The Best Business Loan & Financing Resources For Oklahoma Small Businesses

Oklahoma’s state motto is “Labor omnia vincit,” a Latin phrase that translates to “work conquers all.” In this state, there’s no doubt that residents believe in the value of hard work. From agriculture to more advanced industries like aerospace, telecommunications, and biotechnology, Oklahoma is home to a wide range of diverse industries.

Many Oklahomans have taken advantage of the opportunities the state has to offer by opening their own business. If you’re here, you may be one of them … or the thought has at least crossed your mind. Any smart business owner knows that there is no true key to success, but there are certainly things that can help a business succeed — things like access to capital and the right resources to help you launch and grow your business.

In this post, we’re going to explore the opportunities available to current and prospective small business owners. From startup resources like mentorships to online and traditional funding options, we’ve provided a comprehensive guide to help you obtain the capital and the knowledge you need to operate a successful small business. Keep reading to learn more about the opportunities available to Oklahomans.

Online Business Lenders For Oklahoma Businesses

No time to head to your bank for a business loan? Don’t worry — you can apply for financing right from your home or office. Online business lenders make it easier to get the capital you need for your small business. With online lenders, you can receive funds quickly without ever stepping foot into a lender’s office. Even if you have a less-than-perfect credit score, low revenues, gaps in income, or other challenges, there’s an online lender out there ready to work with you.

Ready to get started? Check out these online business lenders to determine if there’s an option that’s best for your business.

Fundera

Fundera is different from the other options on this list because it’s not a direct lender. Instead, Fundera is a loan aggregator that connects you with multiple lenders with just one application. You’ll receive multiple offers to compare, and you’ll work one-on-one with a financial specialist that can help you choose the option that works best for your business. There’s no impact to your credit to apply, and the service is available at no cost.

Through Fundera, you can apply for:

• Term Loans: $25,000 to $500,000
• SBA Loans: $5,000 to $5 million
• Lines Of Credit: $10,000 to over $1 million
• Equipment Financing: Up to 100% of equipment value
• Startup Loans: Up to $150,000
• Invoice Financing: Up to 100% of invoice value
• Short-Term Loans: $2,500 to $250,000
• Personal Loans For Business: Up to $35,000
• Merchant Cash Advances: $2,500 to $250,000

Borrower requirements, repayment terms, interest rates, and fees vary by product and lender.

Fundation

Fundation provides two financial solutions for small businesses: term loans and lines of credit. With a term loan, you may receive up to $500,000 to be repaid over terms up to 4 years. Funds can be used to expand your business, pay for capital improvements, or purchase equipment. Term loans are repaid twice per month with APRs ranging from 7.99% to 29.99%.

Fundation’s line of credit may better suit your needs if you need a more flexible financing option. With this product, you can qualify for up to $150,000 to use as working capital or to resolve short-term cash flow issues. You’ll repay your loan once per month, and APRs range from 7.99% to 29.99%.

To qualify for Fundation’s financial products, you must meet the following requirements:

• Time in business of at least 12 months
• Personal credit score of 660 or above
• At least $100,000 in annual revenue
• At least 3 full-time employees

No specific collateral is required to receive a Fundation loan or line of credit. However, you will be required to sign a personal guarantee, and a UCC-1 blanket lien is required for most small businesses.

SmartBiz

Bank loans are popular with entrepreneurs because of their long repayment terms and low interest rates. However, most small business owners are disappointed to find out that they don’t qualify for traditional bank loans. If you want competitive rates and favorable terms without stepping foot into a bank, consider applying for a Small Business Administration loan.

Not only can you apply for an SBA loan online, but even businesses that have been turned down for a bank loan may qualify. This is because the SBA guarantees a portion of each loan, making banks more willing to take on the risk of lending to small businesses.

While you can certainly apply for an SBA loan with your bank, credit union, or another local lender, why not simplify the process by working with SmartBiz? With SmartBiz, you can apply for two SBA loan programs quickly and easily with the lender’s simplified application process.

