Small Business Loans Georgia

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Georgia is the 8th most populous state with a population of over 10 million. Atlanta, GA, is both the State Capital and the largest city in the state, with an estimated 6 million people in the Atlanta metropolitan area, which is the 9th most populous metropolitan area in the United States. Georgia’s gross state product is over 600 million, which, if it were a country, would be the 28th largest economy in the world.

Georgia is an economic powerhouse with 17 Fortune 500 companies and 26 Fortune 1000 companies with headquarters in Georgia, including Home Depot, UPS, Coca-Cola, TSYS, Delta Air Lines, Aflac, Southern Company, Anthem Inc., SunTrust Banks and many more. The Port of Savannah is the fourth largest seaport and fastest-growing container seaport in North America. Atlanta, GA has been seen tremendous growth in finance, insurance, technology, manufacturing, real estate, service, logistics, transportation, film, communications, convention, and trade show businesses and industries. At the same time, tourism is vital to the economy as well.

With all that Georgia has going for it from an economic perspective, small business owners still face many challenges getting business financing from traditional banks with stringent guidelines, credit requirements, mountains of paperwork, and limited products to offer.

AdvancePoint Capital has a small business marketplace full menu of business funding alternatives for Georgia small businesses. Let’s explorer the ten most popular business funding options.

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The 10 Best Small Business Financing Options for Georgia Small Businesses

1. Long-Term Business Loans for Georgia Small Business

Long term small business loans are loans with a duration of greater than two years. Businesses are offered a fixed lump sum of money upfront and charged principal & interest. Unlike a business line, a business owner cannot draw money as you go with a long term loan. Typically, long term business lending is for business expansion and growth or to finance large long term projects. This business funding option is used for long term projects and needs

Product Overview

Rates: Interest rates starting at 5.50% or treasury index plus 1% to 2.5% 

Terms: 2 to 10 years

Fees: Origination fees range from 0% to 3%

Payment: Monthly or Bi-Weekly

Credit Standards: Good to excellent preferred. All types considered.

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2. Business Line of Credit for Georgia Small Business

A Business line of credit is an open revolving line. This type of product allows small business owners to draw funds when needed on-demand or make purchases—a business line charges a principal & interest rate. Business lines of credit do have a limit that cannot be exceeded without approval and is not open-ended forever and require renewal either semi-annually or annually to be extended. 

Product Overview

Rates: 5.50% Interest Rates or treasury index plus 1% to 2.5%

Terms: Open revolving line

Fees: Origination Fees ranging from 0% to 3% 

Payment: Monthly, Bi-Weekly or Weekly

Credit Standards: Good to excellent preferred. All types considered.

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Business Line of Credit

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3. Small Business Credit Cards for Georgia Small Business

Business credit cards are open revolving lines that charge a principal & interest rate with a limit. A card is issued that can be used for making payments or purchases. Small business owners utilize business credit cards in conjunction with other small business financing products.

Product Overview

Rates: Introductory rates starting at 0% up to 28.99% principal & interest

Terms: Open revolving line with a  limit 

Fees: $0 to $500 Annual fees

Payment: Flexible monthly

Credit Standards: Must be good to excellent wi deep history

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Business Credit Cards

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4. Short Term Small Business Loans for Georgia Small Business

Short term business loans are defined as loans that are typically repaid with 6 to 18 months. This small business loan features a lump sum offered up front with a fixed payback calculated using a factor rate over a short term of time. Rates are not principal & interest but a “factor rate” that costs more than traditional loans. Most businesses choose short term small business loans when they do not qualify for a traditional business loan. These small business loans In Georgia are popular with small businesses because of the reduced documentation requirements and credit tolerances that are laxer than a traditional loan.

Product Overview

Rates: Factor rates range from 1.09% up to 1.45%

Terms: 6 to 18 months in duration (typically 12 months or less)

Fees: 0% to 5% origination fees

Payments: Weekly, Bi-Weekly and in some cases daily Monday-Friday

Credit Standards: All types considered 

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5. Business Cash Advance for Georgia Small Business

Business Cash Advances (BCA) is also known as the Purchase of Future Sales Agreement that advances future sales at a discount to a business. The business is responsible for paying back a fixed payback, known as a “specified amount,” which is greater than the lump sum that was advanced to the business. This difference between the advance and the payback is called the “Factor Rate or cost,” which is a fixed cost. This is not principal & interest costs. The advance is repaid by taking a fixed percentage of future overall deposits called the specified percentage. The payments are collected by an ACH fixed daily or weekly payment deducted from a business bank account based on the specified percentage of future sales. At the end of every month, reconciliation can occur. If the fixed payments are taken are more than the set future percentage of sales, a business owner can request a refund back to the business for overpayment so that the set specified percentage of sales collected for the business matches the revenue volumes. Repayment continues until the payback is paid back in full. There is no term limit with advances as the fixed payback percentage ever changes due to fluctuating revenue.

