Best Business Loans in Georgia

Best Georgia small-business loans from nonprofit lenders

Nonprofit lenders — many of them community development financial institutions (CDFIs) — typically exist to provide capital access to otherwise underserved businesses. They often cater toward women- or minority-owned or low-income business owners, and can have more lenient qualification requirements than banks while preserving favorable loan terms.

Key facts:

• No prepayment penalties. 

• Offer one-on-one consulting services for business owners in marketing, accounting, operations and other areas.

• Personal guarantee and UCC lien required. 

Key facts:

• Loans available for working capital, real estate, equipment, inventory and more.

• May qualify for up to $20,000 with a minimum credit score of 550. 

• Loan terms up to 84 months. 

Key facts:

• Loan amounts up to $250,000. 

• Loan terms between 12 months and 10 years. 

• Funds may go toward startup costs, construction, working capital and more.

Key facts:

• Loan amounts up to $50,000. 

• Startups are eligible for some funding. 

• Working capital loans, revolving loans and contractor financing available.

Key facts:

• Loan amounts between $2,500 and $1.25 million. 

• Loan approval within two to four weeks. 

• Additional loan fees ranging from 1-2%.

Best Georgia business loans from banks and credit unions

Banks and credit unions often offer the lowest rates and most favorable loan terms, though they may have stricter qualification requirements. Several Georgia-based banks and credit unions, as well as larger national banks, offer small-business loan options for Georgia-based businesses.

Key facts:

• Offer commercial real estate loans, lines of credit and equipment financing. 

• Rewards credit card with no annual fee also offered to members.

Key facts:

• Business lines of credit, real estate, SBA and equipment loans offered. 

• Online application process. 

Key facts:

• Line of credit up to $50000.  

• No annual fee. 

• Startup businesses with less than two years in business may be funded.

Best Georgia business loans from online lenders

Beyond the Georgia-based lender options, there are several national online lenders that provide small-business loans for businesses located in Georgia. Online lenders can be easier to qualify with, but often offer higher rates and shorter terms than banks and credit unions, or even nonprofit lenders.

Key facts:

• Lines of credit up to $150000.  

• Funding available as quickly as the next day.

• Repayment terms of3 or 6 months. 

Key facts:

• Loans up to $1.5 million. 

• Minimum 570 credit score. 

• Prepayment discounts available. 

Key facts:

• Loan terms up to 84 months. 

• Fast financing compared to traditional lenders. 

• Loan amounts between $25000 and $500000.

Other resources for Georgia small-business loans

• University of Georgia Small Business Development Center. UGA’s 18 SBDC offices across the state are meant to provide tools, training and resources to Georgia small businesses. 

• Invest Atlanta. Invest Atlanta is the economic development authority for the city of Atlanta, providing tons of resources — including funding, resource centers, tax credit opportunities and and investor platforms — to entrepreneurs and small businesses across the state. 

• Local Georgia SCORE chapters. The Service Corps of Retired Executives (SCORE) is a national organization that offers business advisory services and assistance to small businesses all over the United States. There are several chapters that serve specific counties across the state of Georgia.   

» MORE: Top small-business grants in Georgia

How to get a business loan in Georgia

Exact qualification requirements will vary based on your business and the type of lender you apply with, but there are a few general steps you should take to prepare for financing.

1. Determine what type of financing you need. The right type of financing for you will depend on your business’s industry, age and revenue; the purpose of the loan; and your personal credit score. When you understand what you intend to use the money for and how much you might qualify for, you can begin to narrow down other options. 

2. Research and compare lenders. Once you understand the type of funding you need, you can research lenders that offer loans that fit your business best. If you can, try to include online, nonprofit and bank lenders in your research to understand what each has to offer. You can also speak with representatives from each institution, and get quotes to compare rates and terms. 

3. Gather your documentation. Once you’ve chosen a lender, you should have a list of the exact documents they require — typically a business plan, business legal documents and business tax returns. This part of the application process can move as quickly as you’re able to gather the necessary documentation. 

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer small-business friendly features, including:

• Transparency of rates and terms.

• Flexible payment options.

• Fast funding times.

• Accessible customer service.

• Reporting of payments to business credit bureaus.

• Responsible lending practices.

We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.