Small businesses can face a plethora of challenges, and one of the most significant obstacles is obtaining the funds to launch or expand a business venture. While traditional avenues like bank loans have been available in the past, the COVID-19 pandemic has made access to those routes challenging. Luckily, Georgia has seen a rise in alternative funding options for small businesses. This article will outline some of the key small business loan providers in Georgia and provide an in-depth comparison to assist in selecting the best provider for your business.
1. Kabbage
Kabbage is an online lending platform that provides small business loans of up to $250,000. The application process is straightforward and can be completed online, with financing delivered within a few days. Additionally, Kabbage requires no collateral, and borrowers can repay the loan over six to eighteen months.
2. StreetShares
StreetShares is a peer-to-peer lending platform that provides small business loans through a range of funding options, including term loans, lines of credit, and invoice financing. The platform caters to small businesses that have been operating for at least a year, with at least $25,000 in revenue annually.
3. Fundbox
Fundbox is an online platform that provides small business loans and lines of credit ranging from $1,000 to $100,000. The borrower must have been in business for at least six months, with at least $50,000 in annual revenue. Fundbox uses AI-powered underwriting to deliver financing decisions within minutes, and borrowers can repay over 12 or 24 weeks.
4. BlueVine
BlueVine is an online platform that provides small business loans and lines of credit up to $250,000. The platform caters to small businesses with at least $100,000 in annual revenue, with funds deposited into the borrower’s account within 24 hours of approval.
5. OnDeck
OnDeck is an online small business lender that provides term loans and lines of credit up to $250,000. OnDeck has flexible payment terms, and approval decisions are made in a matter of minutes. The platform caters to businesses that have been operating for at least one year, with at least $100,000 in annual revenue.
Conclusion
Small businesses have a variety of funding options in Georgia, ranging from traditional bank loans to alternative lenders like Kabbage, StreetShares, Fundbox, BlueVine, and OnDeck. While each provider has unique benefits, businesses must consider their unique needs to choose the best option. Small business owners should work with their accountant or financial advisor before committing to any form of financing. The right funding option can make the difference between a thriving business and one that struggles to survive.
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