Small business loans in Atlanta
What financing options are available for small businesses in Georgia’s capital? Find out about possible loans and which ones might fit your business.
Types of business loans in Atlanta.
No matter your industry, business loans may help you obtain the capital you need to launch and grow your business. As you shop around for small business loans in Atlanta, you’re sure to come across these popular options.
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.
Atlanta business loan options.
Several local organizations provide small business funding resources in Atlanta.
Atlanta Postal Credit Union offers several small business loans, like real estate loans and equipment loans. There are several branch locations throughout the Atlanta area.
Wayne Savings Community Bank is another place to consider for small business financing. It provides term loans, lines of credit, agriculture loans, and more.
Invest Atlanta provides several funds including the Phoenix Fund which supports small and medium-sized businesses with low-cost loans, and the Opportunity Loan Fund for businesses that create at least five new jobs in Atlanta.
SBA Loans Atlanta offers SBA loans through Signature Bank of Georgia, an SBA-preferred lender.
Access to Capital for Entrepreneurs (ACE) is a community development loan fund in Atlanta that offers microloans of $15,000 to $50,000 to businesses operating in Georgia.
LiftFund is a nonprofit organization focused on startup loans and microloans for businesses in Atlanta and other cities in Georgia.
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 an Atlanta representative.
FAQs
Atlanta SCORE can come in handy if you’re looking for free business mentorship. You may also take advantage of the Atlanta Small Business Network, which offers insight on business trends in the area and tips for entrepreneurs. In addition, the Georgia State University Small Business Development Center offers consultation services and training sessions. Another great resource is the Urban League of Greater Atlanta’s Entrepreneurship Center which hosts one-on-one consulting sessions and an eight-week startup accelerator. We can’t forget the Women’s Entrepreneurship Initiative and its incubator for female entrepreneurs, complete with mentors, co-working spaces, and post-incubation assistance.
Invest Atlanta, the official economic development authority in Atlanta created a Small Business Improvement Grant to support small business owners in five of the City of Atlanta’s Tax Allocation Districts: Campbellton Road, Hollowell-ML King, Metropolitan Parkway, Perry Bolton, and Stadium. It’s designed to assist with internal and external improvement costs. The city of Atlanta has also relaunched the COVID Relief Grant to support local businesses in the post-pandemic environment.
Atlanta small business loans are versatile, meaning you can use them to cover a variety of business expenses. If you take out a line of credit, for example, you may put it toward working capital costs. A term loan can assist with marketing, inventory, payroll, or anything else you need to operate smoothly. With an equipment loan, you may fund new or used equipment.
To qualify for a business loan in Atlanta, first determine how you’d like to structure your business (sole proprietorship, partnership, LLC, corporation, etc.). Then, use the Georgia Office of the Secretary of State Name Reservation Online Portal and register a business name. Next, obtain a tax identification number from the IRS, as well as your Georgia State Tax ID number and any licenses or permits you may need. Once you go through these steps, you’ll be ready to apply for a loan. Remember that lenders will consider factors like your credit score and annual revenue when deciding whether to approve your application.
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