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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!
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.
A Small Business Administration (SBA) loan is mostly backed by the federal government and serviced through private lenders. This situation means that many SBA loans, like the 7(a) loan, often provide a relatively low interest option for business owners.
With a line of credit, your business can make business-related purchases on credit up to a predetermined limit. You then pay down the balance, with interest and fees, over time.
A term loan is a small business loan with a set term, meaning you receive a disbursement of funds upfront, then you repay the loan and interest in installments over this term, which might be as much as 25 to 30 years.
When you finance equipment, you can use and generate revenue from the equipment ASAP and then repay the cost of the equipment, plus any interest, in monthly installments as you go along.
If you have many outstanding invoices owed to your business, you can receive a loan based on these unpaid invoices. This is referred to as accounts receivable financing.
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.
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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.
Once you choose a card, you can get approved in as little as 7-10 days.
Dr. Eukeethia Barnes and Allen Huff
(678) 218-1930[email protected]
(770) 874-1486[email protected]
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.
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.
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.
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.
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.
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.
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+.
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.
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