The first loan program is SBA working capital and debt refinancing loans. You may qualify for $30,000 to $350,000 to use for these purposes:

• Debt Refinancing
• Business Expansion
• Hiring Employees
• Marketing
• Equipment & Inventory Purchases

These loans come with interest rates of 8.25% to 9.25% with repayment terms up to 10 years. To qualify, you must meet these requirements:

• At least 2 years in business
• Be a U.S. citizen or permanent resident
• Personal credit score of 640 or above
• Show sufficient cash flow to support loan payments
• No bankruptcies or foreclosures within the last 3 years
• No past defaults on government-backed loans
• No outstanding tax liens

If you want to purchase or refinance commercial real estate, you can apply for an SBA 7(a) commercial real estate loan. With this loan, you’ll receive between $500,000 to $5 million to refinance your commercial mortgage or purchase a commercial property. Loans can’t be used to fund new construction or purchase investment property.

SBA 7(a) commercial real estate loans have interest rates of 7% to 8.25% with repayment terms up to 25 years. To qualify, these minimum requirements must be met:

• At least 3 years in business
• Be a U.S. citizen or permanent resident
• Personal credit score of 675 or above
• Show sufficient cash flow to support loan payments
• Estimated purchase price must be more than $500,000
• Property must be at least 51% owner-occupied
• No bankruptcies or foreclosures within the last 3 years
• No outstanding tax liens
• No past defaults on government-backed loans

If you need a loan with a faster turnaround, you can also apply for SmartBiz Loans. SmartBiz has partnered with banks to provide borrowers with competitively priced loans. You can qualify for $30,000 to $200,000 with repayment terms of 2 to 5 years. Interest rates range from 6.99% to 26.99% and are based on the loan term and the borrower’s credit and financial profile. To receive a bank term loan, you must meet the minimum requirements of:

• At least 2 years in business
• Be a U.S. citizen or permanent resident
• Personal credit score of 640 or above
• Show sufficient cash flow to support loan payments
• No bankruptcies or foreclosures within the last 3 years
• No outstanding tax liens

OnDeck

If you need money fast, OnDeck could provide the capital you need in as little as 24 hours. You can be approved in just minutes for one of two products: term loans or lines of credit.

OnDeck term loans are available in amounts up to $500,000. Short-term loan options come with 3- to 12-month repayment terms. Short-term loans are best for purchases that yield an immediate return on investment, such as updating your commercial space, purchasing inventory, launching a new marketing campaign, or hiring new employees.

OnDeck’s short-term loans have simple interest rates starting at 9%. This rate is a percentage of your total loan amount. For example, if you borrow $10,000 at a 9% rate, your total interest payment will be $900. In this example, you’ll repay a total of $10,900 plus any additional fees charged by the lender.

If you want a longer term option, you can take out a long-term loan with repayment terms of 15 to 36 months. This is best for larger purchases that pay out over the long run, such as opening a new location, purchasing equipment, or developing a new product.

OnDeck’s long-term loans have annual interest rates starting at 9.99%. This is the yearly interest you’ll pay based on the average balance of your loan. Additional fees may be charged by the lender.

To qualify for short- or long-term loans, OnDeck has the following minimum requirements:

• Time in business of at least 1 year
• At least $100,000 in annual income
• Personal credit score of 600 or above

If you want a more flexible financing option, OnDeck offers lines of credit up to $100,000.Your line of credit can be used to manage gaps in revenue or to cover unexpected expenses. APRs start at 13.99%, and interest is only charged on borrowed funds. There are no draw fees, but the lender charges a $20 monthly maintenance fee. This fee may be waived for 6 months if you draw at least $5,000 within 5 days of opening your account.

To receive a line of credit through OnDeck, you must have:

• Time in business of at least 1 year
• At least $100,000 in annual revenue
• Personal credit score of at least 600

BlueVine

BlueVine offers another option for lines of credit with higher borrowing limits and a shorter time in business requirement. With BlueVine, you can qualify for up to $250,000 with rates starting at just 4.8%. You can repay your loan over terms of 6 or 12 months through fixed monthly or weekly payments. As you pay down your balance, funds will be replenished and are available to use again. Interest is only charged on the borrowed amount.

To qualify for a BlueVine line of credit, you must have:

• Time in business of at least 6 months
• At least $100,000 in annual revenue
• Personal credit score of 600 or above

If unpaid invoices are causing cash flow issues for your business, apply for capital through BlueVine’s invoice factoring program. You can use your unpaid invoices to qualify for up to $5 million. Rates start at 0.25% per week, and you can be approved in as little as 24 hours. You’ll receive up to 90% of the invoice value upfront, then receive the remaining balance — minus fees — when the invoice is paid.

