Georgia Small Business Loans

Georgia’s focus on fostering a pro-business environment has improved its economy and helped secure its ranking as the sixth best state for small businesses, according to Forbes. Running a company here can be cost-intensive, though.

Many entrepreneurs consider financing to make the most of their business. But knowing where to turn for capital can be challenging. We’ll take a look at the state of entrepreneurship as well as top lenders offering Georgia small business loans.

There are 1.1 million small businesses in Georgia, which employ 1.7 million employees, according to the U.S. Small Business Administration (SBA).

Here the top 10 industries with the greatest number of small firms in the state:

1. Other services (except public administration)
2. Professional, scientific and technical services
3. Construction
4. Administrative, support and waste management
5. Real estate, rental and leasing
6. Retail trade
7. Health care and social assistance
8. Transportation and warehousing
9. Arts, entertainment and recreation
10. Accommodation and food services

When you’re considering getting a business loan in Georgia, you’ll want to start preparing. Gather what you’ll need to apply for financing and start researching lenders in your area.

Here are 5 banks offering financing and commercial loans in Georgia:

5 Lenders for Small Business Loans in Georgia

Whether you’re searching for SBA loans in Georgia or term loans, here are several conventional lenders you can turn to for assistance.

1. FirstBank

FirstBank has branches in the northwestern part of the state. It’s accredited by the Better Business Bureau (BBB) and has A+ rating with the organization. It’s also been awarded a 4.7-star rating on WalletHub.com.

Find the following small business and commercial loans at this Georgia bank:

• Accounts receivable financing
• Commercial real estate loans
• Debt consolidation loans
• Equipment financing
• Construction and expansion loans
• Inventory financing
• Letters and lines of credit
• Working capital loans

2. Renasant Bank

If you’re seeking a business line of credit in Georgia or another funding type, look for it here. This bank has a 4.9-star rating from WalletHub.com and an A- rating from the BBB. Compare the following options:

• SBA loans
• Commercial real estate loans
• Equipment financing
• Facility expansion loans
• Accounts receivable financing

3. United Community Bank

United Community Bank was ranked No. 22 on the Forbes 2020 list of America’s Best Banks. It also has an A+ rating with the BBB. The following Georgia small business loans and financing products are available:

• SBA loans
• Builder financing
• Asset-based lending
• Equipment lending
• Business credit card
• Business line of credit
• Working capital line of credit
• Renewable energy financing

4. Synovus Bank

Synovus Bank is another BBB-accredited, A+ rated lending institution. It also made it onto Forbes’ America’s Best Bank list, albeit No. 64. Find the following business loans in Georgia here:

• SBA loans
• Term loans
• Lines of credit
• Business credit cards
• Commercial real estate loans
• Owner-occupied real estate loans

5. Regions Bank

Regions Bank earned a spot on WalletHub’s 2020 Best Bank in Georgia list, with a 3.9-star rating. It’s also earned an A+ rating with the BBB. Here are the financing products you’ll find at this lending institution.

• SBA loans
• Lines of credit
• Commercial term loans
• Seasonal loans
• Bridge loans
• Asset-based lending
• Equipment financing

Alternative Forms of Small Business Financing in Georgia

Today, entrepreneurs can look to more than conventional lenders for funding. While banks can offer competitive rates and terms, the process to apply and be approved for a loan can be lengthy and difficult. Requirements for collateral, credit score, revenue and cash flow can make it hard for some business owners to move beyond the initial application.

In response, nonbank lenders came onto the scene. They’re known to offer fast funding with more flexible approval requirements. Because these financing offers are often easier to obtain, they typically have shorter repayment terms and require more frequent payment installments.

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Get Your Business Loan Faster

Find other helpful resources in Georgia to help you build your small business. Here are a few reputable sources of information.

Georgia Department of Economic Development

Find information on starting or growing a business or connect with fellow entrepreneurs. Additionally, get information on additional lending opportunities in Georgia, including these:

• State Small Business Credit Initiative
• Microloans
• City of Atlanta loan programs
• Green loans
• Rural business loans
• Federal grants and loans

Georgia Chamber of Commerce

Attend special events in your Georgia community and network with other business owners and leaders working in the state. Take part in a webinar too. As a member, you can gain help with capital access, human resources assistance, continuing education and more. Opportunities to advertise your business are also available.

SCORE

This nationwide nonprofit operates several branches in Georgia, including a Northeastern and an Atlanta chapter. Small business owners can take advantage of free 1-on-1 mentorship opportunities and get business startup and planning advice. Networking events, workshops, webinars and online education resources, including business document templates and articles, are available.