Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc., is an American bank. Headquartered in Wilmington, North Carolina, it serves small business owners in all 50 states and was the leading SBA 7(a) lender by dollar volume in 2022.[3][4]
History
Founded in 2008 by James S. (Chip) Mahan III, Live Oak initially focused on lending to niche industries such as veterinarians and dentists.[5] Today, the bank lends to more than 35 specialized industries in all 50 states and has more than a dozen general lenders in markets across the country that directly serve small business owners.[6] The bank specializes in SBA and USDA loans and offers business and personal deposit products on its branchless, digital platform.
In 2017, Live Oak Bank established an office in Washington, D.C. to handle the company’s loans in the fields of renewable energy and government contracting.[7]