Small Business Loans in Atlanta
Step aside, Coca-Cola and Home Depot. Small businesses are taking Georgia by storm, at a rate of 1 million according to recent stats compiled by the Small Business Administration (SBA).
Many of these companies are growing thanks to business financing.
Now it’s your turn. Find small business loans in Atlanta that meet your growing needs. In this guide, we’ll take a look at banks and loan companies in Atlanta, GA, check out some of the best business loans and resources and review the state of business in the city.
Small Businesses in Atlanta
Growth costs money, and many small businesses in Georgia are thriving. According to 2019 rankings by WalletHub, Atlanta is featured among the top 10 best places to start a small business.
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What Percentage of Businesses Are Small?
In Georgia, small businesses make up 99.6% of all companies in the state, and these businesses employ approximately 1.6 million workers, more than 40% of all of Georgia’s private sector employees.
What Are the Top Small Business Sectors?
According to the SBA, the top 10 small business sectors employing the most workers in Georgia include:
- Food and accommodation services
- Social assistance and health care
- Professional, technical and scientific services
- Retail
- Other services (excluding public administration)
- Construction
- Manufacturing
- Administrative, support and waste management
- Wholesale trade
- Insurance and finance
Top Small Business Lenders in Atlanta, GA
Maintaining a workforce and a small business is no small feat and can come with challenges, as well as perks. If your revenue shifts throughout the year, some months are better than others. Because of this, funds to add new hires and grow your company (or even cover payroll at times) can be limited.
Fortunately, there are plenty of lenders in the ATL you can turn to for financing to fund your business expansion project, fill purchase orders or gain a boost in working capital.
Whether you’re trying to decide between SBA versus non-SBA loans, looking for a business line of credit or in search of equipment financing, you’ve got options.
Let’s look at a few Atlanta lenders and the small business loans they offer that could meet your needs.
Discover Your Best Business Loan Options
1. Affinity Bank
Affinity Bank started as Atlanta Business Bank back in 2002 and has since earned a 4-out-of 5-star rating from Bankrate. They specialize in assisting attorneys, dentists, doctors, veterinarians, dermatologists and other service-providing business owners.
Apply for one of the following small business loans:
- Acquisition loans
- Construction loans
- Commercial real estate financing
- Equipment financing
- Expansion loans
- Lines of credit
- SBA loans
SBA loans are guaranteed by the Small Business Administration and have interest rate caps. They also boast lower down payment requirements and often longer repayment terms than other loan types. Take a look at current SBA loan interest rates. Other loan rates and terms will vary depending on the type of financing, loan amount and other factors, such as credit history.
2. Ameris Bank
If you’re looking for an SBA loan in Atlanta, consider Ameris Bank, an SBA partner lender. This financial institution has been in operation since the 1970s and has locations throughout Atlanta. Ameris Bank offers the following types of small business loans in Georgia:
- Acquisition loans
- Agribusiness lending (for farming machinery, livestock purchases, etc.)
- Business credit cards
- Commercial real estate loans
- Equipment financing
- Expansion loans
- Government guaranteed loans (loans guaranteed by the SBA and U.S. Department of Agriculture)
- Inventory loans
- Residential builder financing
- Term loans
- Working capital loans
Ameris Bank touts competitive rates and terms. Additionally, several financing options have flexible payment schedules, either monthly, semi-annually or annually.
3. Cornerstone Bank
Cornerstone bank has an A- rating with the Better Business Bureau and is an experienced SBA lender. Founded in 2001, this bank offers the following Atlanta business loans:
- Commercial real estate financing (up to 90%, repayment terms up to 25 years)
- Franchise financing (up to 85%, repayment terms up to 25 years)
- Business expansion financing (up to 85%, repayment terms up to 25 years)
- Construction financing (up to 90%, repayment terms up to 25 years)
- Medical practice financing (up to 90%, repayment terms up to 25 years)
- SBA 7(a) loans
- 504 loans
- SBA franchise lending
- USDA loans
4. Invest Atlanta
Invest Atlanta is the city’s official economic development authority, and it provides several resources for small business owners, including small business loans and grants. The organization offers several small business financing programs, including options if you’re searching for small business loans for women in Georgia or funding for minorities.
