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Best Small Business Loans in Tulsa, OK

Aug. 15, 2019, 8:17 p.m.

Loans are valuable for Tulsa business owners who need capital to start or grow their companies. Business loans can be used to purchase commercial real estate, expand facilities, increase inventory and develop marketing campaigns. We researched the best business loans in Tulsa based on their wide variety of financing options and quick access to funding.

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How we chose the best

We thoroughly researched consumer reviews and company information.

41 Hours researched
182 Reviews analyzed
49 Companies evaluated
16 Companies selected
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#1
#1 MOST POPULAR
Seek Business Capital

Startup Consulting • Business Services

VISIT WEBSITE
CALL SEEK BUSINESS CAPITAL
(844) 587-9906
#1 MOST POPULAR
Seek Business Capital
Seek Business Capital
Features
  • Funds start-ups & small business
  • Offers mortgage lending services offered
  • Available in Tulsa
  • Get funding the same day
Read More
VISIT WEBSITE
CALL SEEK BUSINESS CAPITAL
(844) 587-9906
Sponsored  Ad
#2
Imperial Advance
Imperial Advance
Features
  • Wide variety of finance options
  • Get funding in 24 hours
  • A+ BBB Rating
  • Available in Tulsa
Read More
VISIT WEBSITE
CALL IMPERIAL ADVANCE
(888) 633-2083
Sponsored  Ad
#3
National Business Capital
National Business Capital
Features
  • A+ BBB rating
  • Approval in 24 hours or less
  • Wide variety of financing programs
  • Available in Tulsa
Read More
VISIT WEBSITE
CALL NATIONAL BUSINESS CAPITAL
(866) 270-5585
Sponsored  Ad
#4
Bank of Oklahoma
Bank of Oklahoma
Features
  • Revolving line of credit
  • Equipment- and vehicle-specific loans
  • Commercial real estate-specific loans
  • Backed by Small Business Administration
Read More
Location
2021 S. Lewis Ave.
Tulsa, OK 74104
(918) 748-7274
#5
MidFirst Bank
MidFirst Bank
Features
  • Backed by Small Business Administration
  • Manage seasonal cash fluctuations with LOC
  • Remote deposit
  • Asset-based lending
Read More
Location
2547 E. 21st St.
Tulsa, OK 74114
(918) 747-6671
Arvest Bank
Arvest Bank
Features
  • M-F: 8am - 6pm
  • Sat: 9am - 1pm
  • Closed Sun
  • arvest.com
Location
2500 W. Edison St.
Tulsa, OK 74127
(918) 631-1024
Spirit Bank
Spirit Bank
Features
  • M-F: 8am - 6pm
  • Sat: 9am - 1pm
  • Closed Sun
  • spiritbank.com
Location
4815 S. Harvard Ave., Ste. 428
Tulsa, OK 74135
(918) 712-9292
Small Business Capital Corporation
Small Business Capital Corporation
Features
  • Hours unavailable
  • sbcc-ok.com
Location
15 W. 6th St., Ste. 1214
Tulsa, OK 74119
(918) 584-7888
SCORE Tulsa
SCORE Tulsa
Features
  • M-F: 10am - 3pm
  • Closed Sat and Sun
  • tulsa.score.org
Location
907 S. Detroit Ave., Ste. 1001
Tulsa, OK 74120
(918) 581-7462
Western Shamrock Tulsa
Western Shamrock Tulsa
Features
  • M-F: 9am - 6pm
  • Sat: 9am - 1pm
  • Closed Sun
  • westernshamrock.com
Location
7735 E. 21st St.
Tulsa, OK 74129
(918) 270-2700

How to get a small business loan in Tulsa

Tulsa skyline

New businesses are opening across Tulsa, and owners of both new and established companies are seeking capital to open new locations, acquire inventory and purchase equipment. Owners of tech start-ups, clothing retailers and accounting firms are discovering the benefits of business loans.