Product Overview

Rate: Factor rates range from 1.09% up to 1.45% 

Terms: No term limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future revenues

Fees: Origination Fees that range 0% to 5% 

Payment: Weekly or daily Monday-Friday Fixed ACH

Credit Standards: Poor to Excellent accepted. All types considered.

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Business Cash Advance

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6. Merchant Cash Advance for Georgia Small Businesses

A Merchant Cash Advance (MCA) is also known as a Purchase of Future Sales Agreement that operates very similarly to BCA’s, but the most significant difference is the repayment process, which is connected to the future credit card revenues instead of overall sales. MCA’s take a set percentage of future credit card sales at the time of batch of credit cards until the advance is paid back in full. Small Business owners find this valuable when they have fluctuating revenues and don’t want to be locked into a fixed payment that could negatively impact cash flow or margins of profit if revenues decline or fluctuate. 

Product Overview

Rate: Factor rates that range from 1.09% up to 1.45% 

Terms: No term limits (payoff depends on future credit card sales)

Fees: Origination fees range from 0% to 3%

Payment: Set fixed percentage of future credit card revenues

Credit Standards: All types considered from poor, fair, good, or excellent.

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Merchant Cash Advance

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7. Equipment Financing in Georgia

Georgia businesses that use equipment to operate their business often, such as manufacturers, construction, and healthcare, turn to equipment financing for the purchase of machinery. Business owners must have very good to excellent credit, but the good news is limited paperwork is necessary to get approved. 

Product Overview

Rate: Factor Rate ranging from 1.09% up to 1.45%

Terms: 2 to 7 years

Fees: Origination fees range from 0% to 3% 

Payment: Weekly or daily Monday-Friday fixed ACH

Credit Standards: All types considered.

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8. Small Business Administration (SBA) Loans in Georgia

The Small Business Administration (SBA) provides programs, guidelines, additonal resources and loan guarantees to approved lenders for businesses throughout Georgia. The Small Business Administration SBA’s mission is to help Americans start, build, and grow their businesses successfully. The Small Business Administration (SBA) is not a lender. The Small Business Administration (SBA) provides a guarantee that gives the approved lender ability to take on the risk of business lending under Small Business Administration (SBA) terms that they would not ordinarily do so on their own. The business owner has rights reserved for any recourse need. The Small Business Administration (SBA) loans and loan programs are highly sought after by Georgia small businesses.

Product Overview

Rate: Interest Rates starting at 5.50%, Treasury index plus 1% to 2.5%  

Terms: 3 to 25 years 

Fees: Origination Fees 0% to 3%

Payment: Fixed monthly

Credit Standards: Good to excellent preferred, but all types considered. 

Small Business Administration (SBA) Loan Programs

SBA Standard 7 (a) Loan Program:

SBA loan 7(a) is the SBA’s primary program is designed to provide financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan, may vary by the type of loans to small businesses.

SBA Loan Program 504:

The SBA 504 Loan is a powerful economic development loan program that will provide small businesses another avenue for business funding while promoting business growth and job creation. The use of proceeds from SBA 504 Loans must be used for fixed assets such as construction, commercial real estate, land or land improvements (and certain soft costs), or can also be used to refinance existing debt.

SBA Disaster Loans:

Economic Injury Disaster Loans (EIDL)-This type of SBA loan not only provides assistance after natural disasters like tornadoes, wildfires, or floods, but when President Trump declared Covid-19 a nationwide emergency on March 13th, small businesses were able to access this program for emergency financing.

SBA Paycheck Protection Program (PPP) Loan:

The Small Business Administration (SBA) has established the SBA Paycheck Protection Program loan. This SBA loan provides loans to small businesses affected by the COVID-19 crisis and needs financial help.

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Small Business Administration (SBA) Loans

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9. Invoice Factoring in Georgia

Invoice factoring advances the outstanding balance to a business owner to increase the speed of cash flow to the business. This solution provides cash quickly, and there is no need to wait for outstanding invoices to be collected and received by the client. Invoice factoring has affordable costs ranging from 1% to 2.5% fee off of the face value of the invoice advanced.