To qualify for BlueVine’s invoice factoring, you must have a B2B business that meets these requirements:

• Time in business of at least 3 months
• At least $100,000 in annual revenue
• Personal credit score of 530 or above

Kabbage

Kabbage is a lender that offers small business lines of credit up to $250,000. One thing that sets Kabbage apart is that there are no minimum credit score requirements. In fact, Kabbage evaluates the performance of your business to determine if you qualify and how much you can receive.

Kabbage lines of credit have terms of 6, 12, or 18 months based on your borrowing amount. Monthly payments are automatically drawn from your linked business checking account. Kabbage charges monthly fee rates of 1.5% to 10% of the principal loan amount. If you pay your balance off early, the lender waives any remaining fees. There are no draw fees or additional fees to pay. If you don’t make a draw, you won’t pay any interest or fees.

Kabbage also stands out because of its Kabbage Card. Instead of waiting up to three business days to receive your funds, you can use your Kabbage Card anywhere Visa is accepted for instant access to capital. Once you use your card, a new loan will be created under your account with the same fees and terms as traditional draws.

Qualifying for funding through Kabbage takes just minutes, and you can have instant access to your account once approved. To qualify, you must meet these minimum requirements:

• Time in business of at least 1 year
• Annual revenue of at least $50,000 OR monthly revenue of at least $4,200 per month for the last 3 months

IOU Financial

If you need more capital than what other alternative lenders provide, consider applying for a loan through IOU Financial. You may qualify for up to $500,000 when you work with this lender. IOU Financial also offers fast turnarounds on delivering funds. You can receive an instant preapproval offer and receive your funds in as little as 24 to 48 hours.

Your loan can be repaid on terms of 6 to 18 months. There are no prepayment penalties for paying off your loan early. Your loan will be repaid through fixed daily or weekly payments. IOU Financial loans come with a factor rate of 1.15 to 1.31. Learn more about factor rates and how they affect the cost of borrowing.

If you need additional capital for your business, you can renew your small business loan once you’ve paid off 40% of your balance.

To qualify for an IOU Financial loan, you must meet these qualifications:

• Own at least 80% of your business
• Time in business of at least 1 year
• At least 10 daily deposits into a business bank account
• At least $100,000 in annual revenue

Upstart

Personal loans can be used to pay for car repairs, help you catch up on bills, fund a vacation … or even cover your business expenses. If you operate a startup, haven’t established business credit, or can’t otherwise meet the requirements of small business lenders, consider taking out a personal loan for business. One lender that doesn’t have restrictions prohibiting you from using personal loan funds for business is Upstart.

Upstart loans are available in amounts from $1,000 to $50,000. Interest rates range from 7.46% to 35.99%. Loan payments are made monthly over terms of 3 to 5 years.

To qualify for an Upstart personal loan, you must meet these requirements:

• Have a source of income
• Have a personal bank account in the U.S.
• Have an email account, name, date of birth, and Social Security Number
• Be at least 18 years old
• Have a personal credit score of 620 or above

In addition to checking your credit score, Upstart will also evaluate your credit history, including:

• No bankruptcies or public records
• Less than 6 inquiries over the last 6 months
• No accounts that are currently delinquent
• Debt-to-income ratio

Banks, Credit Unions, & Nonprofit Lenders In Oklahoma

Of course, online business lenders aren’t your only options for getting extra capital for your business. You can always use a traditional bank, credit union, or nonprofit lender. Today’s financial institutions offer more services than ever. You can even apply for loans and other financial products right from your own computer.

It’s possible to learn about the services available at your own bank or credit union, or you can get started with one of these top picks in the state of Oklahoma.

Bank Of Oklahoma

For over 100 years, the Bank of Oklahoma has provided financial services to Oklahomans. Today, the bank provides personal and business financial products to residents through its branches in cities including Oklahoma City, Tulsa, Owasso, and Norman.

If you’re a small business owner, you can open a business checking account through the Bank of Oklahoma. Then, you can access extra capital to launch or grow your business with:

• Business Lines Of Credit
• Equipment & Vehicle Loans
• Commercial Real Estate Loans
• SBA Loans
• Business Credit Cards

Bank of Oklahoma is an SBA Preferred Lender and can help you find the right loan program for your business, including:

• SBA 7(a) Loans
• SBA 504 Loans
• SBA Express Loans

To apply for SBA loans or other financial products and services through the Bank of Oklahoma, visit your local branch.

