Georgia startups benefit from SBA funding increase

The Georgia district office of the U.S. Small Business Administration approved more than one billion dollars in small business guaranty lending this fiscal year - a record total and a significant increase from last year's figure of $647 million, the Atlanta Journal-Constitution reports.

The money was put toward boosting the growth of 1,600 startups in Georgia, according to WALB-TV. The Journal-Constitution notes that the top industries to take advantage of the funding were healthcare, hospitality and retail.

However, entrepreneurs looking to benefit from the funding must first meet certain qualifications before their businesses can be considered for a loan.

"The lender often wants to see a business plan ... with cash flow projections, and (the) SBA requires it," Debbie Finney, area director of the University of Georgia Small Business Development Center, told the news source.

Entities such as the SMDC offer advice and resources to entrepreneurs looking to create and maintain business plans, market their companies and seek out potential sources of capital for future expansion.