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.
| At a glance — 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. |
In this section, we present information about three important financial institutions providing small business loans in 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:
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:
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.
Financial Institution | Types of Loans | Interest Rates | Repayment Terms |
Bank of Oklahoma | SBA loans Commercial real estate loans Equipment and vehicle loans Business lines of credit | Vary depending on the loan product Vary depending on the loan product Vary depending on the loan product 3.49% APR for 6 months | 10 or 25 years Vary depending on the loan product Vary depending on the loan product Revolving credit |
First Oklahoma Bank | Fixed term loans Business lines of credit Real estate loans | Vary depending on the loan product | Vary depending on the loan product |
NBC Oklahoma | Equipment or fixed asset financing Business lines of credit | Vary depending on the loan product | Vary depending on the loan product Revolving credit |
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.
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%.
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.
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:
Kabbage is one of the most popular options for Oklahoma small business loans. Kabbage does not require a minimum personal credit score. Instead of looking at your credit score, it examines your business performance.
Term payments may vary according to the amount you borrow. Repayments can occur within six, twelve, or eighteen months at a monthly interest fee that ranges between 1.5% and 10%. But, if you pay your loan off earlier, the lender may waive the remaining fees.
This company also offers the Kabbage Card, which allows you to use or withdraw your funds wherever Visa is accepted. Your business must have been operating for at least one year and must be able to show a minimum yearly revenue of $50,000 to access this loan type. Alternatively, your business can show that it has had a monthly revenue of at least $4,200 in the last three months.
Credit score and annual revenue requirements may vary according to the financial institution.
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.
Finally, you must be a U.S. permanent resident and have a personal credit score of 640 or above.
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.
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.
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.
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.
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:
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.
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.
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.
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.
