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Ready for business formation? The loans are there

Georgia residents who are thinking about opening up their own businesses have to go through a lot to get it done. Business formation can be a tough process. Part of it is getting the funding needed to get the company off the ground. Traditionally, this is something that has not been easy for new business owners to achieve.

According to a recent news report, funding for small businesses is readily available in Georgia. It is believed that, in 2017, over $1.4 billion was loaned to business owners. So far, this year, over $650 million has been handed out in small business loans.

Why the change? Maybe it is because the economy is slowly but surely doing better. Maybe it is because there are more options open to small business owners. They don’t have to depend solely on banks anymore. Overall, the lending environment has changed a lot in the last decade and it is for the better, for the most part.

Those who may still struggle to get the funds they need for business formation, growth or other needs are women. According to a recent study, only 27 percent of women who have applied for business loans so far this year have received the funds they need. There have been no reasons given as to why this is this case.

A lot goes into business formation. Acquiring funding, though a big need, is just one part of it. Georgia residents who are ready to take advantage of the loans currently out there in order to get their businesses up and running can turn to legal counsel for help with that and everything else that requires legal assistance to set up shop.

Source: wjbf.com, “Small business lending is at an all-time high in Georgia“, May 7, 2018

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