operate depending on your business. Afterward, you can apply for business loans. To qualify, you will want to have a detailed business plan, an accurate business history, and a good personal credit score.

Which loan is right for my Georgia business?

Determining which Georgia business loan is right for your small business will depend on your business’ goals for future growth and its ability to repay the loan. You want funding that will help you reach the next level of business and become more profitable, but you don’t want loan repayments to drain your cash reserves every month. With an online platform like Lendio, you can easily compare a bunch of business lending options within minutes for free.

How can a Georgia business loan help my business?

Georgia has a relatively low cost of living and some of the lowest corporate tax rates in the country, so funds from a business loan can help your business more than in a more expensive state, like New York or New Jersey. A business loan can help you open a new location, invest in new product development, or attract amazing talent.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

What is SBA 7(a)?

An SBA 7(a) loan is a form of financing that is partially guaranteed by the SBA. These loans are named after article 7(a) of the Small Business Act of 1953, which launched the SBA and tasked the agency with supporting American small businesses through lending. You can learn more about the SBA 7(a) loan on our blog.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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