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Arkansas is an ideal location for your business: not only does it have the lowest cost of living in the United States, but the average loan amount received by small businesses within the state amounts to an impressive $388,735. By exploring a broad range of options, you will be able to find a small business loan in Arkansas that will precisely suit your purposes and needs.
Top Four Arkansas Small Business Loan Options
Below we highlight several top lenders and their respective funding programs.
Arkansas Federal Credit Union
Arkansas Federal Credit Union (AFCU) provides favorable interest rates and is the state’s largest credit union. They offer revolving credit facilities, working capital funding, equipment loans, and commercial real estate loans, to name a few. AFCU provides business owners with competitive interest rates, which can start as low as 2.5%, depending on the financing you are applying for.
It’s important to note that credit union financing can be a lengthy process. Furthermore, your business and your company will need to meet certain criteria when you apply. Nevertheless, this means that the approval process is personalized and based on the merits of the individual business. Repayment terms are flexible, but you need to access their site and follow the prompts for more information. The application process starts via the online portal, but you can also contact the offices and book an in-person consultation.
First Arkansas Bank and Trust
First Arkansas Bank and Trust provides banking services and loans to consumers and local businesses alike. Arkansas-based entrepreneurs are welcome to apply for business lines of credit, new and used commercial vehicle loans, business equipment loans, commercial real estate and construction loans, and more.
The bank doesn’t disclose the loan amounts and rates on their website, but it does provide contact information of local Loan Officers who are ready to discuss the loan products in more detail.
Bank OZK
Formerly known as Bank of the Ozarks, Bank OZK has been providing financial services to the people and businesses within the state for over 115 years. The bank is a preferred Small Business Administration (SBA) lender, which makes the SBA loan application easier to navigate and faster to close.
With a variety of loan products ranging from $30,000 to $10 million, Bank OZK provides funds for all small business needs, from starting up a business to land acquisition for business expansion.
BOK Financial
BOK Financial, formerly known as Bank of Arkansas, is another preferred SBA lender with a solid reputation within the state.
The bank provides flexible Small Business Administration 7(a) and 504 loans, with repayment terms ranging between 10 and 25 years. BOK Financial also offers business credit cards and revolving lines of credit, which present smart financing options for virtually any business. Finally, the bank offers long-term loans for business equipment and vehicle purchases.
Summary Table
Institution Type
Provider
Max/Min Amount
State-based Credit Union
Arkansas Federal Credit Union
$5K - $250K
Local bank
First Arkansas Bank and Trust
Not specified
Local bank, preferred SBA lender
Bank OZK
$30K - $10 million
Local bank, preferred SBA lender
BOK Financial
Not specified
Institution Type |
Provider |
Max/Min Amount |
State-based Credit Union |
Arkansas Federal Credit Union |
$5K - $250K |
Local bank |
First Arkansas Bank and Trust |
Not specified |
Local bank, preferred SBA lender |
Bank OZK |
$30K - $10 million |
Local bank, preferred SBA lender |
BOK Financial |
Not specified |
Top Three Online Arkansas Small Business Loan Options
Online loan providers offer fast approval times and payouts. These two points make online lenders an attractive option. There are minimum prerequisites attached to these loans, and credit score requirements are typically lower than those requested by banking institutions.