Often overlooked by small business owners, credit unions can be a great option for securing business capital. Credit unions restrict eligibility for their loan programs to a specific segment of the population and, as a result, they often provide lower interest rates, lower fees and better perks than banks.

The largest credit union in Georgia is Delta Community Credit Union , open to anyone who lives, works, or operates a business in the Atlanta metro area. Delta Community Credit Union provides commercial real estate loans, SBA loans, equipment and vehicle financing and business lines of credit. Call one of Delta’s commercial bankers or visit a branch of the credit union to get further assistance.

The preceding options for local small business loans in Georgia can be great ways to get capital. However, it can be challenging to access enough capital through a nonprofit or local government loan program. In that event, trying a bank or online alternative lender can be the key to securing enough capital.

1. Wells Fargo business loans

Wells Fargo is the largest small business lender in Georgia and any entrepreneur starting a small business there should consider it. They are the most active SBA lender in Georgia, having funded over $35 million worth of financing in 2018. As a bank lender, they offer some of the lowest interest rates available on the market. Plus, since Wells Fargo is a huge national bank, they have dozens of branches throughout the state. Along with SBA loans, other Wells Fargo business loans include conventional term loans, lines of credit , equipment loans , real estate loans and business credit cards .

Wells Fargo is very transparent about pricing and publishes interest rates on its website, something that other large banks don’t do. For convenience, you can apply for a Wells Fargo business loan either online or by visiting a local branch.

2. Fundbox

Qualification standards at a bank like Wells Fargo or even a credit union will be high, meaning that you’ll need a strong credit history and ideally a couple of years in business to qualify. If you’re looking for easier eligibility requirements, you can turn to an alternative online lender such as Fundbox. Fundbox offers short-term business lines of credit up to $100,000 that are paid back in 12 weeks or 24 weeks.

Both eligibility and the application process are very easy with Fundbox. To qualify for Fundbox, you need three months of business history, a credit score of 500 and annual revenue of $25,000. To apply, simply sync up your business bank account or accounting software with the Fundbox application, saving you from manually having to type in a bunch of business data.

3. Fundation

One final recommendation for Georgia small business owners is to get a business loan with Fundation. Fundation combines larger loan amounts with speed and affordability, making it a great choice for Georgia business owners. You can access up to $350,000 in funding. The repayment terms start at one year and extend up to four years. Interest rates range from about 8% to 30%, depending on your credit history.

The catch is that, similar to a bank, credit standards are higher with Fundation. The minimum requirements to qualify are one year in business, a credit score of 660 and annual revenue of $100,000. Although the eligibility requirements are tougher, this lender is a good option if you have an existing Georgia business that you’re looking to grow.

How to get a business loan in Georgia: Preparing your loan application

With so many options for getting a small business loan in Georgia, which one is best for your company? The best options for you will depend on a combination of several factors, including your business’s age, your credit history and your business revenue.