"Wilmington-based Live Oak Bank, announced Monday that it was the most active lender of SBA 7(a) loans for the sixth consecutive year, according to the U.S. Small Business Administration.
A 7(a) loan is the SBA’s primary business loan program. It can be used by small businesses for refinancing, acquiring or improving real estate buildings and can be short- or long-term working capital.
Live Oak Bank was the top lender by dollar amount during the SBA’s fiscal year, which ended Sept. 30. This means Live Oak lent the most money to small businesses through the SBA 7(a) loan program. Live Oak lent $1.8 billion, almost $50 million more than the runner-up, Huntington National Bank in Ohio, which lent $1.37 billion.
Live Oak approved 1,215 SBA 7(a) loans nationwide this fiscal year. The bank did not have the most loans nor the largest average loan size of the group, according to the SBA."