Live Oak Bank Tops SBA’s 100 Most Active 7(A) Lenders

Rhea-AI Summary

Live Oak Bank has been recognized as the most active SBA 7(a) lender by dollar volume for the fifth consecutive year, as reported by the U.S. Small Business Administration. In the fiscal year ending September 30, 2022, Live Oak approved 1,157 loans, disbursing over $1.70 billion to small business owners across the U.S. The bank emphasizes a high-touch, high-tech approach, enabling rapid capital delivery to entrepreneurs, and underscores its commitment to treating each customer uniquely.

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• Recognized as the most active SBA 7(a) lender for five years in a row.
• Approved 1,157 loans totaling over $1.70 billion in fiscal year 2022.

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• None.

WILMINGTON, N.C., Oct. 14, 2022 (GLOBE NEWSWIRE) -- Live Oak Bank has been named the most active SBA 7(a) lender by dollar amount by the U.S. Small Business Administration for the fifth year in a row.

The results were posted to the SBA website and display the country’s top 100 SBA 7(a) lenders by loan volume for the administration’s 2022 fiscal year, which ended September 30.

“Live Oak Bank has the privilege of serving small business owners across the country and the SBA 7(a) program is an essential way to deliver capital to the entrepreneurs supporting the backbone of our economy,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “We are proud to serve our customers with a high-touch, high-tech approach that puts them at the center of everything we do.”

Live Oak approved 1,157 loans from the SBA’s flagship7(a) program in its 2022 fiscal year, putting more than $1.70 billion into the hands of small business owners across the country.

“Our mission to be America’s small business bank and our differentiation is rooted in our approach to treat every customer like the only customer,” said William C. (BJ) Losch III, Live Oak’s Chief Financial and Banking Officer. “Our preferred lending status with the SBA gives us the ability to get capital into the hands of customers faster and our teams support our borrowers through the life of the loan, giving them a true partner along the way.”

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

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 who 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 did Live Oak Bank achieve in the SBA lending category in 2022?

Live Oak Bank was named the most active SBA 7(a) lender by dollar amount for the fifth year in a row.

How much did Live Oak Bank lend to small businesses in 2022?

Live Oak Bank approved loans totaling over $1.70 billion in the fiscal year 2022.

How many loans did Live Oak Bank approve in fiscal year 2022?

Live Oak Bank approved 1,157 loans from the SBA’s 7(a) program in fiscal year 2022.

What is the significance of the SBA 7(a) program?

The SBA 7(a) program is crucial for providing capital to small business owners, supporting America's economic backbone.

What approach does Live Oak Bank take towards customer service?

Live Oak Bank aims to treat every customer uniquely, with a high-touch, high-tech approach to banking.