Live Oak Bank has announced that 10 lenders have joined its general Small Business Administration (SBA) lending team in the first half of 2022.
These lenders work with brokers, intermediaries and individuals to assist with business acquisitions, partner buyouts and real estate purchases, the Wilmington, North Carolina, bank said in a Friday (Sept. 2) news release.
“We continue to build a phenomenal team of SBA lending experts who have deep market knowledge and broaden our reach across the country to get capital into the hands of America’s entrepreneurs,” said Live Oak Bank President Huntley Garriott in the release. “This is an effort for Live Oak to deliver on its mission to be America’s small business bank and provide access to capital with our differentiated approach.”
Live Oak specializes in acquisition financing in all industries and has preferred lender partner (PLP) status with the SBA, according to the release. This lets Live Oak customers obtain SBA loans without being subject to a long approval process.
The SBA lenders hired by Live Oak include Warren Baas, Austin, Texas; Blake Cranor, Wilmington, North Carolina; Kalen Foster, San Diego; Jerry Gauthier, New Jersey; Megan Owens, Alabama; Aaron Riutta, Portland, Oregon; Addie Roberge, Seattle; Nathan Sahar, San Francisco; Kristen Spenceley, Cincinnati; and John Thwing, Minneapolis.
In July, Live Oak was named as one of several new partners to Mastercard’s buy now, pay later (BNPL) program Installments in an effort to help more small- to medium-sized businesses (SMBs) offer flexible payment options to their customers.
Read more: Mastercard Installments Adds BNPL Partners
The expansion of this program is happening during a time when SMBs have become more comfortable using digital channels, Sam Graziano of Amount told PYMNTS earlier this year, which has given FinTechs a chance to challenge these businesses’ loyalty to banks.
See more: PPP Gave FinTechs Ideal Opening to Challenge SMBs’ Loyalty to Banks
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