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Small Business Loans in Oklahoma (2021 Update)
According to current Federal data available, Oklahoma has a little over 300,000 small businesses state-wide. The increase in entrepreneurship is apparent in Oklahoma as more and more people look to start up their own businesses. Company owners in Oklahoma and elsewhere in the country have greatly benefited from business loans. A small business loan provides entrepreneurs with a lump sum of cash they can use to establish their companies.
What to Spend the Loan On?
What you spend the loan on is entirely up to you, but it's recommended that you use the money only for business-related expenditures. When you go to apply for a small business loan, your lender will ask where you plan on using that money. Not only is this important from the lender's perspective, but it's vital for you to have clear goals, too. You should know where every dollar of that loan is going in order to make the most of it. It's all too common for business owners to take out a loan and spend the cash on frivolous expenditures that do nothing for their company's growth.
There are a myriad of reasons to take out a loan in the first place, but the common objective is to use a loan that grows your business. Some owners use this money to save their companies from failure while others use the funds to expand on an already-successful company.
Applying for a Small Business Loan
You'll first need to find a reputable lender in Oklahoma that offers small business loans. The loan application process involves a lot of in-company reporting that gives the lender insight as to whether you're a viable candidate for the money. Lenders can refuse a business loan for any reason, but some of the most common reasons for loan denial are newly-established companies, businesses in a niche market or companies with a weak sales force. It can take anywhere from one to two months to be approved for your loan.
Banks in Oklahoma That Offer Small Business Loans
American Bank of Oklahoma
Founded in 1998, the American Bank of Oklahoma is based in Collinsville, Oklahoma. It is currently headed by Mr. Joe A. Landon who serves as the bank’s Chairman, President, and CEO.
Exchange Bank and Trust Company
The Exchange Bank and Trust Company was established in 1896 and is based in Perry, Oklahoma. In just a year, it has managed to help small businesses with loans totaling $48 million.
Stroud National Bank
After first opening its doors to the public in 1898, the Stroud National Bank continues to offer personal and commercial banking services and products to Stroud and nearby communities.
First National Bank and Trust
The First National Bank and Trust leveraged small businesses with loans amounting to $60 million. It is currently based in Elk City, Oklahoma.
First National Bank of Oklahoma
Founded in 1917, the First National Bank of Oklahoma first opened in Oklahoma City. Currently serving as the Chairman and CEO is Mr. Patrick T. Rooney whose efforts are translated into quality banking experience.
NBC Oklahoma provides personal banking, wealth management, loans, and investment services in Oklahoma City and other nearby communities.
Repayment and Other Information
Repayment of your loan starts immediately upon receiving the money. Interest will automatically be integrated into your payments. It's important that you pay your loan bills on time to avoid late fees and credit reporting delinquencies. Many small businesses have suffered because their loan bills go unpaid and it affects their credit score, both as an individual and as a corporation. Lenders offer five, ten and fifteen-year term lengths to make repayment convenient and easy on your budget.
Keep in mind that just because one bank refuses your loan application, it does not mean that you're doomed to go without much-needed cash. In some cases, you will have to wait for your company to get a little older to qualify for a loan and in other instances, you just need a different bank.
Top Cities in Oklahoma and Their Lenders
Oklahoma is one of the South’s largest states – it plays home to a range of large cities that have a diverse set of industries operating in each area. If you’re looking to start a new business in an area that has the infrastructure you need, this is a good location. It also has a much lower cost of living than many of the other states in the country. Energy, aviation, agriculture, and retail all play major roles in the local economy – you’re sure to be able to find a niche that fits your expertise. It’s important to choose the best city for the industry you’re looking to join, otherwise you may find your business is unsuccessful.
In this section of our article, we’ll overview the top cities in the state of Oklahoma to help you better determine which ones are best for your new small business. We’ll also provide you with some information on the top lenders in each of these cities.
Oklahoma City, Oklahoma
Oklahoma City is the largest city in the state of Oklahoma. It’s the energy capital of the state, with many of the region’s largest energy companies having headquarters in the city. It’s also the home to the state’s only professional sports teams. If you’re looking for an affordable place to start a business, Oklahoma City is fairly reasonable when compared to other cities of similar size. Below are our top picks for lenders in the area:
Oklahoma’s Credit Union
Oklahoma’s Credit Union is our top choice in Oklahoma City because they have the best rates in town. You’ll need to be a member of their union to access their funding, but it’s well worth it for how much you might save. They have multiple locations in Oklahoma City – make sure to head in and speak to one of their commercial lending experts.
Bank of Oklahoma
It’s hard to recommend lenders without mentioning one of the largest lenders in the state. Bank of Oklahoma has the power to bring your business to the next level. They can provide some of the largest funding out of anyone in the area – they’re a great partner if you need a large loan from a lender you can trust.
Tulsa is another large city in the state of Oklahoma that has a thriving economy. It also has plenty of energy and services businesses operating in the region. But it also has the University of Tulsa, which is one of the most recognized universities in the state. Below are our favorite lenders for Tulsa, Oklahoma:
First Oklahoma Bank
First Oklahoma Bank is our top pick for the Tulsa region. At First Oklahoma Bank, you’ll be able to get term loans, business lines of credit, and SBA loans. They can also take care of all your business banking needs to help align your business in the same place. They’re well-known for providing great customer service to business owners in the area.
Security Bank is a local bank in Tulsa that provides both consumer and business lending services. They can provide you with almost any type of business loan, but they’re well-known for providing SBA loans to their customers. They’re an awesome option if you want someone to walk you through the entire process.
Norman is the home of the University of Oklahoma – one of the country’s most famous universities. The local economy benefits from the commerce that the university generates. It’s a great place to start a business for retail or hospitality. Below is our favorite lender in the state:
Oklahoma State Bank
Oklahoma State Bank is a large, regional lender that has plenty of power in Norman. They provide a wide variety of business loans to their customers. You’ll find they have commercial real estate loans, term loans, business lines of credit, and business banking services. You’ll be able to find all the financial solution you need at Oklahoma State Bank.
Broken Arrow, Oklahoma
Broken Arrow is an extension of the city of Tulsa. It also benefits from the same types of industries as its larger neighbor. It’s slightly cheaper than central Tulsa. Below is our favorite lender in the area:
Broken Arrow Loan Company
Broken Arrow Loan Company provide signature loans to business owners in Broken Arrow. Their interest rates can often be quite high, but they don’t need to be secured against the value of your business, which means you won’t need hefty collateral to secure your loan. They also provide consumer loans to individuals in Broken Arrow and Tulsa.
Lawton is the manufacturing capital of the state of Oklahoma. The area also has a reasonable sized retail business. Below is our top pick for a local lender in Lawton:
Bank of Oklahoma
As Lawton doesn’t have many local business loan companies, it’s best to use the Bank of Oklahoma for your business loan needs in the city. We recommend them because of their reputation throughout the state. They also have the ability to provide you with a large amount of financing.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. For info on how to get an SBA loan read our full SBA article. Ask them about any special programs for minorities or women. Also ask for information about free government grants to start a business if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.