SBA Loan Options for Oklahoma & Texas Businesses
Small Business Administration (SBA) loans provide financing opportunities for business owners looking to start, acquire, or expand a business. These loans are offered through participating lenders, such as Great Plains Bank, a preferred SBA lender, and are partially guaranteed by the U.S. Small Business Administration. This government guaranty allows lenders to provide financing solutions that may not otherwise be available through conventional lending programs.
For Oklahoma and Texas business owners, SBA loans offer several potential advantages, including longer repayment terms, lower down payment requirements, and flexible financing options. SBA loans can be used for a variety of business purposes, including business acquisitions, commercial real estate purchases, equipment, working capital, business expansion, and eligible debt refinancing.
Great Plains Bank offers both SBA 7(a) and SBA 504 loan programs, providing financing solutions designed to meet the needs of small businesses. As a community bank serving Oklahoma and Texas, Great Plains Bank combines SBA lending expertise with personalized service and local decision-making. Our experienced lending professionals work directly with business owners to understand their goals, evaluate financing options, and guide them through the SBA loan process.
With 23 banking centers throughout Oklahoma and Texas, Great Plains Bank is committed to supporting local businesses and helping strengthen the communities we serve. Whether you're launching a new business, purchasing an existing company, or planning your next expansion, our SBA lending team is here to help you explore your financing options.
SBA 7(a) vs. SBA 504 Loans: Which Is Right for Your Business?
Great Plains Bank offers two primary SBA loan programs: SBA 7(a) and SBA 504 loans. Both programs provide financing opportunities for eligible small businesses, but each is designed to meet different financing needs. In some cases, both SBA 7(a) and SBA 504 loan programs may be used together to provide a financing solution that best meets your business needs.
The SBA 7(a) Loan Program offers flexible financing for a variety of business purposes, including business acquisitions, working capital, equipment purchases, and expansion.
The SBA 504 Loan Program focuses on long-term financing for major fixed assets, such as purchasing commercial real estate, constructing or renovating facilities, and acquiring qualifying machinery and equipment.
Comparing SBA 7(a) and SBA 504 Loans
Use the table below to see which one matches your situation.
| Feature | SBA 7(a) Loan | SBA 504 Loan |
|---|---|---|
| Best for | Business acquisition, working capital, equipment, expansion | Commercial real estate, construction, and major equipment purchases |
| Maximum loan amount | Generally, up to $5 million | CDC/SBA portion generally up to $5 million, with higher limits for certain eligible projects |
| Typical uses | Purchasing a business, partner buyouts, working capital, inventory, equipment, and eligible debt refinancing | Purchasing, constructing, or renovating commercial property; qualifying long-term equipment; and eligible debt refinancing |
| Down Payment | Varies based on loan purpose and SBA requirements | Generally, 10% of eligible project costs; additional equity may be required |
| Repayment Terms | Generally, up to 10 years for most purposes and up to 25 years for real estate | 10, 20, or 25 years for the CDC portion |
| Flexibility | Can finance multiple eligible business needs within one loan | Designed primarily for long-term fixed-asset financing |
Flexible SBA 7(a) Loan Program
The SBA 7(a) Loan Program provides flexible financing for small businesses looking to start, purchase, or expand a business. Great Plains Bank offers SBA 7(a) loans up to $5 million for a variety of business needs, including:
- Purchasing an existing business or buying out a partner
- Purchasing or renovating commercial real estate
- Buying equipment or inventory
- Providing working capital for business operations
- Expanding an existing business
- Refinancing eligible business debt
SBA 7(a) loans offer longer repayment terms and potentially lower down payments than conventional loans. Businesses may also combine multiple financing needs into one loan, making it easier to manage financing and preserve cash flow.
SBA 504 Loan Program
The SBA 504 Loan Program provides long-term financing for small businesses looking to purchase, construct, or renovate commercial real estate or acquire major equipment. Great Plains Bank offers SBA 504 financing to help eligible businesses expand while preserving working capital.
SBA 504 loan benefits may include:
- Financing up to 90% of eligible project costs
- Down payments as low as 10%
- Long-term, fixed interest rates on the SBA/CDC portion
- Repayment terms up to 25 years
SBA 504 loans are a great option for businesses looking to invest in an owner-occupied property or equipment while maintaining cash flow for daily operations and future growth.
Who Qualifies for an SBA Loan?
SBA loans are available to many small businesses, including startups, existing businesses, and those looking to expand. Eligibility is based on SBA guidelines, the type of business, and the ability to repay the loan.
General eligibility requirements include:
- Operating as a for-profit business in the United States
- Meeting SBA size standards for your industry
- Having an eligible business purpose for the loan
- Demonstrating the ability to repay the loan
- Meeting applicable SBA ownership and eligibility requirements
Collateral requirements vary depending on the loan amount and type of financing.
Great Plains Bank's experienced SBA lending team can help determine your eligibility, explain loan requirements, and guide you through the application process.
The Community Bank Advantage for Your SBA Loan
At Great Plains Bank, we combine the benefits of SBA financing with the personalized service of a community bank. Our experienced SBA lending team understands the needs of local businesses and works directly with business owners to find financing solutions that support their goals.
With banking centers throughout Oklahoma and Texas, Great Plains Bank offers local decision-making, experienced lending professionals, and a commitment to building long-term relationships.
Beyond SBA lending, we offer a full range of business banking services, including commercial lending, business accounts, and treasury management solutions.
At Great Plains Bank, we're more than a lender, we want to be a partner in your business’ success.
How to Start Your SBA Loan Application in Oklahoma
Getting started with an SBA loan at Great Plains Bank is simple. Our experienced SBA lending team will guide you through the process, from your initial questions to loan closing.
Follow these easy steps:
- Contact Our SBA Lending Team: Discuss your business goals and financing needs with one of our SBA lending officers.
- Explore Your Loan Options: Our team will help determine which SBA loan program best fits your business needs.
- Gather Your Documents: Provide the financial information and supporting documents needed for your loan application.
- Complete the Application: Your SBA lending officer will guide you through the application, approval, and closing process.
Ready to get started? Contact one of our SBA Lending Officers today to explore your financing options.