Oklahoma City is the capital and largest city of the U.S. state of Oklahoma. The county seat of Oklahoma County, the city ranks 27th among United States cities in population. The population grew following the 2010 Census, with the population estimated to have increased to 643,648 as of July 2019. The Oklahoma City metropolitan area had a population of 1,396,445, and the Oklahoma City–Shawnee Combined Statistical Area had a population of 1,469,124, making it Oklahoma's largest metropolitan area.
Oklahoma City's economy is primarily based on the oil, natural gas, and aerospace industries, as well as government jobs. The city is home to the third-largest concentration of Fortune 500 companies in the nation. In 2007, it was ranked as the "most business-friendly city in the United States" by Forbes magazine. Oklahoma City was also ranked the most affordable place to live in the United States by Business Insider in 2014. The city has been ranked among the top 10 best places to live in the United States by U.S. News & World Report since 2010.
The cost of living in Oklahoma City is relatively low compared to other major cities in the United States. The city's unemployment rate is also lower than the national average. The median home price in Oklahoma City is much lower than the median home price in other major cities, and the city's cost of living is also lower than the national average.
The Oklahoma City metro area is home to a number of large businesses and corporations, including Devon Energy, Chesapeake Energy, Continental Resources, SandRidge Energy, and Sonic. The city is also home to a number of small businesses and startups.
Comparing SBA loan types in Oklahoma City
Three SBA programs come up most often for Oklahoma City, Oklahoma businesses, and they do different jobs.
Small business loans available in Oklahoma City
An SBA 7(a) loan made to an Oklahoma City, Oklahoma business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Oklahoma City
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.