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Georgia Small Business Loans: How to Get a Small Business Loan in Georgia

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Georgia Small Business Loans: How to Get a Small Business Loan in Georgia

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How do you get a small business loan in Georgia?

Getting a business loan is a great way to grow your business, cover expenses or manage any emergency costs that come up unexpectedly. The first step in getting a business loan in Georgia is to do your research and really understand what you need the money for. You want to find a loan that works best for you and your business since there are so many different products available. 

If you feel confident you’ve found the right Georgia small business loan for you, the next step is to get your application together. No matter what kind of loan product you go with, you’ll need to supply the lender with financial statements like tax returns, revenue statements, and bank statements to confirm your business's financial status. The lender can also run a credit check for your personal and your business credit. It’s very important to know going into the application process what your business credit score is. If you’re not sure, mySMBscore can provide you with a business credit memo that gives you the financial insight that lenders are looking at. 

What are the types of small business loans available in Georgia?

There are countless options and lenders that are offering small business loans in Georgia. Let’s walk through some of the common types: 

  • Traditional term loans:  Offered by a variety of lenders, some small businesses opt for a traditional term loan with a fixed interest rate. Many online lenders offer these with quick approval and access to funds, making it a popular solution for business owners needing cash fast. Plus, there are generally less restrictions with a term loan as long as it’s used for business purposes only.
  • Working capital loans: As an alternative to term loans, a working capital loan is a short-term solution to get funding for everyday operational expenses. Things like invoice factoring, merchant cash advances and equipment financing fall into the working capital category. 
  • SBA loans: These government-backed loans are great for small business owners who might not qualify for other lending options. However, they’re not good for those who need money in a pinch because they take several weeks or months from application to receiving the funds. 
  • Grants:  Offered by local nonprofits, small business grants provide funding to Georgia businesses and are highly competitive since they don’t require you to repay the money. 

What are other local small business loans available in Georgia?

Georgia has several options for small business loans through nonprofit lenders and credit unions. Things like the ACE small business loans or the Georgia State Small Business Credit Initiative work to provide funding to entrepreneurs who meet lending requirements. These are locally run and are available for small business owners in Georgia. Some other popular options include the Invest Atlanta small business loans and Atlanta Micro Fund small business loans. 

What qualifies as a small business in Georgia?

In Georgia, it is actually coded in their state legislation what is considered a small business. Effective in July of 2021, a small business is a business that is “independently owned and operated with up to and including 300 employees or up to and including $30 million in gross receipts per year.” 

Georgia has even taken this an extra step and classified businesses into three tiers: 

  • Tier 1: 10 or fewer employees or $1 million or less in gross receipts per year
  • Tier 2: 100 or fewer employees or $10 million or less in gross receipts per year
  • Tier 3: 300 or fewer employees or $30 million or less in gross receipts per year 

While it might seem unnecessary, these rules allow small businesses to benefit from the resources and training available in the state.

Are Georgia small business loans hard to get?

Ultimately, it depends — Georgia small business loans are not hard to get, but it depends on your qualifications and the lender you apply with. With so many different loan products and lenders offering small business loans in Georgia, even those with below-average credit can likely find a working capital loan offering or an SBA loan to help. To find out if you’re business is in a good position to qualify for a business loan in Georgia, visit mySMBscore. Gain access to your business credit score and view the analysis through the eyes of a lender to identify ways to give your business a leg up when it comes time to apply. If you’re ready to apply, you can check business loan offers with no credit impact through our site. 

What can small business loans be used for in Georgia?

Looking to expand your business? Wanting to cover everyday expenses? Hoping to upgrade your equipment? There are countless ways you can use a Georgia small business loan. Depending on your specific goals, once you have the funds, you are able to use them for whatever your business needs. 

What other resources are available for Georgia small businesses?

Whether you’re looking to start a business or are a current entrepreneur hoping to grow your existing business, Georgia has you covered with valuable resources and programs to support you. The state has a robust website with dozens of resources like:

What Georgia small business grants are available?

While small business grants in Georgia are limited, there are a few great options for those looking to apply. Since grants are constantly changing, using a website like Georgia GrantWatch can help you keep an eye on current opportunities. You can also look into one of these grants:

  • Georgia-Pacific Foundation Grants: This charitable organization provides grants to businesses looking to improve the quality of life in areas near Georgia-Pacific employees. 
  • Community Foundation: This organization is focused on improving life for residents throughout the region and offers grants for each region of the state. 

What do you need to qualify for a small business loan in Georgia?

Each lender can outline their specific requirements to qualify for a small business loan. Generally, though, the higher your credit scores are, the better terms you’ll be able to unlock. Not sure where your business credit stands? Head to mySMBscore to check out your business credit memo and view your finances through the lens of a lender so you can understand how to improve and what you’re eligible for. If you don’t have strong business credit, you can also qualify based on your personal credit scores, although most of the time both scores will be considered. 

Am I eligible for a small business loan in Georgia?

You’ll have to check with each individual lender to fully understand the eligibility requirements since each loan and bank will have different standards. However, if you are a small business owner with good credit and have been in business for at least one year, you should be able to apply for several small business loans in the state. 

If you want to compare offers and see what you’re eligible for, mySMBscore can help connect you with a network of national lending partners who are ready to help you meet your business goals. You’ll be able to save time and compare offers in one place, ensuring you pick the best small business loan available to you.

How do you apply for a Georgia small business loan?

Applying for a small business loan in Georgia is a pretty straightforward process if you’re using an online lender or traditional bank. Most banks have an online application process that allows you to upload your documents right into their portal digitally. Most online lenders can provide an application decision within a matter of minutes or hours. 

Your application can get more complicated when you apply for an SBA loan, as these can take several weeks to process and provide an application decision. 

The best first step you can take before applying is to review your business credit memo through the eyes of a lender at mySMBscore. The opportunity to do so can not only help you understand what rights you should qualify for, but it can help you learn how you can qualify for a low-interest business loan. 

How can a Georgia small business loan help my business?

The possibilities are endless when you get a small business loan in Georgia. A small business loan can provide you with the capital you need to take your business to the next level and reach your goals, whatever they may be! Whether you need to stock up on inventory or expand your company’s offerings, a small business loan provides access to funding for repayment on terms that you’ve agreed to. Plus, with so many options for small business loans available in Georgia, you can compare offers and find the loan that works for you and your business. 

How do you qualify for a small business loan in Georgia?

Ultimately, you need to understand the eligibility requirements of the lender you’re working with. Some businesses will be able to qualify with most lenders, while others may have a harder time. To better understand your situation, visit mySMBscore. mySMBscore can provide you with the insights you need to make the right decision for your goals. Plus, once you’re ready, you can compare and easily apply for financing that is tailored to your business needs — all in one place. 

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