Business owners from Oklahoma City to Tulsa may not know that they’ve got an ace in the hole when it comes to helping their businesses thrive. Small business financing is, for many Oklahoma businesses, the tool that helps propel them faster to financial wellbeing.

How a Small Business Loan Can Help Your Oklahoma Business

If you’ve never taken out a business loan, you might wonder why you should consider it. If your business is like many in Oklahoma, you may not have steady cash flow from one month to the next. Maybe that’s because you have a few late-paying clients or because a large invoice for inventory comes due. Having access to working capital can ensure you’re never late in paying your expenses.

And if you’re ready to grow your business but don’t have cash on hand to buy larger orders of inventory or maybe acquire another company, financing can help there, too.

Types of Small Business Loans to Choose From

Now let’s explore a few of the different types of financing entrepreneurs like you have as an option. Your credit scores and time in business will determine which you qualify for.

SBA Loans

The U.S. 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 at 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 businesses in Oklahoma is a business line of credit. You’ll be approved to borrow up to a certain amount, but you don’t have to take the entire amount all at once.

Commercial Real Estate Loans

For existing businesses with good credit looking to buy commercial real estate, business mortgage loans provide favorable repayment terms, typically over 25 years.

Credit Cards

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

Short-Term Loans

For startups and businesses without good credit, you still have financing options, though they may cost more. Short-term loans typically 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 who can help you find small business loans in Oklahoma.

SBA Loans

• Bank of Oklahoma
• Oklahoma Commerce
• SmartBiz

Bank Loans

• REI Oklahoma
• Credibility Capital
• OnDeck

Lines of Credit

• First Fidelity Bank
• Fundbox

Commercial Real Estate Loans

• Oklahoma’s Credit Union
• Bank of Oklahoma
• Smartbiz

Short-Term Loans

• LendSpark
• Credibly
• Kapitus

Credit Cards

• Capital on Tap Business Credit Card
• Citi® / AAdvantage Business™ World Elite Mastercard®
• BILL Divvy Corporate Card

What it Takes to Get Approved for a Small Business Loan

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

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

Some other things to consider: before you set the loan amount you want to borrow sky-high, make sure you can afford to pay it back each month. A loan payment on a $1 million loan will eat a larger chunk of your monthly budget than one for $500,000. Also find out if you need a down payment. How much you have to put down might also determine how much you borrow.

How to Choose the Right Loan for Your Oklahoma Small Business

The best business loan is the one that delivers what you need. It provides the right amount of financing with favorable repayment terms. Beyond that, do some research to find out what working with a given lender is like. Is the loan process simple or complicated? Does the company respond to customer service issues promptly? You’ll 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 aren’t an option for you, you can also apply for small business grants, which have the benefit of not needing to be repaid. There are many state and federal grants you can apply for.

• Nav’s Small Business Grant
• Amber Grant
• Oklahoma.GrantWatch

Additional Resources for Oklahoma Small Businesses

Before we wrap up, I’ll leave you with a few small business resources and organizations that provide assistance programs, mentoring, workshops, and networking opportunities for entrepreneurs.

• REI Women’s Business Center
• Small Business Development Center
• Innovation2Enterprise

No matter what an Oklahoma business needs, small business owners like you can find it through lenders, grant programs, and small business resources.