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. On this page, we will discuss some of the best loan options for small businesses in Oklahoma.
| At a glance —If you are planning to open a business in Oklahoma, you will need to become familiar with the different loan options available in this state. The state government 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. |
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.
Fundation offers both lines of credit and term loans. They offer term loans of up to $500,000, which are repayable over four years. These funds can be used to expand a business or to acquire equipment. Repayments are scheduled for twice a month, with APRs falling anywhere between 7.99% - 29.99%.
With a line of credit you can get up to $150,000, with APRs between 7.99% - 29.99%. This loan type provides a quick solution if you are having cash flow problems or require working capital. Repayments are scheduled for once a month.
A business must have been operating for at least 12 months to be eligible for any of the options above. So, you may want to look for an alternative lender if you are opening a new business.
To qualify for a loan with Fundation a business should also have a yearly revenue of at least $100,000. Additionally, you should have a personal credit score above 660, plus three full-time employees. None of those options need any collateral, but you must sign a personal guarantee, as well as a UCC-1 blanket lien for your business.
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 a 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. Your business must have been in operation for at least two years. You should provide evidence of cash flow and prove that you have had no bankruptcy issues in the past three years.
Additionally, you must be a U.S. permanent resident and have a personal credit score of 640 or above.
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 $5million, 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.
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 waiver 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.
In your search for the best Oklahoma small business loans, you’ll come across Fundera. It’s 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. This service is free of charge. Here are some loans you can access via Fundera:
Credit score and annual revenue requirements may vary according to the financial institution.
Summary Table
Financial Institution | Amount of loan | Interest rate | Requirements |
Fundation | Up to $500,000 (depending on the type of the loan) | APRs between 7.99% and 29.99% | * Yearly revenue of at least $100,000 * Personal credit score above 660 * three full-time employees registered |
Smartbiz | from $30,000 to 350,000 | from 8.25% to 9.25% | * 640 or above of personal credit score * no bankruptcies in the previous three years. |
BlueVine | up to $250,000, or $5million, depending on the kind of loan | 4.8% | * a yearly revenue of at least $100,000
|
Kabbage |
| between 1.5% and 10% | * minimum yearly revenue of $50,000 or * monthly revenue of at least $4,200 in the previous trimester
|
In this section, we present information about three important financial institutions.
Imperial Advance processes your online loan request within 24 hours. Imperial Advance holds an A+ Better Business Bureau (BBB) rating.
Imperial Advance has four financial programs, which offer loan amounts between $5,000-$1 million, with term payments. Business term loans and revenue-based financing loans come with repayment terms ranging from 4 months to 2 years. Credit advances come with repayment terms that range from 6 - 8 months. Credit lines are available for recurrent financing.
Imperial Advance does not charge a compound interest rate (as many banks do), rather it charges a fixed fee. Another advantage that Imperial Advance has over traditional banks is that it doesn’t ask you to document how you are going to spend the money.
Your loan will be calculated based on your yearly revenue. You can request a loan of up to 25% of your yearly revenue or twice your monthly income.
National Business Capital offers competitive Oklahoma small business loans. You do not need a minimum credit score to get a loan with National Business Capital, but you must prove that you have a yearly income of $100,000 or more.
National Business Capital provides approval for loans in less than 24 hours and holds an A+ BBB rating. Customers can choose between term loans, equipment financing, and business lines of credit. Term payments span from six months to ten years.
To be eligible for an equipment financing loan you have to have a credit score above 650. There is no minimum yearly income amount you need to prove, and no minimum time in operation requirements. If your business’s credit score is below 650, you will need to prove that your business has a yearly income of $120,000 or above.
To qualify for a business line of credit your business must have been established for at least 3 months. You don’t need to provide a minimum credit score for a business line of credit.
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.
Local business owners can look towards Oklahoma Small Business Centers for seminars, workshops, and other free or low-cost events. They also often offer free specialized advice.
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 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. Small business loan requirements in Oklahoma are generally quite flexible. On this page, we have provided insight into the top Oklahoma small business loans. Now all you need to do is get your documents together, make your plans and projections, and to the advice of a trusted specialist.
