Live Oak Bank opened its doors in 2008 and provides small business loan options to business owners in niche industries. It is one of the largest business loan processors in the United States, with a strong portfolio of small business lending products. Live Oak Bank is a preferred Small Business Association (SBA) Lender. With Live Oak, you can get an SBA loan, a USDA loan, or a commercial loan.
Live Oak is also a financial institution offering personal and business banking services. So alongside a business loan, you can utilize this company for your personal savings account, business savings account or CD account.
Consumers that choose Live Oak Bank need a credit score of 550 or higher.
Live Oak Bank focuses exclusively on providing customers with access to SBA-approved loan products, which means they are more difficult to come by but significantly cheaper. These include the standard SBA 7(a), 504, and micro-financing loan programs. With Live Oak Bank, customers get industry professional help with the SBA application process.
With each area of niche business, Live Oak Bank provides customers with account managers who specialize in their industry. The business advisory group at Live Oak Bank has a servicing director for each of the niche markets served.
Overall, the customer service at Live Oak Bank is great. Live Oak Bank U is a great program that educates small business owners on the niche markets that they enter. Typically, students are current borrowers or investors who want to learn more about the industry. Also, Live Oak Bank is one of the few companies in the industry that completely services your loan throughout its life.
As with most banks and lenders in the industry, we were able to find detailed information on the website about SBA loans and other service products that were available. We also didn't find any information on interest rates, collateral needed, fees, and basic application requirements.
There is very little support on the website for initiating the loan process. The only form that is online is a referral form, that lets the bank reach out to potential customers. There is also not a lot of information for the turnaround the loan approval and access to funds. Typically, the SBA loans can be approved within 36 hours, but in some instances, it can take businesses as long as 30 days to access the funds, depending upon the type of SBA loan purchased. On average, clients will have funding within a week.
User reviews on Best Company are overwhelmingly negative. People say the company is difficult to work with - that they won't tell you exactly why you don't qualify, and even when you do qualify, you won't necessarily get all the money you were promised.
Jeannette Dutton Spokane, WA
1 year ago
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2 years ago
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3 years ago
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5 years ago
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5 years ago