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Live Oak Bank SBA loans review

  • Anna Serio's headshot
Live Oak Bank SBA loans
4.4
★★★★★
Finder score
Max. Amount
$15,000,000
APR
Varies

Our verdict

High-dollar financing with competitive rates tailored to your specific industry.

Live Oak Bank's Small Business Administration (SBA) loans could be a good choice if you're looking for a large amount of funding at a competitive rate. This nationwide bank is one of the most active lenders in the SBA 7(a) loan program. Its rates are also competitive — even compared to other SBA lenders.

On top of this, Live Oak also offers a personalized experience. You'll work closely with an SBA loan specialist and have your loan tailored to the unique needs of businesses in your industry.

While it it approves some of the largest amounts of funding overall for the SBA 7(a) loan program, it doesn't approve as many SBA applications as other banks. And unlike some SBA lenders, Live Oak Bank doesn't offer working capital financing or an online application.

Pros

  • One of the most active SBA 7(a) lenders
  • Low rates
  • Funding tailored to your industry
  • Work with an SBA loan specialist

Cons

  • Not for working capital
  • Approves fewer applications than other top SBA lenders
  • Can’t apply completely online

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Max. Amount $15,000,000
Loan term Up to 25 years
APR Varies
Requirements Not stated, but most SBA loans require a minimum credit score in the mid-600s, a down payment of 10% to 30% and possibly collateral

Eligibility requirements

You must meet the following criteria at a minimum to qualify for an SBA loan from Live Oak Bank:

  • Personal credit score of 650 or higher
  • Strong financial history
  • Meet standard SBA loan requirements

Live Oak Bank SBA loan industries

Your business’s industry can also affect your borrowing options through Live Oak Bank. This lender specializes in financing the following types of businesses:

  • Accounting and tax firms
  • Agriculture
  • Asset-based lending
  • Auto dealerships
  • Automotive care
  • Bioenergy
  • Broadband
  • Community facilities
  • Craft breweries
  • Craft distilleries
  • Dental practices
  • Educational services
  • Energy and infrastructure
  • Fitness centers
  • Franchise restaurants
  • Franchies
  • Funeral homes and cemeteries
  • Government contracting
  • Hardware stores
  • Healthcare facilities
  • Home care services
  • HVAC and plumbing contractors
  • Inclusive small businesses
  • Insurance
  • Investment advisors
  • Loan syndications
  • Pharmacies
  • Professional services firms
  • Restoration, remediation and cleaning services
  • RV parks
  • Self-storage facilities
  • Senior housing
  • Solar energy firms
  • Sponsor financing
  • Venture banking
  • Contractor services
  • Veterinarians
  • Wineries and vineyards

Even if you don’t see your industry on this list, you may able to find an SBA loan specialist with experience in your field. Visit the Live Oak Bank website to learn more about its lending team.

How do I apply?

You can apply for a Live Oak Bank business loan by calling at 910-777-5738. Loan specialists are available to assist with your application weekdays between 8:30 a.m. and 5 p.m.

You can also fill out a form on Live Oak Bank’s website to request a call from a loan specialist. After you submit the form, a member of Live Oak’s lending team should reach out within 24 hours. They’ll go over your options and let you know what steps you need to take to complete the application if you decide to apply.

What documents do I need to apply?

Live Oak doesn’t specify, though SBA loans come with a notoriously long list of documents and forms that you need to submit along with your application. These include business tax returns, financial statements, debt schedules and more. You can read about the basic requirements for an SBA loan by visiting our guide.

How do repayments work?

Live Oak Bank SBA loans come with monthly repayments based on your loan amount and term. Ask if you can sign up for autopay so you don’t have to take the time each month to make repayments.

Keep an eye on both your bank account and loan balance. If you have any questions or notice anything off, reach out to Live Oak Bank’s customer service team as soon as possible.

Alternatives to Live Oak Bank

Live Oak Bank may not be the right choice for all small businesses. These alternatives may be better fits if you need fast funding or working capital. Visit our guide to business loans to learn more about the financing options available to your small business.

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Lendio business loans
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Lendio business loans
$1,000
$5,000,000
Varies by lender
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Olympus Business Capital
Finder Score: 3.8 / 5: ★★★★★
Olympus Business Capital
$500
$100,000
Not stated
Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month
No credit needed. Funding up to $100k with a variety of finance options to best fit your business needs.
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American Express® Business Line of Credit
Finder Score: 4.4 / 5: ★★★★★
American Express® Business Line of Credit
$2,000
$250,000
N/A
Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000
Access lines of credit for your small business even if you aren't currently an Amex customer.
Fundible
Finder Score: 4.9 / 5: ★★★★★
Fundible
$1,000
$10,000,000
Rates start at 1% per month
500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
Same day approval
Go to site
Fundera business loans
Finder Score: 4.9 / 5: ★★★★★
Fundera business loans
$2,500
$5,000,000
Varies based on lenders
$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.
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