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How do I finance the start-up of a small business?
Every small business has different financing needs. To determine financing needs for your business, you must first have a business plan with a complete set of financial projections, including a balance sheet, income statement and a cash flow statement. REI offers one-on-one business counseling to assist you with the loan application and other issues.
How do I apply for a loan at REI?
Applicants are required to submit a Loan Application and completed business plan. In every loan application there is a checklist detailing the specific information that you need for your application.
Where do I submit my application?
Mail or fax your completed loan application (including all additional items requested on the checklist) to REI headquarters.
REI
P.O. Box 1335
Durant, Ok 74702
Fax: 580.920.2745
Will I be required to invest owner equity?
Yes. In most cases, the borrower is expected to make an investment to demonstrate a personal commitment to the business.
Will I be required to pledge collateral for my loan?
Yes.
Does REI have grant money?
REI does not provide grants.
I have a poor credit history. Will I be eligible for a loan?
Having bad credit or a poor credit history does not automatically disqualify you from receiving a loan from REI. Each application is evaluated independently and, while repayment ability is a primary consideration in the loan decision process, good character, management capability, collateral, owners equity contribution, and community impact are also important considerations. However, tax liens and government loan default will automatically disqualify you.
Can REI recommend a bank that can finance my business?
REI partners with banks throughout Oklahoma. However, we do not recommend specific banks to customers. Approaching your current bank or a local commercial bank is a good place to begin your financing process.
I don't live in Oklahoma. Can I still apply for financing at REI?
REI provides assistance to Oklahoma businesses only.
Does REI offer low-interest rate loans?
Interest rates are determined by the current market, project, risk and other qualifying factors. Please check with a loan officer to find out what the interest rate would be for your project.
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