Live Oak Bank Named Leading USDA Commercial Lender

Rhea-AI Summary

Live Oak Bank has been recognized as the top commercial lender by the U.S. Department of Agriculture (USDA) for 2020. On December 15, the USDA announced that Live Oak led 181 lenders, facilitating $2.1 billion in investments to support rural communities. In FY 2020, Live Oak invested $345 million to help 34 businesses secure working capital, promote renewable energy in 45 businesses, modernize infrastructure in five communities, and enhance essential facilities in three communities. This highlights Live Oak's commitment to supporting rural economies and businesses.

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• Ranked as the top commercial lender by USDA in 2020.
• Invested $2.1 billion in rural communities through 181 lenders.
• Directly invested $345 million to support 34 businesses with working capital.
• Promoted renewable energy sources in 45 rural businesses.
• Assisted five communities in modernizing water infrastructure.

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• None.

WILMINGTON, N.C., Dec. 16, 2020 (GLOBE NEWSWIRE) -- Live Oak Bank has been named the top 2020 commercial lender by the U.S. Department of Agriculture Rural Development.  

The results were announced Dec. 15, with Live Oak leading the 181 commercial lenders that partnered with the USDA in 2020 to invest $2.1 billion in rural communities and businesses.

“Live Oak Bank is honored to support the entrepreneurs in America’s rural communities who are vital to our country’s economy,” said Jordan Blanchard, EVP of specialty finance at Live Oak. “The USDA’s loan programs help companies throughout the country grow and thrive and we are proud to leverage their financing options to support renewable energy projects and job-producing small businesses in rural America.”

Live Oak partnered with USDA to invest $345 million in rural communities during FY 2020. These investments helped 34 rural businesses acquire essential working capital through USDA’s Business and Industry (B&I) Loan Guarantee Program, 45 rural businesses take advantage of more efficient and renewable energy sources through USDA’s Rural Energy for America Loan Guarantee Program, five rural communities modernize their water and waste water infrastructure through USDA’s Water and Environmental Programs and three rural communities build or modernize their local essential community facilities through USDA’s Community Facilities Loan Guarantee Program.

To learn more about Live Oak’s lending services, visit www.liveoakbank.com.

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 Corporate Communications
910.597.1592
claire.parker@liveoak.bank

 

FAQ

What did Live Oak Bank achieve in 2020 regarding USDA lending?

Live Oak Bank was named the top commercial lender by the USDA for 2020.

How much did Live Oak Bank invest in rural communities in 2020?

In FY 2020, Live Oak Bank invested $345 million in rural communities.

What programs did Live Oak Bank support with USDA funds?

Live Oak Bank supported the Business and Industry Loan Guarantee Program and the Rural Energy for America Loan Guarantee Program.

How many businesses did Live Oak Bank help in 2020?

Live Oak Bank helped 34 rural businesses acquire working capital.

What was the total investment made by all lenders partnered with USDA in 2020?

The total investment made by all lenders partnered with USDA in 2020 was $2.1 billion.