Examples of small business loans this Atlanta agency provides include:
- Atlanta Catalyst Fund – Small businesses in distressed Atlanta neighborhoods can seek funding from this program. Loan amounts range from $50,000-$100,000 with repayment terms of 3-7 years. Interest rates vary and are based on each business’s cash flow.
- Opportunity Loan Fund – Small businesses can apply for up to $100,000 in gap financing with repayment terms of 3-7 years with the exception of real estate loans, which have 15-year terms. As of December 2019, interest rates were one-half of the Prime Rate plus 2%. The current Prime Rate is 4.75%.
- Phoenix Fund – Loan amounts range from $10,000-$100,000 with repayment terms of 3-7 years (15 years for real estate). Interest rates for loans from this fund are also one-half of the Prime Rate plus 2%.
What’s more, Invest Atlanta offers small business advocacy, education and tax incentives.
5. SunTrust
With more than 40 locations throughout the Atlanta area, SunTrust offers the following small business loans and financing options in addition to personal loans:
- Commercial mortgages
- Equipment financing (for leases and purchases) – up to 100% of the equipment
- Lines of credit
- SBA loans
- Short-, intermediate- and long-term loans
- Working capital loans
Fixed and variable interest rates are available. Depending on the type of installment loan and amount, repayment terms can extend up to 25 years.
Alternative Forms of Financing in Atlanta
Banks just aren’t for everyone, and they aren’t the only players in town anymore. Alternative lenders are known for their speed and access to funding, particularly for borrowers who need funds fast or have less-than-desirable credit scores.
To provide funding to a broader group of business owners and hedge themselves from riskier loans, alternative lenders typically have higher interest rates and shorter repayment terms. That being said, if your primary concerns are getting funded quickly and enjoying a streamlined application process, you might find that alternative lenders trump conventional banks.
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Applying for Alternative Financing Through Fast Capital 360
Ready to apply for financing to fund your Atlanta business? At Fast Capital 360, we make the process easy. Benefit from the features our clients appreciate most.
Speed
In just a few minutes, complete your secure application online. Then find out how much you qualify for in as little as a day.
Multiple Loan Offers
We partner with various lenders throughout the country. This means you’ll receive multiple loan preapprovals from your single application.
Expert Guidance
A dedicated Business Advisor will explain your loan offers to you and answer any questions you have. Choose the option that makes the most sense for your business.
Get Your Business Loan Options In Minutes
Small Business Resources in Atlanta
When it comes to supporting small business development, Atlanta’s got that covered. Here are a few small business organizations that can offer you support as you grow your business. Most programs are free or low cost thanks to the support of volunteers and financial donors.
Center for Black Women’s Wellness
If small business loans for women or minorities in Georgia pique your interest, consider this organization, which encourages women who want to start small businesses or be self-employed. Through the Women’s Economic Self Sufficiency Program, you can get technical assistance, gain financial literacy skills and get help with business development. Besides workshops and training sessions, benefit from peer mentoring, personalized coaching and networking sessions.
SCORE
This nationwide nonprofit organization has been helping small business owners since 1964. Find a business mentor, attend an in-person workshop, watch a webinar or take online courses. The SCORE website also has a host of resources for entrepreneurs. Access checklists, templates, business articles, infographics and more.
Urban League of Greater Atlanta
The Urban League of Greater Atlanta is a great resource for small business owners in the area. Through the organization’s Entrepreneurship Center, new and established small business owners can take advantage of coaching sessions, educational programs and other helpful resources. If you’re in the process of opening a business, consider signing up for the 8-week Small Business Start-Up Accelerator Program, which offers group classes topics like cash flow needs, business planning, financial projections, operations and more.
