Top 4 Oklahoma Small Business Loan Options
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:
- SBA loans: $5,000 to $5million
- Startup loans: until $150,000
- Short-term loans: from $2,500 to $250,000
- Term loans: from 25,000 to $500,000
- Personal loan for business: up to $35,000
- Invoice factoring: until 100% of the invoice value
- Equipment financing: until 100% of equipment cost
Credit score and annual revenue requirements may vary according to the financial institution.
Amount of loan
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
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.
up to $250,000, or $5million, depending on the kind of loan
* a yearly revenue of at least $100,000
between 1.5% and 10%
* minimum yearly revenue of $50,000 or
* monthly revenue of at least $4,200 in the previous trimester