This is a guide on How to Get a Small Business Loan in Oklahoma. The leading types of industries for small businesses in Oklahoma include construction, professional, scientific, retail trade, real estate etc.
Small business loans are very helpful and important if you are a small business owner in the Sooner state. This guide is everything you need to know about the small business loans in Oklahoma.
Uses Of Small Business Loan in Oklahoma
Lending instructions that offer small business loans are flexible. In some cases, the business financing can be used to cover expenses just like:
- Startup costs
- Commercial real estate
- Debt consolidation
- Expansion or acquisition costs
With the small business loans, you can establish or improve on your credit score. This can help you to qualify for great terms and rates in the future.
Types Of Oklahoma Small Business Loans
There are several options you can come across when seeking for small business loans in Oklahoma. Below are the most common types of business financing you can consider:
Small Business Loans
This loan can be achieved from lenders, banks, and credit unions. Though banks require good credit from their customer’s. They offer low rates and favorable terms for borrowers. These lenders offer shorter loan application, quicker loan process, and have a wide range of loan term options for their customers.
Line of Credit
The line of credit is a nice idea if you are looking for a flexible form of financing. Funds can be withdrawn when you want. And you can set a credit limit, based on your credit and some other factors. Interest will only be paid on the amount you borrow.
SBA guarantees SBA loan programs for eligible people. People can apply for this kind of loan through SBA-approved lenders. If approved, you can get up to $5 million in funding and repayment terms for about 25 years. Some SBA loans are currently available, like Standard 7(a), 7(a) Small Loan, Export Loan, SBA Express, etc.
This mortgage works just like traditional mortgage you use when buying a home. But it is designed to fund land or properties like an office, warehouse, hotel, or restaurant. You can also use this mortgage to renovate existing property or expand to a larger space.
The equipment loan is great if you need office tools like computers and fax machines or bulldozers and tractors for construction company. Based on the lender, you can get approved for about100% of the equipment cost. They are easy loans to get.
This requires you to sell your invoices at discounted price to a factory company. Then you will be offered a lump sum of cash. The factoring company will be in charge of your invoices and collect payments from your customers, for about 30 to 90 days. Invoice factoring is a great idea if your customers are slow to pay and you want to avoid cash flow issues.
Merchant Cash Advance
MCA is a good option if you receive debit and credit card payments from customers. With Merchant Cash Advance, you can get access to cash up front and repay with a percentage of your sales. Without good credit, you can qualify for an MCA and get the funding very fast.