Live Oak Bank Expands SBA General Lending Team to Deliver Financial Solutions for America’s Small Businesses

Rhea-AI Summary

Live Oak Bank, a subsidiary of Live Oak Bancshares (NASDAQ: LOB), has enhanced its SBA Lending team by adding 10 seasoned lenders in the first half of 2022. These hires aim to facilitate business acquisitions, partner buyouts, and real estate financing efforts. The bank has established its position as a Preferred Lender Partner (PLP) with the SBA, allowing for expedited loan approval processes. The new team members bring comprehensive market knowledge, contributing to Live Oak’s mission of supporting American entrepreneurs and enhancing access to capital.

Positive

• Addition of 10 experienced lenders strengthens SBA Lending team.
• Preferred Lender Partner status allows for expedited loan approval.
• Focus on supporting business acquisitions and real estate financing.

Negative

• None.

WILMINGTON, N.C., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Live Oak Bank, a subsidiary of Live Oak Bancshares, announces 10 accomplished lenders have joined the bank’s General Small Business Administration (SBA) Lending team since the first half of 2022. The experienced lenders work with brokers, intermediaries, and individuals to support business acquisitions, partner buyouts and real estate purchases.

“We continue to build a phenomenal team of SBA lending experts who have deep market knowledge and broaden our reach across the country to get capital into the hands of America’s entrepreneurs,” said Huntley Garriott, president of Live Oak Bank. “This is an effort for Live Oak to deliver on its mission to be America’s small business bank and provide access to capital with our differentiated approach.”

Live Oak specializes in acquisition financing across all industries nationwide and has Preferred Lender Partner (PLP) status with the SBA. This enables Live Oak customers to obtain SBA loans without being subject to the potentially lengthy SBA approval process necessary for lenders that are not SBA Preferred Lenders.

Lenders hired in the first half of 2022 include:

• Warren Baas based in Austin, TX
• Blake Cranor based in Wilmington, NC
• Kalen Foster based in San Diego, CA
• Jerry Gauthier based in New Jersey
• Megan Owens based in Alabama
• Aaron Riutta based in Portland, OR
• Addie Roberge based in Seattle, WA
• Nathan Sahar based in San Francisco, CA
• Kristen Spenceley based in Cincinnati, OH
• John Thwing based in Minneapolis, MN

To learn more about Live Oak Bank and our services for small business financing, visit www.liveoakbank.com/sba-loan-experts.

About Live Oak Bancshares
Live Oak Bancshares, Inc. (Nasdaq: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com. 

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

FAQ

What recent changes occurred at Live Oak Bank's SBA Lending team?

Live Oak Bank has added 10 experienced lenders to its SBA Lending team in the first half of 2022, enhancing its capacity to support small businesses.

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

As a Preferred Lender Partner, Live Oak Bank can process SBA loans more quickly, avoiding lengthy approval delays typically faced by non-PLP lenders.

What services does Live Oak Bank provide for small businesses?

Live Oak Bank specializes in SBA loans supporting business acquisitions, partner buyouts, and real estate purchases.

When was Live Oak Bank's press release announcing new lenders issued?

The press release announcing the addition of new lenders was issued on September 1, 2022.

What is the stock symbol for Live Oak Bancshares?

The stock symbol for Live Oak Bancshares is LOB.