Live Oak Bank Announces Lending Partnership with Ramp

Rhea-AI Summary

Live Oak Bank has partnered with Ramp, a finance automation platform, to enhance access to Small Business Administration (SBA) loans for businesses seeking growth capital. This collaboration will allow Ramp's 7,000 customers to benefit from Live Oak's competitive loan processes, leveraging its Preferred Lender status. The partnership aims to deliver SBA loans efficiently, providing beneficial terms for acquisitions, expansions, and real estate purchases, while highlighting both companies' commitment to innovative financial solutions for entrepreneurs.

Positive

• Partnership with Ramp expands access to SBA loans for 7,000 customers.
• Live Oak's Preferred Lender status enables faster loan processes with competitive terms.
• Collaboration enhances financial options for businesses seeking long-term growth.

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• None.

WILMINGTON, N.C., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Live Oak Bank announces it has been named a small business lending partner for Ramp, the finance automation platform and corporate card designed to help businesses spend less.

Live Oak, the nation’s leading Small Business Administration (SBA) lender, will be a new referral channel for Ramp customers who are looking for capital for long-term growth such as acquiring a new business, growing their existing business and real estate purchases.

“We are thrilled to partner with Ramp to deliver SBA loans to a broader base of customers,” said Live Oak Bank President Huntley Garriott. “In addition, this partnership is another step in our embedded banking journey to align with companies who share our belief that business banking can be delivered better and more efficiently to American entrepreneurs.”

Ramp serves 7,000 business customers with next-generation financial tools that help businesses digitally manage corporate credit cards, expenses, bills, and accounting with customizable spending rules tailored to their business needs.

Live Oak will complement Ramp’s charge card and spend management solutions, providing clients with growth capital that includes beneficial terms and a streamlined experience. Live Oak’s Preferred Lender (PLP) status with the SBA provides a simpler, faster loan process with competitive terms and rates.

“With Live Oak Bank, we are offering our customers even more flexibility and options for long-term debt. Like Ramp, Live Oak is an innovator, unafraid to challenge the status quo and tackle the pain points businesses continually face head-on,” said Ben Alderman, Head of Financial Partnerships at Ramp.

Ramp customers who are interested in learning more about Live Oak’s lending partnership can click here.

About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build, and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.  

Contact:
Claire Parker, SVP of Corporate Communications
910.597.1592
claire.parker@liveoak.bank 

FAQ

What does the partnership between Live Oak Bank and Ramp entail?

The partnership enables Ramp customers to access SBA loans through Live Oak Bank, facilitating long-term growth financing.

How does Live Oak Bank's Preferred Lender status benefit Ramp customers?

It provides Ramp customers with a faster loan process and competitive terms for SBA loans.

How many customers does Ramp serve?

Ramp serves 7,000 business customers with financial management tools.

When was the partnership between Live Oak Bank and Ramp announced?

The partnership was announced on September 7, 2022.

What type of financing does Live Oak Bank offer through this partnership?

Live Oak Bank offers SBA loans for business acquisitions, expansions, and real estate purchases.