BancFirst of Oklahoma Small Business Loan Review
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Bancfirst is a leading provider of SBA loans in Oklahoma City. The loans are all under $500,000 and are made to many progressive and community-based service companies. Small business loans can be difficult to acquire and difficult to sort. Looking for a company that has a history of making loans to companies like yours is a good means to thin the field and focus your search for a loan.
Understanding Your Loan Options
Bancfirst has a decent amount of information on the web that gives potential borrowers something to frame their expectations. Some companies make the application process easier than others, some give better terms, and some measure you by your credit score, some by your social media presence and potential earning power. The differing terms and conditions are sometimes difficult to parse. That’s why it’s important to research your different small business lending options when you are considering a loan, no matter if it’s for equipment, expansion, payroll, operating capital, property, or anything else that you might need for your small business. Look into how hard is it to get a business loan in your industry.
The list of small business loans that Bancfirst has made is a very useful tool for anticipating the loans that will be granted and approved, so check their first to get an idea of your chances. The Small Business Association partners with the bank which may add some time, paperwork and general bureaucratic machinations to the process. The list of people who have endured and received the loans is impressive, which speaks well for the loan counselors at the bank who help people through the process.
Speed of Implementation and Loan Duration
BancFirst is a local bank that provides a wide range of financial products and services. Their small business loan department seems very adept. This lender provides SBA guaranteed bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. That means that the bank rather than the SBA will underwrite the loan and gather all information and assess the potential of the application.
Fine Print and Final Thoughts
No doubt current customers of the bank will have an easier process and higher potential to get support from the bank. They seem very interested in developing a wide range of companies, from day cares to liquor stores. The range of loans and the inhouse service speaks well for the bank as a purveyor of small business loans.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.