If you’re planning to start a small business in Georgia, the odds of getting the venture funded are in your favor.
According to findings from Forbes Advisor, Georgia has the highest average SBA7(a) loan amounts in the country.
SBA7(a) loans range up to $5 million and can be used for everything from construction to working capital.
The size of the loan and likeliness of getting it is based on your business revenue and credit. To get a business loan for a high amount, Forbes recommended reducing your debt, building your personal and business credit and pledging collateral.
Forbes looked at data from the U.S. Small Business Administration for all 50 states, from 2018 to 2022. According to Forbes, Georgia’s average SBA loan amount for the last five years is $840,145.
“Georgia is also the only state to see an average annual SBA 7(a) loan amount higher than $1 million,” said Taylor Medine at Forbes Advisor. “In 2021, Georgia lenders approved 1,758 SBA 7(a) loans, with total funding of over $1.82 billion, yielding an average loan amount of $1,036,366.”
Other states in the top 10 included Texas, California, Louisiana and Alabama. At the bottom of the list were Hawaii, Maine, Massachusetts, Ohio and New Hampshire.