Live Oak Bank Review 2024

Live Oak Bank is a cloud-based, digital bank that is dedicated to serving small businesses throughout the United States. They emphasize their specialization in several specific industries and a full list can be seen below. They are the largest originator of SBA Loans in the United States and their experience and expertise is evident in the lending experience. Live Oak Bank offers business loans to well-established businesses with a strong financial history.

At a Glance:

• Loans between $150,000-$7.5 million depending on loan type depending on loan type
• The biggest lender of SBA Loans in the United States.
• Offers SBA Loans and Business Term Loans
• Specializes in business loans for lifestyle industries such as fitness, medical, vineyards, and craft breweries

Live Oak Bank Pros and Cons

PROS

• Experienced SBA Lender
• Personalized service from assigned business analyst
• Comparatively fast application process

CONS

• Long funding time
• Their specialization in certain industries

Live Oak Bank Business Loan Rates and Fees

	4.5/5 Compare Loans
APR:	Varies depending on borrower
Loan term:	Varies, up to 25 years
Loan amounts:	$150,000-$7.5 million depending on loan type
Hidden fees:	Varies, SBA loans include 0%-3.5% fee
Minimum credit score required	680
Extra perks:	Borrowers are assigned a business analyst to assist during loan term
Fund availability	Varies but aligns with industry standard of 1-4 weeks

What type of business loans does Live Oak Bank offer?

SBA Loans

SBA Loans are business loans that are partially guaranteed by the United States Small Business Administration and can be used for nearly any business purpose. These loans are often attractive due to their low interest rates and extended payback terms, but application procedure can be lengthy and financing is rarely fast. Live Oak Bank emphasizes their SBA Loan offerings and is notably the biggest lender of SBA Loans in the United States. Those who qualify for an SBA Loan through Live Oak Bank typically have a credit score of 680, and have been in business for at least three years. The revenue requirement varies depending on how much you are seeking to borrow. Best for those seeking low interest rates and longer repayment terms

Business Term Loans

Business Term Loans are the most traditional type of business loan - borrowers receive a lump sum that they are obligated to pay back over a certain length of time. Those who qualify for a Business Term Loan through Live Oak Bank typically have a credit score of 680, and have been in business for at least three years. The revenue requirement varies depending on how much you are seeking to borrow. Best for business owners who are looking to fund a specific project or investment.

Which industries will Live Oak Bank work with?

Although Live Oak Bank states they are able to work with borrowers from most industries, they specialize in several and are far more likely to lend to businesses that are part of the following industries:

• Accounting & Tax Firms
• Agriculture
• Asset-based Lending
• Automotive Care
• Bioenergy
• Broadband Businesses
• Commercial Real Estate
• Community Facilities
• Craft Breweries
• Craft Distilleries
• Dental
• Distribution
• Educational Services
• Electrical Contractors
• Entertainment Centers
• Fitness Centers
• Franchise Restaurants
• Funeral Homes & Cemetery
• Government Contracting
• Healthcare
• Home Care
• Hotels
• HVAC & Plumbing Contractors
• Indoor Trampoline Parks
• Insurance
• Investment Advisory
• Manufacturing
• Pharmacy
• Restoration, Remediation, & Cleaning
• Self-Storage
• Senior Care Communities
• Solar
• Sponsor Finance
• Staffing
• Trucking
• Veterinary
• Water & Environmental Programs
• Wine & Vineyard

What are some of the benefits of using Live Oak Bank’s Services?

Live Oak Bank is an experienced SBA Lender.

Live Oak Bank is the largest originator of SBA loans which means they have a lot of experience they can use to help you throughout your lending process.

The application process is relatively short.

When compared to other application processes, the one you’ll undergo when applying to a Live Oak Bank business loan is shorter and significantly less complicated than the process with similar lenders.

Borrowers are assigned a business analyst to offer advice and assistance.

One of the best perks of Live Oak Bank’s business loans is the personalized touch you get throughout the process. Every borrower is assigned a business analyst who will be able to help answer questions throughout the process and give general advice and share expertise that will help you grow your business. If your business is within one of the industries listed above you will benefit even further as they can share strategies that have worked and those that have not - this specialized advice is a unique and valuable feature.