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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.