Small Business Loans Oklahoma
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At some point in the business cycle, companies will need access to extra capital to maintain a stable cash flow. If your Oklahoma-based business is ever in need of some financial assistance, you can trust that you’ll be able to get the extra boost one way or another in the Sooner State.
According to recent financial reports, Sooner State was able to extend more than 49,945 loans under $100,000. They were able to shell out $734.8 million in total. This shows how supportive and dedicated the state’s business sector is to seeing its small businesses succeed.
Though daunting, taking out small business financing is often necessary for growth and expansion. The good news is that many Oklahoma business loans are available within the state.
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SMB Compass offers established businesses nationwide customized business financing solutions and educational resources. While traditional banks and certain online lenders create obstacles for small businesses seeking funding, we provide affordable and flexible options.
Having already provided over $250 million to more than 1,250 businesses across the US, our impact continues to grow. Our personalized approach has transformed clients into long-term partners, and we are grateful for the opportunity to serve the small business community.
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If you’re looking for the best business loan program in the Sooner State, here are your top six choices:
Business Lines of Credit
With a business line of credit, businesses are given a credit line they can tap into if the need arises (e.g., during emergencies or unforeseen expenses). Since it’s a revolving credit, the business can draw, payback, and access the funds again as necessary. Like credit cards, the credit line has a limit the business cannot exceed.
Once approved, businesses can get continuous access to as much as $5 million in funding. They can use the proceeds to pay their staff, rent, utilities, buy/lease equipment, cover operational expenses, and more.
SBA 7(a) Loans
The Small Business Administration (SBA) offers government-backed loans called SBA 7(a) loans with an affordable rate, higher loan amounts, and longer repayment periods. With it, SMEs can take up to $5 million in funding, which they can put towards any business needs. It could be acquiring commercial real estate, equipment, construction, etc. The SBA 7(a) loan has a 25-year maximum repayment period.
However, the SBA loan process is notorious for being document-intensive and lengthy. It’s also one of the most difficult to qualify for as it usually requires businesses to have a good credit score, solid financials, and at least two years in business.
Businesses often need equipment to provide quality services to their customers. However, equipment purchases can be expensive. Equipment financing allows businesses to finance costly machines, tools, and supplies, so they won’t have to pay for them upfront and potentially cause a strain on their cash flow.
Once you get approved for equipment financing, SMB Compass can fund 100% of the total cost of the equipment. It will also serve as collateral for the loan. If you default on the payments, the equipment will be repossessed and used for the remaining loan balance.
Invoice financing (also called accounts receivable financing) allows businesses to advance the money owed to them by their clients. Instead of waiting 30 to 90 days for clients to pay you, invoice financing companies will advance a portion (up to 95%) of the invoices’ value to you so that you can meet your financial obligations on time.
Once the invoice term is up, the customers must settle their balance directly with the financing institution. After the invoices have been paid, the financing company will deduct the advanced amount, plus fees, and transfer the remaining money back to you.
Inventory financing makes use of the company’s inventory to secure much-needed funding. Once approved, SMB Compass can extend credit up to 65% of the inventory’s total value. Since the inventory is the collateral, the business would have to give it up if they fail to make the required weekly or monthly repayments.
Inventory financing also provides spending flexibility to businesses. With the proceeds, the company can boost its cash flow, cover seasonal cash flow gaps, pay employees, and reorder additional inventory.
Small Business Loans: Eligibility Requirements
Most small business lenders prefer lending to businesses with an established track record. These businesses are more likely to have a high credit score, solid financial track record, and at least two years of business history. With that, banks and other lenders are more confident they can repay the credit.
At SMB Compass, applicants must have a credit score of at least 650, at least one year of business history (or two years for SBA loans), and at least $20,000 monthly revenue to qualify for business loans with excellent terms.
There are also business financing options available for businesses with lower credit scores. For instance, invoice financing doesn’t necessarily look at the business’ credit score. Instead, they will look at the borrowing company’s clients’ credit scores to determine the invoices’ eligibility for funding. They may also qualify for a business line of credit. But since they’re riskier, the rates tend to be higher, so it’s also worth considering that.
Top Industries in Oklahoma: Driving Economic Growth
Innovation and Technology
Sufficient funding is essential for innovation and technology businesses in Oklahoma because the equipment and materials associated with their line of work can be expensive. On top of everything, they need to ensure they pay their employees on time. But because of their high-risk nature, technology businesses often struggle to secure financing for their operations.
SMB compass recognizes business owners in the industry face financing struggles. With that, we’ve developed different solutions to help you access extra capital to grow, expand, and take your business to greater heights.
Oil and Energy
Oklahoma is known for its abundant oil and gas supply, which is why many of the largest oil are headquartered in the state. Despite its success in this aspect, the industry continues to grow rapidly, opening many opportunities for smaller businesses. With that, they may need extra capital to grab the opportunity and allow their business to grow.
With the right financing option, businesses can use extra capital to purchase equipment, cover operating costs, sign partnerships, acquire companies, and more. With steady cash flow, there’s no limit to what your business can achieve.
Transportation and Logistics
With access to three major highways in the United States, namely I-40, I-35, and I-44, it’s no wonder many are keen on entering the transportation and logistics in Oklahoma.
But like other businesses, running a transportation and logistics business entails higher costs. Entrepreneurs must explore the different financing options best suited to transportation and logistics companies to keep up. SMB Compass offers many loan options to help these businesses address almost any business need.
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