The best small business loans for Norman, OK
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Industries we work with in Norman, OK
We're proud to work with small businesses across various industries in Norman, OK. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!
Here are some of the many industries we serve:
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Construction
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Medical Practices
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Beauty Salons
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Retail Stores
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Restaurants
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Hotels
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Manufacturing
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Staffing
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Automotive Businesses
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Landscaping
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Toy Businesses
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Transportation
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IT
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Professional Services
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Veterinary Practices
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Franchise Businesses
See why thousands of businesses have made SMB Compass
the top-rated small business loan provider in Norman, OK
Learn more about our loan packages
The best small business loan in Norman, OK
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SBA Loans
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Term Loan
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Invoice Financing
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Business Line of Credit
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Inventory Financing
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Bridge Loans
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Equipment Financing
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Asset Based Loans
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Purchase Order Financing
FAQs about small business loans in Norman, OK
If you’re looking to get a small business loan in Norman, OK, here’s what you should do:
- Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
- Check your credit score. Many lenders in Norman, OK, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
- Research lenders. Many different types of lenders offer small business loans in Norman, OK, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
- Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
- Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
- Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.
Norman, OK
The kind of loan that is good for small businesses in Norman, OK, can depend on the specific needs and circumstances of the company. However, some common types of small business loans in Norman, OK, include term loans, lines of credit, equipment financing, and SBA loans.
The government loan for small businesses in Norman, OK, is the Small Business Administration (SBA) loan program. The SBA offers a variety of loan programs, including 7(a) loans, CDC/504 loans, and microloans, to help small businesses start and grow.
There is no specific minimum credit limit in Norman, OK, for small business loans. However, lenders will typically look at your personal credit score, business credit score, and other factors, such as your business's financial history and cash flow, when considering your loan application. A higher credit score can help you qualify for a lower interest rate and better loan terms. It's important to check with individual lenders for their specific credit requirements.