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How do I finance the start-up of a small business?
Each 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 loan applications 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.
To whom do I submit my application?
Mail or fax your completed loan application (including all additional items requested on the checklist) to the REI office closest to you.
P.O. Box 1335
Durant, Ok 74702
800 Research Parkway, STE 305
Oklahoma City, OK 73104-3603
7633 East 63rd Place, STE 300
Tulsa, OK 74133
1807 11th St., Box 3
Alva, OK 73717
2800 W. Gore Blvd., Suite 208A
Lawton, OK 73505
How long does the approval/denial process take?
Approximately 2-4 weeks from the time we receive all of your required information, depending on the complexity of the transaction.
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 only finances Oklahoma businesses.
Does REI offer low-interest rate loans?
Interest rates are determined by the current market, project, risk and other qualifying factors.
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