Best Small Business Loans in Oklahoma 2023: Finest Selection

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Best Small Business Loans in Oklahoma

In 2023, the landscape for small business loans in Oklahoma is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Oklahoma LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Oklahoma. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Oklahoma. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Oklahoma banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Oklahoma

We will discuss Oklahoma’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Oklahoma. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Oklahoma LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

Which banks offer small business loans in Oklahoma?
Bank of Oklahoma, Arvest Bank, and MidFirst Bank are some of the banks that offer small business loans in Oklahoma.
Is credit score important for getting a small business loan in Oklahoma?
Yes, credit score is always taken into consideration for getting a small business loan in Oklahoma as well as in any other state.
What are the interest rates on small business loans in Oklahoma?
Interest rates on small business loans in Oklahoma vary depending on the bank and the type of loan. It is best to contact the banks directly for more information on interest rates.
What are some advantages of working with a local bank in Oklahoma for small business banking needs?
Local banks in Oklahoma understand the local market and can provide personalized services that meet the unique needs of small businesses in the state.
What are some disadvantages of working with a large national bank in Oklahoma for small business banking needs?
Large national banks may have stricter lending requirements and may not be familiar with the local market and trends in Oklahoma.
Are there any Oklahoma-specific grants or funding opportunities for small businesses?
Yes, there are various grants and funding opportunities available for small businesses in Oklahoma, such as the Oklahoma Rural Economic Development Loan and Grant program and the Oklahoma Skills Partnership.
What are some of the best small business checking accounts offered by banks in Oklahoma?
Bank of Oklahoma’s Basic Business Checking, Arvest Bank’s Basic Business Checking, and MidFirst Bank’s Business Value Checking are some of the best small business checking accounts offered by banks in Oklahoma.
What are some important factors to consider when choosing a small business bank in Oklahoma?
Important factors to consider when choosing a small business bank in Oklahoma include interest rates, fees, services offered, customer support, and lending requirements.
Can businesses open a business savings account in Oklahoma?
Yes, businesses can open a business savings account in Oklahoma at most banks that offer small business banking services.
Are there any extra benefits to opening a business account at a credit union in Oklahoma?
Credit unions in Oklahoma may have lower fees and interest rates on loans compared to traditional banks, making them a good option for small businesses.
Are business credit cards offered in Oklahoma?
Yes, most banks and lenders in Oklahoma offer business credit cards to small businesses.
What are some options for online banking for small businesses in Oklahoma?
Bank of Oklahoma, Arvest Bank, and MidFirst Bank offer online banking options for small businesses in Oklahoma.
How long does it take to get approved for a small business loan in Oklahoma?
Approval times vary depending on the bank and the type of loan, but it can take anywhere from a few days to several weeks to get approved for a small business loan in Oklahoma.
How much can a small business borrow for a loan in Oklahoma?
The amount a small business can borrow for a loan in Oklahoma varies depending on the lender and the type of loan. Generally, small businesses can borrow anywhere from $5,000 to $500,000 or more in Oklahoma.
Are there any grants specifically for minority-owned small businesses in Oklahoma?
Yes, the Oklahoma Minority Business Council offers grants and funding opportunities specifically for minority-owned small businesses in Oklahoma.
How accessible are bank services for small businesses located outside of the Oklahoma City and Tulsa areas?
Most banks that offer small business banking in Oklahoma have branches and services that are accessible to small businesses outside of the Oklahoma City and Tulsa areas.
Can an out-of-state small business use an Oklahoma-based bank for their banking needs?
Yes, an out-of-state small business can use an Oklahoma-based bank for their small business banking needs, but it’s important to check if there are any restrictions or limitations imposed by the bank.
Are any incentives offered for small businesses to switch to a new bank in Oklahoma?
Some banks in Oklahoma may offer incentives, such as cash bonuses or fee waivers, to small businesses that switch their banking to their institution.
How do business owners find the best bank for their specific small business needs in Oklahoma?
Business owners should research and compare small business banking options from multiple banks and lenders in Oklahoma to find the best fit for their specific needs and financial goals.
Can businesses in Oklahoma get help to create a business plan?
Yes, many banks and organizations in Oklahoma offer help and resources for small businesses looking to create a business plan, including the Oklahoma Small Business Development Center and the Oklahoma Business Roundtable.
Do banks in Oklahoma offer insurance services for small businesses?
Yes, many banks in Oklahoma offer insurance services for small businesses, such as liability and property insurance.
Can small businesses in Oklahoma get help with taxes through their bank?
Some banks in Oklahoma may offer tax preparation and filing services for small businesses, while others may offer resources and guidance for small businesses navigating tax laws and regulations.
Are there any educational programs or workshops for small businesses in Oklahoma hosted by local banks?
Yes, banks and credit unions in Oklahoma may host educational programs, workshops, and events for small business owners to help them improve their financial literacy and business management skills.
Can small businesses in Oklahoma work with banks to improve their credit scores?
Yes, banks in Oklahoma can provide guidance and resources to small businesses looking to improve their credit scores and financial standing, such as credit counseling and loan options designed to help small businesses rebuild credit.
What types of insurance should small businesses in Oklahoma consider?
Small businesses in Oklahoma should consider getting liability insurance, property insurance, business interruption insurance, and cyber liability insurance to protect themselves in case of unexpected events.
Are small business loans guaranteed by the Small Business Administration available in Oklahoma?
Yes, small business loans guaranteed by the Small Business Administration (SBA) are available in Oklahoma through approved lenders.
What are the benefits of applying for an SBA-guaranteed loan for a small business in Oklahoma?
