What are the fees and closing costs for a Live Oak SBA loan?

SBA loans typically require an SBA guarantee fee, which varies based on the loan amount and term. There are also other associated fees and closing costs, which your loan specialist will disclose. Some loans also require a down payment of at least 10%.

Does Live Oak Bank require a hard credit pull to prequalify for an SBA loan?

No. Prequalifying with Live Oak only requires a soft credit check, which won't impact your credit score. However, if you choose to proceed with the loan, a hard credit check is required.

What if I don't qualify for as much as I need to borrow?

If you don't qualify for as much as you need, some businesses may be able to qualify for a combination loan with Live Oak. A combination loan pairs an SBA loan with a conventional bank loan and possibly a line of credit, too, to secure the full amount of funding you need.