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Startups in Oklahoma have a high success rate. This may be because of the state’s low tax rates and affordable cost of doing business. If you have dreams to launch a small business in Oklahoma or grow the one you currently have, business loans may be just what you need.
Business loans in Oklahoma can provide you with the funds you need to cover a variety of business expenses, no matter your industry. As you explore your options in the Sooner State, you’ll likely come across the following loans.
SBA loans are partially guaranteed by the SBA and available through SBA-approved lenders. Upon approval, you may receive up to $5 million in funding and repayment terms of up to 25 years. There are multiple SBA programs, including the Standard 7(a), 7(a) Small Loan, Export Loan, SBA Express, Veterans Advantage, and CAPLine.
A line of credit offers a flexible form of financing. You can borrow money at any time, up to a set credit limit, which is typically based on your credit score and other factors. You’ll only pay interest on the amount you borrow and can enjoy lower rates than you may get with credit cards.
Term loans are considered traditional small business loans. Once you get approved, you’ll receive a large amount of money. Then, you’ll repay it over time through fixed monthly payments. Repayment terms typically range from a few years to several years or even longer.
If you need equipment to run your business, equipment financing should be on your radar. You may get approved for up to 100% of its cost, depending on the lender. Equipment loans are secured to the equipment itself and, therefore, easier to get.
Accounts receivable financing is a solid option if your customers take a long time to pay your invoices. You’ll receive fast cash in exchange for your outstanding invoices. The company will collect payments on your behalf and send you the remaining amount, minus a fee.
Several organizations service loans to small businesses that set up shop in Oklahoma.
Oklahoma’s Credit Union serves business owners in Oklahoma, Canadian, Cleveland, Grady, Lincoln, Logan, McClain, and Pottawatomie Counties through commercial real estate and SBA Express loans.
Bank of Oklahoma also offers lines of credit, equipment and vehicle loans, commercial real estate loans, and SBA loans to support small businesses in the state.
First Oklahoma Bank offers multiple business loan options like lines of credit and fixed term loans. The bank also has a long history of partnering with the Small Business Administration and offers SBA loans to small businesses in Oklahoma.
BancFirst offers SBA 7(a) and SBA 504 loans to small businesses in the state.
Oklahoma Central Credit Union offers multiple small business loan types including SBA 7(a), SBA 504, and SBA Express loans.
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Oklahoma’s state government and community has created no shortage of resources to help small businesses in the Sooner State. The Oklahoma Small Business Development Center, for example, offers free confidential advising services, as well as workshops and technical assistance. If you consider yourself an innovator, the Oklahoma Small Business Research Assistance (SBRA) can help you qualify for federal research funding. And we can’t forget Project 3810, a business incubator in Oklahoma City with private offices, climate controlled warehouse space, conference rooms, and WiFi.
There are several grants and other incentives available to Oklahoma small businesses. You may be able to receive free business services or reimbursement for qualifying projects through the OKC Rescue Program. The Quality Jobs program offers a cash rebate you can secure if your venture creates well-paying jobs and promotes economic development. Be sure to check out Oklahoma GrantWatch for up-to-date small business grants.
To qualify for a small business in Oklahoma, you must select a corporate structure, which can be a sole proprietorship, LLC, or corporation. Then, you’ll need to use the business name database to make sure your preferred name is available. You might also have to apply for a license, depending on your industry, and appoint a registered agent if you choose an LLC or corporation. Once you’re ready to operate, you can apply for small business financing. During the loan qualification process, lenders will typically review your credit score and business finances.
Not all small business loans in Oklahoma are created equal, making it important to shop around and compare your options. You can use Lendio to do so and save a lot of time and hassle in the process. If you’re a seasonal business, a line of credit may make sense. However, an SBA loan is ideal if you have good credit and hope to borrow a large sum of money.
With a business loan in Oklahoma, you can pursue your dream of owning your own business in the Sooner State. Just make sure you choose the right solution for your unique budget and goals.
An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.
SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.