Live Oak Bank, based in Wilmington, has been named the most active lender of SBA 7(a) loans for the sixth consecutive year. The bank was the top lender by dollar amount during the SBA’s fiscal year, which ended on September 30. This means that Live Oak lent more money to small businesses through the SBA 7(a) loan program than any other bank in the country.

The SBA 7(a) loan program is the primary business loan program offered by the Small Business Administration (SBA), and it can be used by small businesses for a variety of purposes, including refinancing or acquiring real estate buildings, as well as short- or long-term working capital needs.

Live Oak Bank approved 1,215 SBA 7(a) loans nationwide during this fiscal year. Despite having the most loans and the largest average loan size of any bank in the group according to the SBA, Live Oak did not have the most loans or largest average loan size overall.

One reason why Live Oak Bank has become such an active lender of SBA 7(a) loans is because these standard loans typically have long repayment periods and low interest rates. These features make them increasingly attractive to small business owners who are looking to finance their operations or expand their businesses without taking on excessive debt. Additionally, because Live Oak Bank is one of a select few banks that offer specialized expertise in SBA lending, it is able to streamline the application process and provide borrowers with more personalized service than many other banks.