WEOKIE Federal Credit Union

WEOKIE was started in 1969 by the employees of Western Electric of Oklahoma. Since it was founded, it has grown to become one of the largest financial institutions in the state and provides personal and business accounts and services to Oklahomans.

Through WEOKIE Federal Credit Union, you may qualify for one of its commercial lending programs and services including:

• SBA Loans
• Commercial Real Estate Loans
• Business Refinance Loans
• Business Purchase Loans
• Residential Rental Property Loans
• Visa Business Credit Cards

To take out a loan or to receive other financing, you must be a member of WEOKIE Federal Credit Union. To join, you must meet one of these requirements:

• Live, worship, work, or attend school in the Oklahoma City area
• Be an employee of the credit union
• Volunteer within the local community
• Have an immediate family member that has joined the credit union

REI Oklahoma

Rural Enterprises of Oklahoma, Inc. (REI Oklahoma) is a nonprofit Certified Development Company that aims to create jobs, boost job retention, and stimulate the state’s economy by providing assistance programs to business owners and communities.

REI Oklahoma has helped small business owners get the extra capital they need since 1982. Through REI’s programs, you can receive loans as small as $1,500 or much larger loans in excess of $15 million. Loan funds can be used for a variety of purposes, including the purchase or renovation of land and buildings, new construction, working capital, or refinancing existing high-interest debt. Funds may also be used to purchase equipment, furniture, inventory, or fixtures needed to help start or grow your business.

Through REI Oklahoma, you can apply for:

• SBA 504 Loans
• SBA Microloans
• Intermediary Relending Program (IRP)
• Business and Industry Program (B&I)

To get started, contact your local REI Oklahoma business office. Offices are located in Durant, Oklahoma City, and Tulsa. The staff at REI will help walk you through the process and offer support along the way, from filling out the application to closing your loan and receiving your funds.

Small Business Grants In Oklahoma

We’ve all heard the late-night commercials. Business grants everywhere! Free money for all! While it’s true that business grants don’t have to be repaid, finding them isn’t that easy. Even if you find business grants online, through your local business resource, or even at the local library, it’s not guaranteed that you’ll qualify.

In fact, most small business grants have very specific requirements that many small business owners can’t meet. Your business may have to be in a certain industry, for example, or your business must be owned by a minority, woman, or veteran.

While finding and qualify for grants can be difficult, it’s not impossible, especially if your business improves your community, provides jobs, or is in a high-tech industry. If you live in Oklahoma and you’re interested in applying for small business grants to score extra capital for your business, start with these options.

Oklahoma Applied Research Support

OCAST’s Oklahoma Applied Research Support (OARS) program provides funding to private companies, colleges, universities, and research institutions for research and development of innovative technologies. The funds from this grant are used to increase investment in research and development of technologies that bring value to the state and help to diversify the economy.

Grant recipients can receive up to $45,000 per year for Proof-of-Concept funding. Later-stage research and development awards are up to $300,000 for up to three years.

Applications can be submitted online during the application window. Learn more about this grant program.

Oklahoma Enhancement & Diversification Program

If you’re a farmer or rancher, you may receive grant funds through the Oklahoma Enhancement and Diversification Program. These grant funds can be used for purposes including diversifying a farm, conducting basic and applied research, and marketing and utilization.

There are several grant options to consider under this program including:

• Farm Diversification Grant: Provides up to $10,000 to diversify a family farm, ranch, or agritourism venue
• Basic & Applied Research Loan/Grant: Used to fund research for business creation or expansion
• Agricultural Event Grant: Provides up to $10,000 to create or expand an agricultural event that piques public interest

Applications are evaluated quarterly by an advisory board. It is recommended that applicants submit proposals at least 6 months before their anticipated start time. These grants are open to legal residents of Oklahoma. All applicants must reside in Oklahoma and be at least 21 years old.

Quality Jobs Program

Oklahoma’s Quality Jobs incentive program gives cash-back incentives to businesses that expand and create new jobs within the state. Incentives include:

• 21st Century Quality Jobs: This program provides qualifying businesses with up to 10% of payroll for up to 10 years. Qualifying businesses must create at least 10 jobs with an average wage of at least $94,000 annually.
• Small Employer Quality Jobs Program: This program is open to small businesses that employ 500 employees or less. Quarterly payments of up to 5% of new payroll may be returned to the business for up to 7 years under this program.

