Live Oak Bank

Live Oak Bank is a digitally focused, FDIC-insured bank serving small business customers across the country without branches. It is a subsidiary of Live Oak Bancshares, Inc. (NYSE: LOB) and is headquartered at 1757 Tiburon Drive in Wilmington, North Carolina.

Lending is the core of the business. The bank is an SBA Preferred Lender with options extending up to $5 million and beyond, and runs Live Oak Express for SBA loans up to $350,000 with quicker access to capital. Alongside SBA it offers USDA, conventional and custom business loans, specialty finance for lower-middle and middle market companies nationwide, project finance for real estate, energy and infrastructure developments, and local Wilmington business banking. The bank says it specialises in over 30 industries, and that a lending team member stays with the borrower for the life of the loan rather than handing the file off at closing.

On the deposit side it offers business checking with treasury services, high-yield business and personal savings, and certificates of deposit ranging from three months to five years. Merchant services are available to business checking customers, with pre-negotiated rates, funds available within one business day and no long-term contracts. Deposits are insured to $250,000 per depositor per ownership category, and an insured cash sweep offers up to $10 million in coverage on business deposits. Customer success managers are available Monday to Friday, 8:00 a.m. to 11:00 p.m. ET, on (866) 518-0286.

Rates, yields and account bonuses shown on the site are dated promotions with conditions attached, so they need checking on the day. The pages reviewed here describe the bank's general products rather than its individual industry lending teams, so a borrower with a specific asset type should ask which team covers it and what terms that team is quoting.