There are many types of loans available for Tulsa business owners, including:

  • Term loans: A term loan is the most common form of business financing. These loans give businesses funding upfront and are paid back over a predetermined period of time.
  • Microloans: Microloans are short-term loans that are generally for less than $100,000. These are often available from online and alternative lenders.
  • Business lines of credit: A business line of credit is ideal for short-term financing needs. It works similarly to a credit card, has a predetermined limit and only accrues interest on the funds used.
  • Equipment financing: Equipment loans are used to purchase equipment for your business. The loan term is usually equivalent to the expected lifespan of the equipment, which serves as collateral for the loan.
  • Invoice financing: Invoice financing is ideal for businesses with unpaid invoices that need fast cash. The outstanding invoices serve as collateral for the loan.
  • Merchant cash advances: A merchant cash advance provides a lump sum of money upfront. Businesses make payments on the loan by withholding a percentage of its daily sales or by fixed daily or weekly withdrawals from its bank account.
  • U.S. Small Business Administration (SBA) loans: SBA loans are ideal for business owners with profitable businesses and strong credit. This type of loan is typically used to expand or refinance existing debts.

Business owners can apply for business loans at traditional banks, credit unions or alternative lending programs. Alternative lending programs are more likely to qualify borrowers with insufficient collateral or poor credit. There are also lending programs available specifically for Tulsa business owners who are women, people of color or veterans.

To qualify for a loan, business owners will need to:

  • Develop a business plan and estimate start-up costs, which will illustrate company information like financial projections, operational plans, marketing strategy and industry analysis
  • Gather financial and legal documents, including bank statements, tax returns, business licensing and lease agreements
  • Know the requirements of the lender, such as personal credit score reports or annual revenue details
  • Prepare collateral, which can include real estate, inventory or equipment

Some types of business loans, including equipment and property loans, will often require a 10 to 20 percent down payment to secure the loans. Some nontraditional lenders in Tulsa will provide funds without a down payment, but these loans generally come with stricter terms and higher interest rates.

Borrowers in Tulsa will need to choose between short-term and long-term loans. Short-term loans typically have higher interest rates but are disbursed and repaid quickly. These are ideal solutions for business owners looking for liquidity or financial setback relief. Long-term loans, the standard option when borrowing from a bank, typically have lower interest rates and a more demanding application process.

Borrowers should expect to pay origination and processing fees when obtaining financing, though not all lenders require these fees. Additionally, fees are often assessed for late payments or paying the loan off early.

Seek Business Capital

Seek Business Capital

CALL SEEK BUSINESS CAPITAL

(844) 587-9906 VISIT SEEK BUSINESS CAPITAL

Seek Business Capital has consulting services and funding procurement programs that work to provide small business owners quick access to financing. The lender uses proprietary technology to analyze an applicant’s credit, assets and income to determine eligibility. Reviewers from Tulsa appreciate the company’s knowledgeable and helpful employees.

Imperial Advance

Imperial Advance

CALL IMPERIAL ADVANCE

(888) 633-2083 VISIT IMPERIAL ADVANCE

Loan specialists at Imperial Advance have secured more than $250 million in funding for over 50,000 business owners since 2010. Imperial Advance has an extensive network of lenders and customizable loan options, and the company deposits funding within 24 hours of approval. Tulsa business owners say the loan application process is fast and easy.

National Business Capital

National Business Capital

CALL NATIONAL BUSINESS CAPITAL

(866) 270-5585 VISIT NATIONAL BUSINESS CAPITAL

Founded in 2007, National Business Capital is an industry leader in business lending and financing. National Business Capital has partnerships with more than 75 lenders and provides diversified funding program options for Tulsa business owners, including franchise financing, merchant cash advances and healthcare professional practice financing.

Bank of Oklahoma

Bank of Oklahoma

Bank of Oklahoma has multiple branches in Tulsa and offers financing for equipment and commercial real estate. The lender also provides revolving lines of credit and business credit cards. Reviews from Tulsa praise the bank for its friendly and helpful employees, and many people appreciate how the lender works to help companies in Oklahoma grow.

MidFirst Bank

MidFirst Bank

At MidFirst Bank, business owners can borrow from $10,000 to $10 million with an option of loan terms. Financing is available for facility expansion, equipment, working capital and other growth needs. Tulsa business owners appreciate how the bank’s employees worked with them to determine the best loan type for their company.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgment or subject matter expert’s judgment. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.