SBA-guaranteed loans may offer lower interest rates, longer repayment terms, and less strict lending requirements compared to traditional loans for small businesses in Oklahoma.
Can small businesses in Oklahoma set up automatic payments for their loans and bills?
Yes, automatic payments for loans and bills are available for small businesses at most banks and lenders in Oklahoma, which can help simplify money management and ensure payments are made on time.
Are there any loans or funding options in Oklahoma specifically for agriculture-related businesses?
Yes, the Oklahoma Agriculture Enhancement and Diversification Program offers grants and loans specifically for agriculture-related businesses in the state.
What are the top small business banks in Oklahoma?
Some of the top small business banks in Oklahoma include Bank of Oklahoma, Arvest Bank, MidFirst Bank, and BancFirst.
What services do small business banks in Oklahoma offer?
Small business banks in Oklahoma offer a range of services, including business loans, merchant services, cash management, and online banking.
Can out-of-state small businesses open accounts with Oklahoma banks?
Yes, out-of-state small businesses can open accounts with Oklahoma-based banks.
How do I choose the right small business bank in Oklahoma?
When choosing a small business bank in Oklahoma, consider factors such as interest rates, fees, services offered, and customer service.
Can I get a small business loan from an Oklahoma bank if I’m not based in Oklahoma?
Yes, some Oklahoma banks offer small business loans to non-Oklahoma-based businesses.
What is the minimum credit score required to get a small business loan in Oklahoma?
The minimum credit score required to get a small business loan in Oklahoma varies by bank. Generally, a credit score of at least 600 is required.
What fees should I expect with a small business account at an Oklahoma bank?
Fees for small business accounts vary by bank. Some common fees include monthly maintenance fees, overdraft fees, and service fees.
Can I open a small business account online with an Oklahoma bank?
Yes, many Oklahoma banks offer online account opening for small businesses.
How long does it take to open a small business account with an Oklahoma bank?
The time it takes to open a small business account with an Oklahoma bank varies by bank. Some banks offer same-day account opening, while others may take a week or more.
How much can I borrow with a small business loan from an Oklahoma bank?
The amount you can borrow with a small business loan from an Oklahoma bank depends on various factors, including your credit score, the type of loan you’re applying for, and your business’s financials.
Does my personal credit score affect my chances of getting a small business loan from an Oklahoma bank?
Yes, in most cases, your personal credit score will affect your chances of getting a small business loan from an Oklahoma bank.
What documentation is required to apply for a small business loan in Oklahoma?
The documentation you’ll need to apply for a small business loan in Oklahoma varies by bank, but generally includes financial statements, a business plan, and tax returns.
Can I get a small business credit card from an Oklahoma bank?
Yes, many Oklahoma banks offer small business credit cards.
Can I deposit a large sum of cash into my small business account at an Oklahoma bank?
Yes, you can deposit a large sum of cash into your small business account at an Oklahoma bank, but you may need to provide additional documentation to comply with anti-money laundering laws.
What types of small business checking accounts do Oklahoma banks offer?
Oklahoma banks offer a variety of small business checking accounts, including free checking, interest-bearing checking, and analysis checking.
Do any Oklahoma banks offer free business checking accounts?
Yes, some Oklahoma banks offer free business checking accounts, though they may have certain balance or transaction requirements.
Can I transfer funds online between my personal and small business accounts at an Oklahoma bank?
Yes, most Oklahoma banks allow you to transfer funds online between your personal and small business accounts if they are both held at the same bank.
Are small business loans from Oklahoma banks backed by the Small Business Administration (SBA)?
Some small business loans from Oklahoma banks are backed by the SBA, while others are not. Check with your bank to see which options are available.
Can I get a business line of credit from an Oklahoma bank?
Yes, many Oklahoma banks offer business lines of credit to small businesses.
What is the interest rate for a small business loan from an Oklahoma bank?
The interest rate for a small business loan from an Oklahoma bank varies depending on the type of loan, the lender, and other factors.
What kind of support does an Oklahoma bank offer for small businesses?
Many Oklahoma banks offer support for small businesses, including consulting services, educational resources, and networking opportunities.
Can I get help with payroll and taxes from my Oklahoma small business bank?
Yes, many Oklahoma banks offer payroll and tax services for small businesses.
What are the benefits of choosing an Oklahoma-based bank for my small business?
Choosing an Oklahoma-based bank for your small business can offer benefits such as better access to local resources and more personalized customer service.
How do I qualify for a small business loan in Oklahoma?
To qualify for a small business loan in Oklahoma, you’ll need to meet certain requirements set by the lender, which typically include a good credit score, a well-developed business plan, and strong financials.
Are small business accounts at Oklahoma banks FDIC-insured?
Yes, small business accounts at Oklahoma banks are FDIC-insured up to $250,000 per depositor.
Can I get online account management for my small business account at an Oklahoma bank?
Yes, most Oklahoma banks offer online account management for small business accounts.
How can I compare small business loan options from different Oklahoma banks?
To compare small business loan options from different Oklahoma banks, look at interest rates, fees, and loan terms, and consider factor such as the lender’s reputation and customer service.
Can I get a business term loan from an Oklahoma bank?
Yes, many Oklahoma banks offer business term loans of varying amounts, terms, and interest rates.
Does my business need to have a physical location in Oklahoma to get a loan from an Oklahoma-based bank?
No, if you meet the bank’s requirements, your business does not need to have a physical location in Oklahoma to get a loan from an Oklahoma-based bank.

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Conclusion

As Oklahoma, also known as The Sooner State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Oklahoma economy.

When looking for the best small business loans in Oklahoma, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Oklahoma LLC or growing your existing LLC in Oklahoma, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Oklahoma.

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