Find the Right Small Business Loan for You
Small Business Loans in Oklahoma
According to current Federal data available, Oklahoma has a little over 300,000 small businesses state-wide. The increase in entrepreneurship is apparent in Oklahoma as more and more people look to start up their own businesses. Company owners in Oklahoma and elsewhere in the country have greatly benefited from business loans. A small business loan provides entrepreneurs with a lump sum of cash they can use to establish their companies.
What to Spend the Loan On?
What you spend the loan on is entirely up to you, but it’s recommended that you use the money only for business-related expenditures. When you go to apply for a loan, your lender will ask where you plan on using that money. Not only is this important from the lender’s perspective, but it’s vital for you to have clear goals, too. You should know where every dollar of that loan is going in order to make the most of it. It’s all too common for business owners to take out a loan and spend the cash on frivolous expenditures that do nothing for their company’s growth.
There are a myriad of reasons to take out a loan in the first place, but the common objective is to use a loan that grows your business. Some owners use this money to save their companies from failure while others use the funds to expand on an already-successful company.
Applying for a Small Business Loan
You’ll first need to find a reputable lender in Oklahoma that offers small business loans. The loan application process involves a lot of in-company reporting that gives the lender insight as to whether you’re a viable candidate for the money. Lenders can refuse a business loan for any reason, but some of the most common reasons for loan denial are newly-established companies, businesses in a niche market or companies with a weak sales force. It can take anywhere from one to two months to be approved for your loan.
Banks in Oklahoma
Here is a list of some of the best banks in Oklahoma offering small business loans to their clients:
- Exchange Bank & Trust Company
- Stroud National Bank
- First National Bank of Oklahoma
- American Bank of Oklahoma
- Great Plains National Bank
Repayment and Other Information
Repayment of your loan starts immediately upon receiving the money. Interest will automatically be integrated into your payments. It’s important that you pay your loan bills on time to avoid late fees and credit reporting delinquencies. Many small businesses have suffered because their loan bills go unpaid and it affects their credit score, both as an individual and as a corporation. Lenders offer five, ten and fifteen-year term lengths to make repayment convenient and easy on your budget.
Keep in mind that just because one bank refuses your loan application, it does not mean that you’re doomed to go without much-needed cash. In some cases, you will have to wait for your company to get a little older to qualify for a loan and in other instances, you just need a different bank.