Product Overview

Rate: None

Terms: No term limits 

Fees: 1% to 3% fee based on invoice. Monthly service fees may apply depending on volume of invoices factored

Credit Standards: Credit of the Clients need to be favorable, NOT the business owner advancing off invoices.

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Invoice Factoring

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10. Purchase Order Financing

Purchase Order financing offers businesses the ability to raise money to pay suppliers upfront for verified purchase orders. Purchase order loans will advance an entire order or a portion of it, depending on the purchase order funder. When the supplier is ready to ship the order, the purchase order finance company collects payment directly from the customer. The purchase order funder will subtract their fees and then sends the balance of the invoice to your business. 

Product Overview

Rate: None 

Terms: No term limits 

Fees: 1% to 3% fee for each Purchase Order. Monthly service fees depending on volume may also apply.

Credit Profile: All parties need favorable business credit history but all credit considered

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Purchase Order Financing

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U.S. Small Business Administration

How to Grow Your Business in Georgia
View the Georgia Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

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Why Does Your Georgia Area Business Need Money?

The most common use of proceeds small businesses acquire loans for their business.

  • Working capital loans
  • Equipment loans
  • Business Expansion Plan
  • Recruiting employees
  • Small Business Development
  • Cash flow shortages
  • Emergencies
  • Advertising and marketing
  • Any legitimate business purpose,  use, or opportunity

Frequently Asked Questions and Info

It is not difficult to obtain business financing or a small business loan in Georgia. 

There are many business funding options available for business owners with bad credit. Products and terms will vary depending, and the risks associated may impact terms, pricing, and costs.  

Business Credit cards are the only true no documentation product. Other business funding products have less or reduced documentation requirements you may want to consider because the less documentation you provide, the more likely terms will be less favorable. 

Getting start-up business funding, you may find to be extremely difficult and challenging. SBA loans are the most traditional choice, but they are difficult to get approved for. A small business owner’s search will need to include non-traditional means to raise money like private sources or investors. 

You can indeed start a business with no money down, but your success may be driven by the financial resources that are available to help you grow that Georgia business!

Federal Grants & Loans – Find various foundations and non-profit opportunities

The fast, convenient, and straightforward way to get the business loan you need for your business – now!

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Additional Resources, Government Programs, Help and Information for Georgia Small Business

Available Initiatives, Programs, and Grants to support small business in Georgia

The State of Georgia Department of Economic Development “Finance My Small Business” – The Georgia Department of Economic’s mission is to help support, promote and encourage economic development, provide additional resources for small business in Georgia.

The U.S. Department of Treasury State Small Business Credit Initiative (SSBCI)

Micro Loans/CDFI -These lenders, or Community Development Financial Institutions (CDFI), have lending portfolios that offer many different types of small business funding.

City of Atlanta Loan Programs – Helping local small businesses reach significant potential with solutions for your company.

Green Loans –  Eco-friendly products or services for an existing local business can be accessible with “green” loans from the state.

Rural Business Loans –  Learn about financial aid opportunities for small businesses in rural Georgia.

Federal Grants & Loans – Find various foundations and non-profit opportunities.

Foundations in Georgia – Connect with various foundations and non-profit opportunities

SBA U.S. Small Business Administration Georgia District Office

Women Business Enterprises (WBE)

ACE’s WISE (Women Investing in Successful Entrepreneurs)  – WISE provides access to capital combined with business advisory services for women who are expanding or starting a business in local metro Atlanta and the North Georgia region.

Contact AdvancePoint to help you navigate through the above information and resources available to small business owners.

Advice, Tips, and Warnings for Small Business Entrepreneurs

When looking for money for your business, small business entrepreneurs should always begin the process with what is the purpose and use of the funds you are trying to acquire for your business. Do you know the obstacles that exist when getting approved? (Credit Issues, Bank Statement cash flow issues, time in business, financial statement issues).

Underwriting for business funding is much more risk-averse than consumer lending, so you need to take your time in looking through all the options that are available by lenders. 

AdvancePoint Capital has been very successful in helping small business entrepreneurs search for money for their business easily and painlessly without wasting time or, more importantly, your hard-earned money. AdvancePoint Capital has a large marketplace of small business loan options with many different product offerings providing flexibility.

As we always say at AdvancePoint Capital, compare, shop, and you will always save!

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