Live Oak Bank, based in Wilmington, has been named the most active lender of SBA 7(a) loans for the sixth year running, according to the Small Business Administration.
The SBA’s 7(a) loan program is its primary business loan program and can be used by small businesses for a variety of purposes such as refinancing, purchasing or improving real estate buildings and obtaining short- or long-term working capital.
In the fiscal year that ended on September 30th, Live Oak Bank was the top lender by dollar amount and lent more money to small businesses through this program than any other bank. The bank approved a total of 1,215 loans worth $1.8 billion, which is almost $50 million more than the second-place finisher, Huntington National Bank in Ohio.
While Live Oak had the most loans and the largest average loan size of the group according to the SBA, it did not have the highest number of loans nor the largest average loan size among all banks participating in this program. Despite this fact, Live Oak has maintained its position as one of the leading lenders of SBA 7(a) loans for several years due to its commitment to providing financing solutions for small businesses across America.