Small Business Loans in Oklahoma

Business owners from Oklahoma City to Tulsa may not know they have a trump card when it comes to helping their businesses thrive. Small business financing is, for many Oklahoma businesses, the tool that helps propel them to financial well-being faster.

How a Small Business Loan Can Help Your Business in Oklahoma

If you’ve never taken out a business loan, you might be wondering why you should consider it. If your business is like many in Oklahoma, you may not have steady cash flow from month to month. It could be because you have a few late paying customers or a large inventory bill is coming due. Having access to working capital can ensure you never pay your expenses late.

And if you’re ready to grow your business, but don’t have the cash to buy larger inventory or perhaps acquire another business, financing can also help.

Types of small business loans to choose from

Now let’s explore some of the different types of financing that entrepreneurs like you have as options. Your credit scores and time spent in business will determine which ones you qualify for.

SBA Loans

The United States Small Business Administration offers several loan programs with low interest rates and long repayment periods, including the SBA 504 and SBA 7(a) programs. Find SBA lenders in your area on SBA.gov.

Bank loans

Another option if you have good credit is a loan from a bank or credit union. These lenders tend to approve applications from businesses that have been in business for at least two years.

Lines of credit

Another option for Oklahoma businesses is a business line of credit. You will be allowed to borrow up to a certain amount, but you are not required to take the entire amount at once.

Commercial real estate loans

For existing businesses with good credit looking to purchase commercial real estate, business mortgages offer favorable repayment terms, typically over 25 years.

Credit card

If you just want to buy what your business needs on a regular basis, a business credit card can help. Find one with rewards to get perks when shopping.

Short term loan

For startups and businesses without good credit, you still have financing options, although they may cost more. Short-term loans usually have to be repaid within a few months and come with high interest rates.

Small Business Loan Options for Oklahoma

Let’s look at some of the banks, online lenders, and SBA lenders that can help you find small business loans in Oklahoma.

SBA Loans

Bank loans

Lines of credit

Commercial real estate loans

Short term loan

Credit card

  • Capital on Tap Corporate Credit Card
  • CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
  • Divvy chip credit card for business

What it takes to get approved for a small business loan

Before you start filling out your loan application, check what the lender’s requirements are for borrowers. Some want you to be in business for at least two years (mainly banks and SBA lenders), and some want you to have a certain credit rating. Find the loan program you qualify for.

Many lenders will want to see your tax returns or financial statements, and some may ask for a business plan.

A few other things to consider: Before setting the loan amount you want to borrow, make sure you can afford to repay it each month. A payment on a $1 million loan will consume more of your monthly budget than a $500,000 repayment. Also find out if you need a down payment. The amount you need to deposit can also determine how much you borrow.

How to choose the right loan for your small business in Oklahoma

The best business loan is the one that meets your needs. It provides the right amount of finance with favorable repayment terms. Beyond that, do some research to find out what it’s like to work with a given lender. Is the loan process simple or complicated? Does the company respond quickly to customer service issues? You will have a business relationship with this company for years, so you want to choose a company that will work for you.

Small Business Grant Options for Oklahoma

If small business loans are not an option for you, you can also apply for small business grants, which have the advantage of not having to be repaid. There are many state and federal grants you can apply for.

Additional Resources for Oklahoma Small Businesses

Before I wrap up, I’ll leave you with some small business resources and organizations that offer support programs, mentoring, workshops, and networking opportunities for entrepreneurs.

Whatever an Oklahoma business needs, small business owners like you can find it through lenders, grant programs, and small business resources.

This article was originally written on February 4, 2022.

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