BOKF Business Loan Review

(June 2024)

BOKFa Business Loan Review

In This Article

Our Verdict

As a business owner, you are always looking for ways to grow your business and secure funding. Don’t worry BOKF business loan can be a life changer for your business! BOKF bank is a regional financial services company based in the United States and has principal banking divisions in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, And Kansas/Missouri with its headquarter in Tulsa.

BOKF bank business loans are mixed bag. On one hand, they offer competitive interest rates and flexible repayment terms. On the other hand, their application process can be a bit daunting.

If you are willing to jump through a few hoops, though, BOKF bank business can be a great option for your business. They offer wide range of loan amounts and repayment terms, so you can find a loan to fit your business needs. Plus, their customer service is top-notch- they are always available to answer questions and help you navigate the loan process.

So why wait? Apply and see for yourself why BOKF is the best for your business financing needs.

Other relevant information you need to know.

Chief executive officer: Stacy Kymes

founded in 1910

Headquarters: 6505 E. 101 St South Tulsa, OK 74133

Phone number: 918-995-2406

www.bokfinancial.com

Pros

  • Competitive interest rate
  • Diverse portfolio of business loans
  • Flexibility
  • Quick approval
  • Experienced lender

Cons

  • Competitive interest rate
  • Diverse portfolio of business loans
  • Flexibility
  • Quick approval
  • Experienced lender

Who This Product Is Best For

BOKF bank business loan is best for business owners who:

  • Have solid financial background but need additional funding to fuel their growth.
  • Want a favorable interest rates and flexible repayment terms
  • Have an existing relationship with BOKF
  • Have interest in SBA loan and want to work with an SBA lender.

Who This Product Isn't Right For

Seek a loan alternative if your business:

  • Business with irregular revenue stream
  • Need alternative financing option like invoice financing
  • Does not have enough valuable assets to put as collateral
  • Business with low or poor credit score

What This Product Offers

  • Business lines of credit

Grow your business with BOKF business lines of credit. it is a revolving, flexible form of small business funding that only charges interest on the amount you use. The good thing about it is that you decide what to spend your cash on your business.

  • Business term loans

Seek BOKF business term loan if you need funds for ongoing operational expenses or financial emergencies. This loan provides you with a set amount of funds that you can access as the need arises, then payback at fixed intervals with interest over a set period of time.

Consider SBA loans to grow and expand your small business. SBA loans offer low-interest rates and flexible repayment term.

  • Equipment financing

With BOKF’ s equipment loan, you can get access to funds to purchase equipment to grow and operate your business without the burden of a large upfront payment.

Product Details

Business lines of credit

Seek BOKF bank’s business lines of credit loan if you need a lump sum of money to cover expenses. It offers both variable and fixed interest rate option. Variable rate loans have interest rate that are tied to the prime rate, while fixed rate loans have a set interest rate for the life of the loan.

By consistently making on-time payments on your business line of credit, you can improve your business’s credit score, which can help you qualify for better financing options in the future.

To get a loan approval on business lines of credit, your business must meet minimum revenue of $10,000 to $250,000 per month

Loan amounts

$1,000 to $250,000

Interest rates

10% to 99%

Terms

up to 25 years

Repayment terms

six months to five years

fees

varies

Time to fund

 few days to two weeks

Availability

 

Business term loans

Whether you need a shot-term, mid-term or long-term business loan, BOKF business terms loans provides all of it! This loan has fixed interest rates, which means that you can predict their monthly payment and budget accordingly. You can choose between monthly or quarterly payment schedules with varying APRs that are dependent on the term, credit score and other factor.

Keep in mind that the qualifications for business term loans are minimum credit score of 600, at least $8,000 in monthly revenue.

Loan amount

$5,000 to $1 million+

APR

varies

Terms

shot-term (three to 24 mouths); mid-term (up to five years) and long term (up to 10 years

Fees

varies

Time to refund

24 hours to a few months

interest rate

6% to 36%

Availability

 

SBA loan

Consider BOKF bank’s SBA loan if you need funding for your startup company or small business. The loans are available to businesses that meet certain requirement, including size, type of business, and creditworthiness.

BOKF offers different SBA loan depending on your business needs

  1. SBA 7(a): provides funding to start or expand their operation, purchase land, building, equipment, or inventory and refinance existing debt. The amount ranges from $250,000 to $5million.
  2. SBA Express loan: provides loan for working capital, machinery, among others. The loan amount is up $350,000 and the turn-around time is generally within 36 hours of application.
  3. SBA 504 loan: provides long-term financing and loan amount can be up to $5.5million and the repayment terms is up to 20 years for real estate purchase and up to 10 years for other fixed assets.

