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Oklahoma Small Business Loans
The state of Oklahoma offers several credit and loan lines for those who wish to start a new business or develop an existing one. On this page, we offer insight into the top Oklahoma small business loans.
Oklahoma is one of the best states to get a business loan. With loans ranging from $5,000 to $5M, you are sure to find a loan option that suits you. According to the official federal data, Oklahoma boasts 303,135 small businesses, which generate around 700,000 jobs statewide.
Top 3 Oklahoma Small Business Loan Options
In this section, we present information about three important financial institutions providing small business loans in Oklahoma.
1. Bank of Oklahoma
Bank of Oklahoma is a traditional bank offering personal and business banking services, as well as small business loans. As such, business owners within the state of Oklahoma are welcome to apply for:
- Small Business Administration (SBA) loans. Through SBA loans, Bank of Oklahoma is able to offer more flexible financing options with longer repayment terms, lower down payments, and less reliance on collateral. SBA 7(a) and SBA 504 loans are available, with 10- or 25-years repayment terms, depending on the loan type and purpose.
- Commercial real estate loans. If you need funding to purchase a building or office space for your business, Bank of Oklahoma offers commercial real estate loans with long terms and low interest rates.
- Equipment and vehicle loans. Business equipment and vehicle loans come with longer terms, ideal for large purchases.
- Revolving lines of credit. Revolving lines of credit are ideal for ongoing business cash needs. The Bank offers low, fixed rates at 3.49% APR for 6 months.
2. First Oklahoma Bank
First Oklahoma Bank is a local community bank dedicated to strengthening the state economy by providing financial support to local businesses. The Bank offers loans and lines of credits to small businesses in a broad range of industries, including retail, wholesale, manufacturing, and more.
Some of the lending products offered by First Oklahoma include:
- Fixed term loans. These include loans for purchases of machinery and equipment, furnishings and fixtures, medical equipment, and business acquisitions.
- Business lines of credit. Revolving lines of credit and working capital loans are available to help small businesses support their operations, whether it be cash needs related to inventory and accounts receivable, or business relocation or expansion.
- Real estate loans. First Oklahoma also offers real estate loans to help businesses fund real estate acquisitions, building constructions, and more.
3. NBC Oklahoma
NBC Oklahoma is a traditional bank that has been around for more than eighty years. It offers professional and executive business loans, lines of credit, fixed asset financing, commercial real estate lending, and agricultural loans.
NBC Oklahoma also offers equipment financing or fixed asset financing. These options let you refinance old debts and negotiate better terms. Moreover, you can buy new or used equipment.
Business advancing or revolving credit lines help with cash flow issues, offering flexible and seasonal term payments. NBC Oklahoma is based in four locations across the state, and its online lending services make sure no one is left without financial aid.
Summary of the Oklahoma Small Business Loan Options
Financial Institution | Types of Loans | Interest Rates | Repayment Terms |
Bank of Oklahoma |
|
|
|
First Oklahoma Bank |
| Vary depending on the loan product | Vary depending on the loan product |
NBC Oklahoma |
| Vary depending on the loan product |
|
Top 4 Online Oklahoma Small Business Loan Options
Bank loans are popular options for expanding business. This is because the interest rates they offer are usually lower than those offered by other financial institutions. Yet, many small businesses don’t manage to qualify for bank loans. The following online lenders provide alternatives to traditional banking options.
1. BlueVine - Best for Invoice Factoring
BlueVine is not the best option for new businesses. However, your business can qualify for a loan with BlueVine if it can prove at least six months of activity.
BlueVine offers loans of up to $250,000, with interest rates starting at 4.8%. This is relatively small in comparison to its competitors. Your business may just be starting out, but it will still need to prove a yearly revenue of at least $100,000, and your credit score should be above 600.
BlueVine also offers invoice factoring services to help you cope with unpaid invoices that may cause cash flow problems. If you have outstanding invoices, you can apply for $5 million, and you may get approval within 24 hours. Interest rates are calculated on a weekly basis at 0.25%.
The Bottom Line
You can get 90% of the value of your unpaid invoices on the spot, plus the remaining balance with deducted fees once your clients pay their invoices. Your business should be open for at least three months and have a personal credit score above 530.
Try BlueVine
Learn more about BlueVine in our comprehensive review.
