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Live Oak Bank SBA loans review

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

  • Best for growing your business or refinancing debt for a lower rate.
  • Pick something else if you need working capital or fast funding.

$5,000,000

Max. Amount

Details

Product NameLive Oak Bank SBA loans
Max. Amount$5,000,000
Loan TermUp to 300 months
APR5.5% to 8.25%
Requirements650+ personal credit score, strong financial history, meet standard SBA loan requirements

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Live Oak Small Business Administration (SBA) loans could be a good choice if you’re looking for a large amount of funding at an affordable 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. And it offers funding programs tailored specifically to 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.

Not sure Live Oak is right for you? Compare other options below.

First, do I qualify?

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
  • Auto dealerships
  • Automotive care
  • Broadband
  • Educational services
  • Energy and infrastructure
  • Entertainment centers
  • Fitness centers
  • Franchise restaurants
  • Funeral home and cemeteries
  • Government contracting
  • Healthcare
  • Hotels
  • Insurance
  • Investment advisers
  • Pharmacies
  • Self storage
  • Senior care
  • Contractor services
  • Veterinarians
  • Wine and craft beverages

What makes Live Oak Bank unique?

Live Oak Bank approves some of the highest loan amounts compared to other SBA lenders out there. Its rates are also highly competitive, making it one of the best deals for businesses looking to grow. 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.

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

Compare other business loan options

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

How do I apply?

You can get started on your application over the phone by calling 910-790-5867 any weekday between 9 a.m. and 5 p.m. ET.

Prefer to get in touch online? Follow these steps to get started:

  1. Go to the Live Oak Bank website.
  2. Click Get Started in the top menu.
  3. Click Get Started under Contact a Lender.
  4. Fill in the required fields with information about your business.
  5. Provide a description of your business and its funding needs to give the specialist a better idea of what you’re looking for.
  6. Click Submit.

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.

Find out how Live Oak Bank compares to other SBA lenders with our guide to business loans.

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