How to Finance Your Tulsa Business with an SBA Loan

Small Business Administration (SBA) loans are some of the most effective financial resources for small business owners looking to start or expand their Oklahoma small business. Financing opportunities through these loans are critical to helping new companies get their foot in the door with funding to buy real estate, invest in equipment, and hire employees.

If you are launching an Oklahoma business, utilizing a small business loan could be ideal, and our team of lenders at Triad Bank can help get you on the right path. In Tulsa, small business loans help many companies you utilize daily get the resources they need to grow.

Consider the Options in Small Business Financing

For Tulsa business owners seeking funding, exploring SBA loan options through Triad Bank, an approved SBA lender, can be a valuable step in meeting their financing needs. Triad Bank partners with the SBA to make the loan process more accessible and tailored to the unique needs of Oklahoma small businesses. The SBA offers several loan programs designed to provide entrepreneurs with access to funding at favorable rates and terms.

• 7(a) Loan Program: The SBA’s most popular loan program, 7(a) loans provide flexible financing options for working capital, inventory, equipment, or even real estate purchases. These loans are often used for general business expenses and offer competitive terms.
• 504 Loan Program: Ideal for businesses needing long-term, fixed-rate financing to purchase or improve major fixed assets, such as real estate or machinery. This program supports small businesses in acquiring the facilities or equipment they need to grow.
• Microloan Program: For smaller, short-term funding needs, the Microloan program offers loans of up to $50,000. These funds are often used for startup costs, purchasing equipment, or boosting working capital.

Navigating the SBA application process can take time and patience, but Triad Bank’s loan experts are here to simplify it for you. For a more detailed look at SBA financing, take a moment to read our guide.

The Benefits of Choosing a SBA Loan for Small Businesses

SBA loans provide a wide range of benefits for borrowers. Some of those include:

• Lower down payment requirements for purchasing and investing
• Flexible overhead requirements
• Competitive and often lower interest rates than other lenders
• Longer repayment terms
• Easier steps to qualify for these loans compared to other forms of capital

For all of these reasons, your small business needs to consider the value of a small business loan. For many companies (from small to mid-sized organizations), SBA loans are some of the most accessible and flexible available today.

Key Considerations When Applying for SBA Loans

Before you apply for an SBA loan, it’s critical to know your needs and what type of funding best suits your specific situation. To apply, you’ll need to consider the following.

Eligibility Requirements

All SBA loans are slightly different, but most have the following terms and conditions for borrowers.

• Borrowers must be operating a business.
• The business must be operating for profit.
• The company must be in the US and meet size requirements based on the specific SBA small business guidelines.
• It cannot be an ineligible business.
• The borrower must not be able to obtain the credit on reasonable terms from another resource.
• The business and business owner must be creditworthy and demonstrate a reasonable ability to repay the loan.

Application Process

There are several steps to applying for an SBA loan. Once you meet with our Tulsa small business lending team, we will help you apply. The application process requires verification of your name and identity, business information, business licensing information as applicable to your industry, and data about your business's financial well-being and needs.

Documentation Needed to Apply for an SBA Loan

The documentation for an SBA loan is specific to the type of loan you select. You will need to submit the following for most applications:

• Business financial statements, including income statements, balance sheets, and cash flow projections
• Income tax returns
• Existing debt schedule, if applicable
• Loan application history
• Detailed schedule of collateral
• Resumes for each business owner
• Business certificates and licenses
• Business lease
• Documentation of the business history

Working with Small Business Administration Approved Lenders

As an accredited Oklahoma Bank, Triad Bank is a recognized SBA lender. That means we meet the requirements set by the federal government to provide our clients with exceptional loan rates and terms.

Maximizing SBA Loan Benefits for a Tulsa Business

As a business owner, these funds can be critical to establishing, growing, or enhancing your business operations. However, there are a few key factors to keep in mind.

• Make the best use of the funds. Strategically utilize your loan proceeds to support the manageable growth of your company.

• Ensure you have clear cash flow management strategies in place to monitor your use of the funds.

• Use these loan terms to invest in fixed assets, which tend to hold their value long-term.

• Ensure you meet and abide by all compliance requirements you’ll learn about when obtaining your loan.

How a Tulsa SBA Loan Can Help You Now

SBA loans allow small business owners to finance and grow their businesses at competitive rates and, in many situations, with easy qualifications compared to other business loans.

Having an advocate such as Triad Bank by your side can help ensure you get the best type of SBA loan for your business and utilize the resources available to you to make the best use of these borrowed funds, whether looking to increase your workforce, commercial real estate, or equipment loans. Reach out to our team today to learn how we can help you.