Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Elk City, Oklahoma Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Elk City, Oklahoma seems challenging at first, but we're here to help you get started.

We wrote this article for small business owners in Elk City, Oklahoma who are interested in getting debt financing.

Local Elk City Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Elk City.

Small Business Bank Recent SBA Loans
Bank Of Western Oklahoma 6
First National Bank & Trust  
Great Plains National Bank 32
Interbank 2
Legacy Bank  

Lenders for Elk City Businesses

This is a list of banks outside of Elk City, Oklahoma that have provided SBA loans to Elk City businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Amarillo National Bank
Amarillo, TX
1
Bancfirst
Oklahoma City, OK
1
Business Loan Center, LLC
Panama City Beach, FL
2
Capital One
Mclean, VA
1
First Western Sblc, Inc
Dallas, TX
4
Great Plains National Bank
Belfield, ND
1
International Bank Of Commerce
Oklahoma City, OK
1
Unity Bank
Clinton, NJ
1
Wachovia SBA Lending, Inc.
Roseville, CA
1

Elk City Business Loan Advice

As a prerequisite to reaching out to banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list are SBA lenders. Before you sit down to talk with a small business banker, you may want to read up on on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Business Incubators.

Business Loan Sources for Other Cities in Oklahoma
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Get a Business Loan in Enid

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