Oklahoma small business owners have a variety of loan options available at their disposal. From traditional loans to those specifically designed for entrepreneurs, there’s a loan product suited to most startup and existing business needs.
When making the decision to secure financing, it’s important to understand the available loan options and the best fit for your business. The following provides a guide to loan options in Oklahoma and how to access them.
Microloans
The U.S. Small Business Administration’s Microloan Program makes loans up to $50,000 available to Oklahoma small business owners. This is typically used for short-term working capital, inventory, or supplies. Smaller amounts of $5000-$25,000 can be used for the purchase of equipment, furniture, or fixtures. Also, the program provides technical assistance and guidance to those going through the loan process.
Houston County Small Business Loan Program
This loan program is specifically designed to help small businesses in the counties of Houston, Payne, Lincoln, Adair, Garvin, and others. It provides up to $150,000 to those looking to start or grow their business. Loan amounts must not exceed 10 percent of the business’ total assets, have a competitive interest rate, and be reviewed and approved by the program’s advisory committee.
Oklahoma Venture Fund
The Oklahoma Venture Fund is a venture capital program that provides financing and assistance to businesses in Oklahoma. Funding is available from $25,000 to $3 million. This loan district provides assistance through mentorship, guidance, and financing.
Oklahoma EDA Loans
The Oklahoma Department of Commerce’s Economic Development Administration (EDA) majority-owns and operates the Oklahoma EDA Loans Program. This program is designed to help businesses in distressed communities. It’s available to businesses with annual revenues less than $5 million, up to $250,000 in funds.
Oklahoma LoanStar Program
The Oklahoma LoanStar Program is a statewide loan program that specializes in making loans to businesses in rural areas or in communities suffering from a lack of employment opportunities. Eligible businesses can receive up to $50,000 at a mutually agreed-upon rate.
Exploring All the Sources of Small Business Loans Available in Oklahoma
When it comes to business loans the options for entrepreneurs in Oklahoma can feel overwhelming, especially for small businesses that may not have the capital or the credit history to take out larger loans. Fortunately, borrowers in Oklahoma have a number of options for small business loans.
For short-term loans or working capital, banks in Oklahoma offer traditional lines of credit and small business credit cards. These are great options for businesses that need short-term financing to cover expenses or purchase inventory. Another great option for cash flow is the Small Business Administration (SBA) 7(a) Loan Program, which is available for businesses seeking long-term financing. This program provides access to more capital than traditional banks and offers low-interest rates and extended repayment terms.
Oklahoma also boasts a range of federal, state, and private lenders that provide small business loans. These lenders include the US Small Business Administration, the US Department of Agriculture, the Oklahoma Economic Development Authority, the Oklahoma Development Financial Authority, and a variety of private lending companies. Each of these lenders has its own set of requirements and can provide varying loan amounts, repayment terms, and interest rates.
In addition to traditional loans, businesses in Oklahoma can also consider alternative sources of financing. These include crowdfunding, angel investors private equity, invoice and purchase order financing, asset-based financing, and merchant cash advances.
No matter what type of funding your business may need, it’s important to do your research and know what types of loans are available in Oklahoma. With a bit of hard work and savvy researching, you can find the perfect loan solution to suit your needs.
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Sophia Taylor