In Georgia, small business lending is hitting record numbers.  According to US News “in the last two quarters ending March 31, $650 million in loans were disbursed to small businesses statewide.”  This lending amount is tracking very closely with last year’s loan record of $1.4 billion and includes various funding sources including banks, SBA loans, and online lenders.

This news comes on the heels of the state heading towards the “strongest small business growth forecast since 2014, with 81 percent planning expansions in the next five years”, according to a recent Bank of America report.  Currently Georgia houses almost 1 million small businesses which account for 1.5 million employees or 44% of all private sector jobs.

Despite the great news, there are a few not so great statistics as well.  A 2017 Federal Reserve Bank report revealed that women entrepreneurs and smaller firms are finding it difficult to win lending opportunities as well as the average applicant.  While there are 10 million female led businesses which account for $1.4 trillion in receipts, only 27% of women “who applied for funding in the first quarter of 2018 were approved compared to the overall success rate of 42.6 percent.”  This was based on a study “conducted by the Pepperdine Graziadio Business School in conjunction with research firm Dun & Bradstreet.”