Our goal at Lending Valley is to provide all small business owners access to the best loans possible for their business. You can rest assured we will get you the best rates in the market!
Oklahoma is located in the South-Central region of the United States. The state is the third largest producer of natural gas in the country and its economy is diversified with a range of industries like aviation, energy, transportation and technology. Moreover, there are both Fortune 500 and Fortune 1000 companies in the state. However, Oklahoma small businesses are vital part of its economy because of its improved labour market which resulted in more people looking for work. The state has an extremely low cost of living and a well-designed tax system, which encourages the small businesses to thrive. Small businesses cover about 99.4 percent of all Oklahoma-based businesses. With a great economic climate for small businesses, Oklahoma small business loans come in handy for assisting the businesses in their difficult times.
Seeking financial assistance is made easy in Oklahoma due to a number of options provided by various lenders all around the state. Business experts are there to guide the small business owners in finding the perfect lending options for their business.
Conventional Bank loans are usually the first choice for any companies as they offer the best rates and terms among all commercial lenders. The loan is offered by both large and small banks in the state, and comes in form of term loans, lines of credit and equipment financing. They are mostly utilized by Oklahoma small businesses to take hold of other businesses, purchase commercial real estate, refinance a business mortgage, help with expansion financing of other businesses, and offer small businesses working capital.
Small Business Administration’s (SBA) lending program is a traditional loan provided by conventional lenders in Oklahoma with varying rates for 3 to 25 years term and a funding time of 7 to 45 days. SBA loans are backed by the government. This means, when a Oklahoma small business defaults, an SBA loan reduces the lender’s exposure to losses as the government helps to compensate for most of their losses. This is why SBA lenders provide this service especially for small businesses as it minimises the risk. However, being controlled by the government, the process requires a lot of paper work. SBA 7a loan is the most common of the many options offered by SBA lenders. SBA 504 loan is ideal for purchasing commercial real estate.
Private business loans are offered by non-bank lenders. Lenders for this type of loan can include fintech lender, marketplace lenders, cash advance funders, equipment leasing companies, factoring companies and private business. Private lenders can also include investors. Private loans can be a good choice for Oklahoma small businesses as it allows much more flexibility unlike conventional lenders.
Cash advances are not actually any kind of business loans as they are business-to-business transactions where the small business sells a small portion of their future revenue to a much more established company in expectation of more efficient profit. This makes it possible for a Oklahoma small business to get funded with a merchant cash advance even if they have a bad credit. Cash advances include long-term merchant cash advances, bad credit cash advances, additional position cash advances, and advances used for consolidation, which are repaid by either making a remittance to the cash advance funding company, or by having a set amount automatically sent to the funder using Automated Clearing House transaction via the business’s bank account.
Commercial Real Estate loans are designed to work with business models to help them reach the desired goal and refinance existing real estate debt or to purchase new real estate. This type of loan offers a wide variety of terms to match the business’s cash flow cycle.
It is much more difficult to get access to capital in Oklahoma than other more active markets. This demotivates business owners to make endeavours in the market and grow their business further. However, if a business is able to show promise, the path is much easier.
Due to an energy-centric economy, the market has become very sensitive. For example, in the recent months, when the price of oil dropped, the economy experienced a downfall. In the long run, this can harm small business profits.
Business line of credit is a kind of small business loan that offers flexibility which usual loans does not offer. This type of loan is best to compensate for expenses that tend to fluctuate throughout the course of the year. Banks in Oklahoma offer revolving terms with rates starting from reasonable rates.
New or used business equipment can also be financed in many ways through equipment financing. While some Oklahoma small businesses will find it easiest and most affordable to obtain a term loan or other type of lending facility to purchase business equipment, other small business owners may find that the best way to obtain the equipment is to lease rather than buy. This is because leasing reduces the amount of cash that would be required instead of leasing equipment. By leasing, the company won’t be forced to pay the full-price for the equipment upfront. Moreover, they will enjoy the latest equipment beforehand. Rates are offered at varying rates depending on the lender with 1 to 5 years term.
Term loan is another form of loan which is paid in instalments over a set period of time. Term loans can also be used as acquisitions, and consolidations and refinancing business debt. This type of loan offers varying rates by Oklahoma banks.
Documents required to get a small business loan in Oklahoma
Oklahoma has created a pleasant economic climate for small businesses to thrive. However, the businesses need to show strong intent and dedication to acquire the desired funding when required. Oklahoma small business loans will remain an integral part of the state’s economy, providing much needed funding to the businesses in their difficult times.