Oklahoma City is becoming a popular location for entrepreneurs to start and grow a business. Whether you’re starting a small business, expanding an existing business, investing in real estate or remodeling your offices, you need a lender who is trustworthy, honest and offers competitive rates. We researched the best business loans in Oklahoma City to help you grow your business.
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How we chose the best
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There are several reasons you might find yourself in need of a business loan in Oklahoma City. You could be working on a start-up company or growing a small business. You might already own a successful business and want to expand your physical location, do some remodeling or purchase new equipment.
There are several types of business loans available in Oklahoma City to meet your needs. There are equipment/fixed asset loans, commercial real estate loans, agricultural loans, professional loans, short-term loans and long-term loans. There is also a government lending program for small businesses.
Funds provided in as little as 24 hours
Multiyear repayment terms
Best for small- to medium-sized businesses
Best for large businesses
Higher interest rates
Lower interest rates
May have more frequent repayments
Longer application process
After you have a better idea of what type of loan you need, it’s time to start the application process. Many small business loans in Oklahoma City will require collateral to qualify, although different lenders will have different qualifications for your loan. Borrowers also usually need to have strong personal credit and business revenue to be eligible for a loan.
Your business’s size and the number of employees can play a factor in qualifying for a loan as well. If you have less than stellar personal credit, you may still be able to qualify for a business loan in Oklahoma City. Alternative lenders may have additional requirements, such as a business being in operation for a certain period of time.
In addition to qualifications, there are also fees that you might incur as a borrower. These might include:
Bank wire fees
Late payment fees
Repayment schedules on business loans can vary. Short-term loans have higher initial interest rates but will accrue less interest during the life of the loan. Long-term loans offer lower interest rates could end up costing more because of the longer repayment period. Be sure to discuss payment terms and prepayment penalties with your lender.
Seek Business Capital
Seek Business Capital offers to underwrite your loan in hours, not days. It also allows borrowers to use loan funds for anything their business needs with no restrictions. It offers simple funding qualifications and approves 92 percent of all applications. Oklahoma City reviews say the company’s customer service is excellent.
Imperial Advance provides an online application for borrowers to qualify for a loan quickly. It offers lines of credit, revenue-based financing and more. With an A+ Better Business Bureau rating, customers in Oklahoma City have rated the company highly for its quick approval process and customer support.
National Business Capital
National Business Capital specializes in small business loans and startup loans. It doesn’t require a minimum credit score, but the borrower’s company must have a minimum of $100,000 in annual gross sales to qualify. It offers an online application process. Reviews are positive and say the company’s representatives are patient and helpful.
NBC Oklahoma is a local bank with two branches in Oklahoma City. NBC Oklahoma offers business lending options that are focused on building a relationship between the bank and the borrower and include lines of credit, commercial real estate lending, agricultural loans and fixed asset financing. Customers say the bank’s representatives are friendly and helpful.
First National Bank of Oklahoma
First National Bank of Oklahoma is a local lender with two locations in Oklahoma City. It offers commercial, real estate, small business, agricultural and professional loans. The company was chartered in Oklahoma City in 1917 and recently celebrated 100 years of helping Oklahoma businesses.
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