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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.


Business Loans in Atlanta Made For Your Business

Thanks to its low cost of living, diverse talent pool, and convenient transportation, Atlanta is a great place to own a business. With small business loans, you can set your Hot ‘Lanta venture up for unparalleled success.

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

Partially guaranteed by the U.S. Small Business Administration (SBA) and distributed by SBA-approved lenders, SBA loans are known for their high borrowing amounts and lengthy repayment terms. Depending on your situation and the lender you choose, you can lock in up to $5 million in funding with terms of up to 25 years.

Line of Credit

A line of credit is a flexible form of financing. Upon approval, you can borrow as much or as little as you’d like, up to a set credit limit. If you’re a seasonal business or unsure of how much money you need, this option is worth considering.

Term Loan

When most people think of small business loans, term loans typically come to mind first. With a term loan, you’ll receive a set amount of money at once. Then, you’ll repay it over time over an agreed-upon term, ranging from a few months to a few years or longer.

Equipment Finance

Equipment loans can help you pay for new or used equipment, such as computers, ovens, tractors, or anything else your business depends on. In most cases, you’ll be able to finance 80% to 100% of the equipment’s total cost.

Accounts Receivable Financing

Accounts receivable financing lets you sell your outstanding invoices to a company in exchange for fast cash. You may receive between 70% to 90% of the invoices initially. Once the company collects payments on your behalf, they’ll distribute the remaining amount, minus a fee.

Atlanta Business Loan Options

Several local organizations provide small business funding resources in Atlanta.

Atlanta Postal Credit Union Logo

Atlanta Postal Credit Union offers a number of small business loans, like real estate loans and equipment loans. There are several branch locations throughout the Atlanta area.

Wayne Savings Community Bank Logo

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 Logo

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 who create at least five new jobs in Atlanta.

How to apply for a small business loan

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

STEP
3
Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

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FAQs About Small Business Loans in Atlanta

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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