Loan amount

up to $5 million

APR

Fixed and adjustable

Time to fund

30 days to 90 days

Fees

varies

Repayment terms

monthly

Availability

 

Equipment financing

Looking to purchase machinery or equipment your business need? Worry no more! BOKF bank equipment financing loan is here to save you the stress! The amount you receive depends on the value of the equipment you need to purchase or upgrade as well as your creditworthiness.

The repayment terms can range from two to seven years, depending on the life span of the equipment.

Loan amounts

up to 100% of the equipment cost

APR

varies

Terms

usable life of the equipment (often two to seven years)

Fees

varies

Interest rates

2% to 20%

Availability

 

Where This Product Stands Out

Personalized approach

Before granting a loan, BOKF bank’s team meets with you to understand your needs and goals. This personalized approach allows them to tailor their loan according to your business specific requirements. Additionally, BOKF bank provides ongoing support throughout the loan’s life cycle, ensuring that your business have access to help it need to grow and succeed.

Flexible terms to match your needs

When you’re looking for a business loan, flexibility is key- and that’s where BOKF bank excel. With terms to match your needs, you can choose the right financing plan to meet your short-term and long-term goals.

To make things even better, BOKF bank also offers competitive interest rates and convenient repayment plans. You get the money you need to transform your business, with a repayment structure that fits within your cash flow.

Quick approval and funding process

BOKF understands the value of timing, that’s why they prompt are to time. Depending on your business’s needs, the loan approval process may take as little as 24 hours and the funds may be available in two days. This means you can quickly apply for much-needed funds to take advantage of opportunities.

Online application process

BOKF bank’s fast and straight forward online application process intuitively takes you through each step and supports you through every workflow, providing you with online tools and resources to help you make decisions about the loans you need.

Access to networking opportunities

Another great benefit of BOKF bank business loans is their access to networking opportunities. From seminars and workshops on financial management and marketing to mentorship programs that provides one-on-one guidance, they also offer a comprehensive online library with helpful resources such as webinar, videos, articles and more.

Where This Product Falls Short

Strick loan requirement

If you’re considering BOKF bank business loan, it’s important to be aware of some of the shortcoming, starting with the fact that their loan qualifications and requirement can be very strict. Depending on the type of business and how established it is, you may be looking at providing a great deal of information and documentation before you can even get a loan approval.

Plus, if your business is a startup with no track record, it’s going to be more difficult to get approval.

High fees

When applying for a loan with BOKF, make sure to read through all the fine print carefully before signing anything. Although a low APR sound attractive, they could be hidden fees associated with high-interest loan like origination fees, late payment penalties or prepayment penalties can add up quickly if you are not paying attention.

How to Qualify for This Product

To qualify for a business loan from BOKF, you will need to meet certain criteria. Below are some key factors that can affect your eligibility:

  • Credit score: want to secure BOKF bank business loan? Don’t settle for a lackluster credit score by taking proactive steps to improve your standing. A higher credit score demonstrates your creditworthiness and increases your chances of getting a loan approval. BOKF bank typically requires a minimum credit score of 600 to qualify for a business loan.
  • Financial statements: Remember that BOKF would want to see your financial statement to evaluate your business’s financial health. This includes your income statement, balance sheet and cash flow statement.
  • Business plan: are you ready to take your business to the next level? To qualify for BOKF bank business loan, you need to have a strong business plan in place to show that you have a solid strategy for growing your business. Make sure to include financial projections, market analysis, and your goals for the business. Unleash your full potential!

How to Apply for This Product

Incorporate the following documents in your paperwork when requesting for a business loan from BOKF.

  • Financial statement (balance sheet, income statement)
  • Business address, social security number, tax identification number
  • Recent bank statement
  • Article of incorporation/ organization
  • Personal information
  • Business tax returns
  • Cash flow statement
  • Business credit report from 2-3 reporting agencies (such as D&B or Experian)
  • Personal credit score and history of owners/ guarantors
  • Collateral details if applicable

Alternatives to This Product

U.S banks

Consider U.S bank if you are looking for fixed rate, secured term loan of up to 1 million. It also offers a fast business term loan. The quick loan can offer repayment terms up to 7 years.

Wells Fargo

Seek Wells Fargo business loan if you have collateral and need more than $500,000 in financing. They offer SBA loans and multiple types lines of credit. However, its lending maximum are less than some banks

Customer Reviews

Find out what makes BOKF bank stand out as a business loan provider! Holding an average rating of 3.8 out of 5 stars, many customers rave about their affordable loans that did not put an undue stain on their budget and their straight forward application process. Not all customer reviews are entirely positive. some customers have issues with customer service and communication. it is worth noting that some of the negative reviews were specific to a particular branch or loan officer.

Overall, customer seem to agree that BOKF bank is an excellent option for business loan. Don’t hesitate any longer! This option is certainly worth taking into account!

Methodology

We reviewed BOKF business loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated BOKF business loans based on the weighing assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

With every major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirement and the geographic availability of the lender.

Finally, we evaluated BOKF business loans customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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