GoSBA’s Top 50 Georgia SBA Lenders in 2024
Overview of SBA Loans in Georgia
According to the U.S. Small Business Administration Office of Advocacy, there are about one million small businesses established in Georgia, employing 1.6 million people across the state. Of these, more than 300,000 are minority-owned businesses. Georgia is also ranked second in the U.S. for having the most women-owned start-up businesses, showcasing a thriving entrepreneurial spirit.
Georgia is home to the headquarters of major corporations such as Home Depot, UPS, and Coca-Cola. These companies have significantly contributed to Georgia’s economic growth, which in 2018 had a GDP of $602 billion, making up 2.9% of the nation’s economy. If Georgia were a country on its own, it would rank as the 28th largest economy in the world.
Popular Industries for SBA Loans in Georgia
In FY 2023, Georgia SBA loan providers funded 1,730 businesses, with a total SBA loan volume of $1.2 billion. Some of the most popular industries receiving SBA loans in Georgia include hospitality, child daycare services, healthcare, and retail. The diversity of industries in Georgia reflects the varied needs of small businesses in the state and the importance of finding the right lender that understands these unique needs.
Challenges in Accessing SBA Loans in Georgia
One of the significant challenges small businesses face in Georgia is gaining access to affordable financing. While the ten most popular lenders signing SBA-backed loans in Georgia include Metro City Bank, Atlantic Capital Bank, Live Oak Banking Company, First IC Bank, Wells Fargo, Touchmark National Bank, Synovus Bank, Cadence Bank, Bank of Hope, and Quantum National Bank, they may not always be the right fit for every business type or size. Many small businesses may find better success working with lenders that specialize in their industry or offer personalized lending solutions.
How GoSBA Loans Can Help
At GoSBA Loans, we understand how challenging it can be to find the best SBA loan that fits your specific needs. We make it our mission to simplify the SBA loan process for small businesses by matching you with lenders that align with your needs. Whether you are looking to purchase equipment, refinance high-interest loans, buy commercial property, or finance building improvements, GoSBA Loans is here to make the process faster, easier, and more affordable.
Top 50 Georgia SBA Lenders in 2024
Below is our ranking of the top 50 Georgia SBA lenders in 2024, showcasing the diversity of lending options available to small business owners in the state.
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| Commonwealth Business Bank | $29,078,000 | 16 |
| Cadence Bank | $19,215,800 | 29 |
| Bank of Hope | $17,828,000 | 14 |
| Bank of America, National Association | $16,784,900 | 31 |
| Byline Bank | $12,581,000 | 7 |
| BayFirst National Bank | $12,089,400 | 65 |
| Craft Bank | $10,051,900 | 6 |
| Celtic Bank Corporation | $9,218,100 | 40 |
| Colony Bank | $9,059,000 | 14 |
| CRF Small Business Loan Company, LLC | $8,430,000 | 4 |
| First Bank of the Lake | $8,275,200 | 27 |
| Community Bank of Pickens County | $7,792,000 | 5 |
| Dogwood State Bank | $7,787,800 | 4 |
| Citizens Bank | $7,203,000 | 13 |
| Embassy National Bank | $5,602,000 | 5 |
| First Chatham Bank | $5,020,000 | 2 |
| Farmers State Bank of Alto Pass, Illinois | $4,995,000 | 1 |
| Ameris Bank | $4,950,100 | 5 |
| Bank Five Nine | $4,795,000 | 3 |
| Berkshire Bank | $4,270,000 | 3 |
| First Bank | $3,940,000 | 2 |
| Exchange Bank | $3,438,600 | 2 |
| 22nd State Bank | $3,041,800 | 1 |
| Cogent Bank | $2,722,500 | 5 |
| Exos Small Business Lending LLC | $2,390,000 | 3 |
| East West Bank | $2,388,000 | 4 |
| Fifth Third Bank | $2,377,700 | 3 |
| Farmers and Merchants Bank | $2,265,000 | 2 |
| CIBC Bank USA | $2,051,200 | 6 |
| Community Bank & Trust-West Georgia | $2,000,000 | 1 |
| Centerstone SBA Lending, Inc. | $1,801,000 | 2 |
| Bank OZK | $1,475,000 | 8 |
| Enterprise Bank & Trust | $1,464,000 | 1 |
| ConnectOne Bank | $1,370,000 | 2 |
| Connecticut Community Bank, National Association | $1,225,900 | 1 |
| Busey Bank | $1,159,300 | 2 |
| Bank of Clarke | $1,102,000 | 1 |
| Century Bank of Georgia | $869,000 | 3 |
| BankSouth | $762,300 | 1 |
| Blue Ridge Bank, National Association | $627,500 | 2 |
| CDC Small Business Finance Corporation | $593,000 | 7 |
| 1st Financial Bank USA | $500,000 | 1 |
| AMPAC Tri-State CDC, Inc. | $350,000 | 1 |
| FinWise Bank | $350,000 | 1 |
| Capital Bank, National Association | $332,500 | 2 |
| Bank of Newington | $312,000 | 1 |
| American Commerce Bank, National Association | $264,500 | 1 |
| Coastal Area District Development Authority, Inc. | $224,500 | 2 |
| Central Bank | $198,000 | 1 |
| Cache Valley Bank | $50,000 | 1 |
Leading Georgia SBA Lenders by Loan Volume
Analyzing the table above, Commonwealth Business Bank leads the way in Georgia with the highest loan volume, funding over $29 million across 16 loans. This makes Commonwealth Business Bank an excellent choice for businesses looking for substantial financing in the state.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, BayFirst National Bank takes the lead with 65 loans totaling over $12 million. This indicates that BayFirst National Bank is highly active in the SBA lending market, making it a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Georgia
Cadence Bank and Bank of America, National Association are also significant players in the Georgia SBA lending market. Cadence Bank funded 29 loans totaling $19.2 million, while Bank of America funded 31 loans with a loan volume of $16.7 million. These banks are ideal for small business owners seeking moderate-sized loans from well-established lenders.
For businesses looking for smaller loans, institutions like Citizens Bank, Colony Bank, and First Bank of the Lake provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Georgia?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Georgia. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Georgia Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Georgia’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Georgia?
If you’re ready to find the best SBA lenders in Georgia, contact us today to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