2. Fundera - Best for Startup Loans
In your search for the best Oklahoma small business loans, you’ll come across Fundera. It is not a direct lender institution; instead, Fundera is a loan aggregator, connecting several lenders with small business owners. This service lets you compare your options with the assistance of a financial specialist, completely free of charge. Here are some loans you can access via Fundera:
- SBA loans: $5,000 to $5million
- Startup loans: up to $150,000
- Short-term loans: from $2,500 to $250,000
- Term loans: from 25,000 to $500,000
- Personal loan for business: up to $35,000
- Invoice factoring: up to 100% of the invoice value
- Equipment financing: up to 100% of equipment cost
3. Smartbiz - Best for Construction Loans
Smartbiz offers credit solutions with competitive rates for those ineligible for bank loans. At Smartbiz, you can apply for a Small Business Administration (SBA) loan. Smartbiz even allows you to apply for two different SBA loans at the same time.
You can use an SBA loan to refinance old debts or solve working capital issues. This loan can range from $30,000 to $350,000 if you use it for the following purposes: business expansion, marketing, hiring employees, debt refinancing, acquisition of equipment, and inventory.
Interest rates range from 8.25% to 9.25%, and the loan needs to be repaid within ten years. To qualify for an SBA loan, our business must have been in operation for at least two years. In addition, you should provide evidence of cash flow and prove that you have had no bankruptcy issues in the past three years.
The Bottom Line
Finally, you must be a U.S. permanent resident and have a personal credit score of 640 or above.
Try Smartbiz
Learn more about SmartBiz in our comprehensive review.
Additional Oklahoma Small Business Financial Resources
In addition to small business loans, Oklahoma entrepreneurs should consider additional support in the form of business grants and mentorship programs.
Keep in mind, however, that business grants are difficult to find and even more challenging to obtain. Although there are a few options for Oklahoma small business grants, most small businesses are primarily available for veterans, minorities, and other socially vulnerable groups.
1. Oklahoma Small Business Development Center (SBDC)
Oklahoma SBDC is committed to supporting the economic development of the state by providing important non-financial support to locally-owned and operated small businesses.
The organization offers free business services necessary for entrepreneurs to launch and expand a successful business. The services include business analysis and advice, business plan development assistance, and educational seminars and workshops. The workshops cover business-related topics, such as strategic planning, business valuation, marketing, sales, and more.
2. Oklahoma City SCORE
The Oklahoma chapter of SCORE provides business education and mentorship to both aspiring and existing entrepreneurs throughout the state.
The organization is run by volunteer mentors, who are experienced industry professionals willing to share their business advice and expertise through free one-on-one mentorship sessions. In addition, SCORE conducts workshops and seminars with the goal to educate small business owners on topics such as management, marketing, finance, accounting, and more.
3. Oklahoma Department of Commerce
The Oklahoma Department of Commerce presents a valuable online resource that provides information on everything from co-working spaces and business incubators, to funding and assistance with commercialization.
The Oklahoma Department of Commerce also provides business consultations and tools necessary for local companies to grow and thrive, as well as trade and export services to assist local businesses in expanding their operations to global markets.
How to Prepare for an Oklahoma Small Business Loan
Oklahoma small business loans are dynamic and accessible ways to boost local activity. If you want to know how to get a small business loan in Oklahoma, here’s a shortlist that covers the main documents you will need when applying for a loan:
1. Personal and Business Credit Score
Good credit scores are always helpful, even when they aren’t mandatory. Some of the loans mentioned above don't require a business credit score, but you may be eligible for more funds and better conditions if you can provide a solid score.
2. Concrete Business Plans
You must be able to provide a detailed and realistic business plan. This plan should consider cash flow, profits, possible losses, and must include financial statements.
3. Personal Background and Resumes
If you’re applying for a loan to start your business, lenders may request evidence of your business experience, educational level, criminal record, and the like.
The Bottom Line
Oklahoma is a thriving state and a suitable setting for any small business. While small business loan requirements in Oklahoma are generally quite flexible, it is worth exploring your options and shopping around. Depending on your specific business needs, you may benefit from traditional financing from local banks and credit unions, or get approved for a quick and convenient loan through one of numerous online lending platforms.
Once you settle on the lender of your choice, all you need to do is get your documents together, make your plans and projections, and listen to the advice of a trusted specialist.
About the Author
Tetiana Sitiugina-Babiuk
Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.
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