WILMINGTON, N.C., Nov. 20, 2023 (GLOBE NEWSWIRE) -- Live Oak Bank has been named the most active SBA 7(a) lender by dollar amount by the U.S. Small Business Administration for the sixth year in a row.

The results were posted to the SBA website and display the country’s top SBA 7(a) lenders by dollar amount and loan volume for the administration’s 2023 fiscal year, which ended September 30.

“The SBA 7(a) program has been the cornerstone in delivering capital to American small business owners for a reason,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “We are proud to help our customers access vital financing like the 7(a) program by leveraging our unique combination of deep SBA expertise, unmatched service, and a tech-forward approach.”

Live Oak approved 1,215 loans from the SBA’s flagship 7(a) program in its 2023 fiscal year, putting more than $1.8 billion into the hands of small business owners across the country.

“Business owners continue to choose Live Oak to fund their dreams and drive their success,” said William C. (BJ) Losch III, Live Oak’s President and Chief Financial Officer. “Our mission to be America’s small business bank is rooted in our approach to treat every customer like the only customer.”

To learn more about Live Oak’s lending services, visit www.liveoakbank.com. 

About Live Oak Bancshares
Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com.

Contacts:
Claire Parker | SVP Corporate Communications
910.597.1592