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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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:
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 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.
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.
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 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.
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.
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