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

Rhea-AI Summary

Live Oak Bank - Live Oak Bank named most active SBA 7(a) lender by dollar amount for sixth consecutive year. The U.S. Small Business Administration posted the results on their website, displaying the top SBA 7(a) lenders by dollar amount and loan volume for the 2023 fiscal year. Live Oak Bank approved 1,215 loans, totaling over $1.8 billion, demonstrating their commitment to delivering capital to American small business owners. Chairman and CEO, James S. (Chip) Mahan III, emphasized the importance of the SBA 7(a) program in providing vital financing to small business owners, while President and CFO, William C. (BJ) Losch III, highlighted Live Oak's mission to treat every customer like the only customer.

WILMINGTON, N.C., Nov. 20, 2023 (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 sixth year in a row.

The results were posted to the SBA website and display the country’s top SBA 7(a) lenders by dollar amount and loan volume for the administration’s 2023 fiscal year, which ended September 30.

“The SBA 7(a) program has been the cornerstone in delivering capital to American small business owners for a reason,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “We are proud to help our customers access vital financing like the 7(a) program by leveraging our unique combination of deep SBA expertise, unmatched service, and a tech-forward approach.”

Live Oak approved 1,215 loans from the SBA’s flagship 7(a) program in its 2023 fiscal year, putting more than $1.8 billion into the hands of small business owners across the country.

“Business owners continue to choose Live Oak to fund their dreams and drive their success,” said William C. (BJ) Losch III, Live Oak’s President and Chief Financial Officer. “Our mission to be America’s small business bank is rooted in our approach to treat every customer like the only customer.”

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

About Live Oak Bancshares
Live Oak Bancshares, Inc. (NYSE: 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.

Contacts:
Claire Parker | SVP Corporate Communications
910.597.1592

 

FAQ

What is Live Oak Bank known for?

Live Oak Bank is known for being the most active SBA 7(a) lender by dollar amount for the sixth consecutive year.

How much money did Live Oak Bank put into the hands of small business owners?

Live Oak Bank put more than $1.8 billion into the hands of small business owners across the country.

Who emphasized the importance of the SBA 7(a) program in providing vital financing to small business owners?

Chairman and CEO, James S. (Chip) Mahan III, emphasized the importance of the SBA 7(a) program.

What is Live Oak Bank's mission?

Live Oak Bank's mission is to be America's small business bank and to treat every customer like the only customer.