In Wilmington, North Carolina, there is a real bank called Live Oak Bank. Since its founding in 2008, it has experienced fast growth. One of the top SBA lenders in the nation, the bank specializes in lending to small businesses. Live Oak Bank additionally provides treasury management services, deposit accounts, and other financial products in addition to SBA loans.
Government-backed loans known as SBA loans are created to make it easier for small businesses to get the money they require to launch or grow their operations. Even though the loans are government-guaranteed, private lenders like Live Oak Bank actually make them. Thus, Live Oak Bank and other banks are involved in the SBA loan process. Small company owners can engage with the bank’s staff of knowledgeable SBA lenders to receive the financing they require.
The largest SBA lender in the nation is Live Oak Bank. Over 4,000 SBA loans totalling more than $2.2 billion were approved by the bank in 2020. This demonstrates the bank’s commitment to small business lending and represents a sizeable percentage of the market for SBA loans.
The CEO, James “Chip” Mahan, is the bank’s largest shareholder and it is a privately held company. Mahan is a well-known player in the banking sector and has created a number of prosperous institutions over his career. Live Oak Bank has established a reputation for being an innovative bank under Mahan’s direction and has become a leader in lending to small businesses.
By 2021, Live Oak Bank will have around 400 staff members and about 500,000 clients. The bank is well-known for its user-friendly digital platform and has a significant internet presence. Due of this, the bank has been able to draw clients from all over the nation, not only from North Carolina.
In conclusion, Live Oak Bank is a legitimate bank with a focus on financing to small businesses. The bank has a solid reputation for its cutting-edge approach to banking and is the largest SBA lender in the nation. Even though the bank is privately held, it has grown to be a significant participant in the financial sector and has assisted hundreds of small businesses in obtaining the funding they want to expand and prosper.