BOK Financial Corporation Small Business Loans

BOK Financial Corporation is a bankholding company headquartered in Tulsa, Oklahoma. 50 % of the company is owned by George Kaiser, who took over the bank in 1991 from FDIC. The bank is the largest in Oklahoma, with 14 % of the total deposits. 

BOK Financial Corporation also offers loans and lending solutions, such as SBA loans and lines of credit. Below we have discussed all the details regarding the types of SBA loans BOK Financial Corporation offers. 

7.SBA (7A)

The SBA (7a) loan program is the most common time of SBA loan, and only small businesses are eligible for this loan. 

8.SBA/CDC 504 Loan Program

CDC (certified development company) and SBA provide the 504 loan program that can be used to finance fixed assets of a small business such as buildings and other properties. 

Types of Loans offered by BOK Financial Corporation

1.SBA (7A)

The SBA (7a) loan program is the most common time of SBA loan, and only small businesses are eligible for this loan. 

2.SBA/CDC 504 Loan Program

CDC (certified development company) and SBA provide the 504 loan program that can be used to finance fixed assets of a small business such as buildings and other properties. 

BOK Financial provides business loans, lines of credit, and equipment leasing on a short-term and long-term basis. The bank has all the expertise and capital to help out businesses.

3.Lines of Credit:

A financial institution gives a flexible loan.

4.Business Loan: 

A loan that is intended specifically for business purposes.

5.Equipment Leasing: 

Bank leases equipment or finances to different businesses, typically small businesses. 

BOK Financial Corporation Interests, Fees, and Loan Options

11.SBA (7A)

12.SBA/CDC 504 Loan Program

13.Business Loans

14.Small Business Lines of Credit

15.Equipment Leasing

What Lending Criteria does BOK Financial Corporation Have?

Below is the basic lending criteria that all the banks follow:

Credit Score

Credit is the most important component of all types of businesses, whether they are small or large. Lenders will always analyze the business's credit score and then decide whether it can pay the loan or not. Therefore, the best to maintain a healthy credit score is to pay your dues on time.

Credit scores can also be easily obtained from several agencies such as Equifax, Dun & Bradstreet, and Experian. Another way of maintaining a positive credit score is to have a low debt-to-income ratio. Lenders will not invest in businesses that don't have a good credit score.

Annual Revenue

Another important factor that the lenders will review is the annual revenue of the business. Most lenders will only lend to those businesses that have been profitable for the last two years or more. Businesses need to make sure that all the financial statements are accurate and up to date.

Lenders will also look at specific details such as the current account (current assets divided by liabilities) and ask for copies of bank statements and transactions. However, businesses will only be eligible for a loan if their cash flowing is growing.

Business Plan

A minority of lenders might not ask for a business plan, but most of them do, and businesses need to come with a clear and concise proposal. Usually, lenders require the business plan to know the purpose of the loan and discuss the business's stability. 

One of the main components of business plans is the resumes of managers and staff. However, despite having a clear business proposal, the lenders will still ask for proof of the staff's ability and relevant credentials and experience.

Collateral

Collateral is an essential requirement, and most lenders will not provide a business loan if it cannot give collateral. Collateral can be anything like equipment or property. The collateral will also decrease the risk for the lender as it will have an asset in hand, so if the company fails to pay the loan, the collateral can be paid to fund the damages.

The owner of the company needs to provide a personal guarantee and will also need to submit some essential documents:

Time in Business

Most banks are hesitant to lend loans to new companies that have been active for just a few months. Lenders cannot trust small businesses or startups that have just entered the market because they don't have a proper credit score and the cash flow is usually unstable. Banks will most likely lend to businesses that have been active for more than two years.

SBA 7 (a) Eligibility

SBA 504 Eligibility

BOK Financial Corporation Application

Following is the application procedure of all the banks that borrowers have to follow:

Before you apply for a loan, ensure that all your documentation is up to date. Also, organize all the documents properly, and if some essential documents are missing, contact the relevant authorities. Collect all the financial information about your business and pay all the dues as soon as possible.

Requirements for SBA (7a)

Requirements for SBA (504)

For more information, check out the website of Bok Financial Corporation. For information regarding SBA loans, click here

Summary of BOK Financial Corporation Loan Options

BOK Financial Corporation offers personal and business loans that are designed for keeping all aspects in mind. For small businesses, cash is low, so they need a loan that fits their requirements, and BOK Financial Corporation has lending solutions to aid them. Below are the loans that BOK Financial Corporation offers:

11.  SBA 7(a) Loan

12.  SBA 504 Loan

13.  Business Loan

14.  Lines of Credit

15.  Equipment Leasing

The rates, payments of these loans vary considerably; however, lines of credit have no annual fees. Whatever loan you choose, study the eligibility criteria, especially for SBA loans, since they go into technical details of the business. Study the criteria and process of application before choosing a loan. Prepare all the necessary documents, and contact the bank or the concerned authorities if there are any concerns. 

For more information regarding loans, learn more