Small business lenders in Oklahoma can connect local businesses with the capital they need.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
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The state of Oklahoma, also known as The Sooner State, is recognized for its miles of agricultural areas. It’s home to Tulsa and Oklahoma City, two of the largest cities in the state. About two-thirds of all people living in the state live within these metro areas. Oklahoma is known for many things, including its strong Native American history. It is a beautiful state to call home, too, with numerous state and national parks. Sometimes called the land of the lakes and a state with far-stretching open plains, Oklahoma has quite a diverse landscape and culture. From its college sports programs to its country music and the home of Route 66, this is a state that has a lot of history and culture.
Oklahoma’s economy is based on a wide range of industries. That includes natural gas and agriculture, as well as food production, telecommunications, and transportation. While the state is noted for its industrial and electronics industries, including being the home to some large companies, it also has a large number of small businesses. The U.S. Small Business Administration shares that the state has 367,405 small businesses present. Those small businesses produce jobs for 718,033 people, which is a significant amount of the 1.7 million people that are a part of the state’s workforce. These small businesses contribute $29,036,986 through payroll that helps to support a wide range of households.
When it comes to growing a small business, there are numerous ways to do so, but all require access to capital. The last three years of data from the U.S. Small Business Administration shows that there are 1,646 small business loans in place in Oklahoma as of 2022. These loans have a total value of $980,963,924. The average size loan for Oklahoma small business owners is $595,968. These funds are valuable to help companies not just get started but also to help them to grow, expand, and support the Oklahoma economy through those jobs.
Entrepreneurs who need support for commercial real estate, opening up a new location, or expanding a product line don’t have to rely on loans alone. However, many other opportunities have specific rules, including grants for nonprofits.
Small business loans are a critical component in supporting the needs of companies in all sectors of Oklahoma. These loans work much like most other types of loans. The borrower requests funds from a lender. If approved, the borrower must repay the loan over a period of time, which could be 5, 10, or more years. The repayment includes an interest rate, which is dependent on the credit qualifications of the company. There are a few things to know about small business lenders in Oklahoma.
Small business lenders provide these loans to companies they know can repay the debt. To know that, the lenders need to gather information about the company, which they do from a business plan, if available, as well as financial documents such as balance sheets, profit and loss statements, and bank statements. This information, along with the credit history of the business, or the business owner, can help to shed light on the overall financial health of the business.
Small business loans in Oklahoma are versatile and can be used for many things. Most lenders do not provide these to new companies as they are not typically startup funding. However, they can be used to help companies grow, such as by developing new products and services, hiring more employees, opening new locations, or even marketing and branding support. Lenders typically offer loans in various formats to meet the individual needs of the borrower. Some examples include:
Some loans offer a one-time payment that is then paid back over a period of years with a fixed or adjustable interest rate. Other loans are lines of credit that can be used multiple times and repaid. Some are tied to assets, such as equipment financing. That helps to provide the lender with more confidence that the loan is secured and safe.
For a company that needs capital for any reason, establishing a small business loan in Oklahoma can be an affordable way to get the funds needed. Most loans offer competitive interest rates with flexible loan terms to meet the specific needs of the company. Not all lenders are the same. It is important to compare several to determine which can meet your needs on an ongoing basis.
You may look into alternative funding options, too, such as a local assistance program, commercial real estate loans, grants for for-profit or non-profit organizations, and loans from banks and credit unions.
Each lender will likely use its own loan application, review of tax returns and credit score, calculators for interest rates, and more based on their loan options. It’s easiest if you already have a business plan or strong business credit, since this makes you less of a credit risk for the lender. Bear in mind that various lenders might have multiple loan options for business financing, too.
| Rank | Bank Name | # of Oklahoma Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | BancFirst | 122 | 5.00% | $372,904 |
| 2 | Arvest Bank | 37 | 4.79% | $287,543 |
| 3 | Legacy Bank | 26 | 5.44% | $117,450 |
| 4 | Live Oak Bank | 23 | 5.29% | $2,294,978 |
| 5 | First Oklahoma Bank | 18 | 5.39% | $1,478,856 |
| 6 | Valliance Bank | 16 | 5.16% | $480,788 |
| 7 | First United Bank and Trust Company | 15 | 4.97% | $767,000 |
| 8 | Security Bank | 14 | 4.95% | $758,486 |
| 9 | SpiritBank | 14 | 5.28% | $1,051,279 |
| 10 | Great Plains National Bank | 13 | 5.44% | $354,885 |
BancFirst serves Oklahoma by having over 100 locations in 60 different communities throughout the state. BancFirst is able to provide all types of financial services to its customers with its $10 billion in assets to provide for products like business loans and mortgages and providing checking and savings options.
We reached out to BancFirst to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Arvest Bank was started in 1961 when it was known as the Bank of Bentonville. Since that time, Arvest Bank now serves the people of Arkansas, Kansas, Oklahoma, and Missouri with a variety of banking and financial tools, including credit cards, home loans, and loans for personal and business needs.
We reached out to Arvest Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in 1886 in Colwich, Kansas, Legacy Bank started to serve Colorado and Kansas from the Northwest corner of Wichita. Starting as the State Bank of Colwich, Legacy Bank has since grown to have now with 9 locations in the Colwich and Wichita areas, to serve its customers.
We reached out to Legacy Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
When First Oklahoma Bank opened in Tulsa, Oklahoma, in 2009, it set the goal of being a bank that treated each person like a friend. Since its inception, First Bank of Oklahoma now has two locations and a number of products to help its members, including mortgages and business loans.
We reached out to First Oklahoma Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
To obtain a small business loan, most lenders want to work with a company that has a solid financial foundation. Oklahoma small businesses can tap into several resources to help them to build up that foundation.
At the heart of this is the Small Business Administration in Oklahoma. This government organization offers free support and guidance through in-person meetings and consultations, but also through a website that’s packed with information and resources. It is possible to use these tools to help with business formation and incorporation, marketing support, licensing, and much more.
For those who want another opportunity for advice and guidance, turn to SCORE. This organization offers free resources from successful business owners who want to help new companies to grow. There are mentorship opportunities, webinars, seminars, online training resources, and many other tools available to help support the growth and development of new companies in the state of Oklahoma.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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