Loans & Resources For Startups In Oklahoma

Unfortunately, startups often have a more difficult time securing financing than more established businesses. However, the task is certainly not impossible. Finding the right resources to get your business off the ground can be challenging, but you can get started by checking out these great resources.

Oklahoma Small Business Development Centers

Whether you have a thriving business already or you haven’t yet opened your doors, you can find many great resources through the Oklahoma Small Business Development Centers (SBDC). Through one of the OKSBDC’s eight locations across the state, you can take advantage of a variety of services. One of the best resources is free business advice. You can talk with an experienced consultant for absolutely no cost about a variety of business topics, including legal issues, accounting, copyrights, marketing, and ecommerce.

You can also take advantage of free and low-cost workshops, seminars, and other events held throughout the state.

REI Women’s Business Center

We already discussed the funding opportunities available through REI Oklahoma earlier in this article, but there’s another resource available just for female entrepreneurs: the REI Women’s Business Center. REI operates the only Women’s Business Center in the state and provides support, advice, and resources to women business owners.

Through this resource, you can attend small business workshops targeted at female entrepreneurs. Topics include marketing, strategic planning, and business tax basics. REI WBC also helps women-owned businesses complete the Women-Owned Small Business certification process. You can learn more by contacting or visiting a local REI WBC nearest you in Durant, Tulsa, or Oklahoma City.

SCORE

Throughout the nation, entrepreneurs have received free business mentoring through one of SCORE’s 300 chapters. For more than 50 years, SCORE has connected millions of entrepreneurs with expert business mentors for no cost. You can speak with an expert online or in-person at a SCORE office near you.

SCORE also offers additional resources to help you start and grow your business. You can participate in live webinars that offer tips and strategies to help your business succeed. If you miss a live webinar, don’t worry — they’re available on-demand. You can also learn more about a variety of business topics by taking advantage of on-demand business courses through SCORE.

What To Consider When Choosing A Lender

You’re ready to take the leap to get the capital you need to start or grow your business, but there’s just one question remaining: which lender should you choose?

On the one hand, you have many lenders to choose from, providing you with more financing options than ever. On the other hand, narrowing down many choices to just one can be a challenge. To make the decision a little easier for yourself, keep these factors in mind:

Loan Purpose

How do you plan to use your loan? Some financial products have restrictions on how they are used. For example, a commercial mortgage can be used to purchase land or buildings, but it can’t be used as working capital for your business. You also need to keep an eye out for other restrictions. For instance, some financial products can’t be used to refinance existing debt. Understand the restrictions on each financial product you’re considering to make sure that you pick the right option for your business.

Borrowing Amount

How much money do you need to borrow? If you need $100,000 to expand your business but one lender has a lower borrowing limit, shop around with other lenders. If one lender doesn’t offer enough capital, move on to the next. There are plenty of lenders out there that have high borrowing limits — think, millions of dollars.

Borrower Requirements

If you don’t meet all of the requirements of a lender, your application will be rejected, plain and simple. Don’t waste your time applying for financing you won’t qualify to receive. Some of the requirements lenders may consider include:

• Personal Credit Score
• Business Credit Score
• Credit History
• Debt-To-Income
• Collateral
• Type Of Industry
• Number Of Employees
• Time In Business
• Annual Revenue

Pull your credit report and free score, run some quick financials of your business, and calculate your DTI so you know where you stand. If your credit score is holding you back, consider taking steps to boost your credit. While there are bad credit loans and financing available, you may be stuck with high fees and interest rates and less-than-favorable terms.

Time To Funding

How long it takes to receive funding may also be an important consideration for you. For instance, if you need more inventory to keep sales flowing, need extra capital to pay operational expenses, or have an emergency, you need to choose a lender that offers fast financing. Before you accept the first offer, though, make sure you compare rates, fees, and terms to pick the most affordable option for your business.

Final Thoughts

Picking the right funding and resources for your business can take time. It’s easy to put your short-term needs first and accept the first loan offer that comes your way. However, opening and operating a small business takes strategic planning. Think of the long-term, evaluate the financial needs of your business, and consider the current state of your finances before diving into financing. If you’re unsure of whether to take the next step forward, consult with a business mentor or take advantage of the other free and low-cost resources available to you before signing on the dotted line.