WILMINGTON, NC, Oct. 29, 2020 (GLOBE NEWSWIRE) – Live Oak Bank has been named the Most Active SBA 7 (a) Lender by Dollar Amount by the US Small Business Administration.
The results were sent to the SBA website and show the country’s top 100 SBA 7 (a) lenders by loan size for the government’s 2020 fiscal year ended September 30.
“Live Oak prides itself on helping American small business owners in a time of real need,” said James S. (Chip) Mahan III, Chairman and CEO of Live Oak. “Our teams stay close to our customers to understand their financial needs and our work in 2020 reflects what small business owners need in these times – and that is capital.”
Live Oak approved 1,068 7 (a) loans in fiscal 2020, raising more than $ 1.49 billion to small business owners across the country. The 7 (a) loan program is the flagship program of the SBA, and lenders have issued approximately 42,000 7 (a) loans totaling $ 22.55 billion for the fiscal year.
“Live Oak is proud to provide small business owners with SBA-backed funding to help them grow,” said Huntley Garriott, president of Live Oak. “Our mission to be America’s small business bank is rooted in our commitment to those who shape the local economy in both rural and urban communities in our country.”
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 takes a breakthrough in service and technology to redefine banking. Our products help customers buy, build, and expand their business, as well as high yield savings and CD products to help them grow their hard earned money. To learn more, visit www.liveoakbank.com.
Claire Parker, SVP Corporate Communications