Live Oak Banking Company — #1 SBA 7(a) Lender in America (2025)
| Metric | Value |
|---|---|
| Total Volume | $2.68 Billion |
| Loans Funded | 2,148 |
| Average Loan Size | $1.25 Million |
| Average Interest Rate | 9.20% |
| National Rank | #1 |
| Market Share | 7.9% |
| Jobs Supported | 36,421 |
About Live Oak Banking Company
Live Oak Banking Company, headquartered in Wilmington, North Carolina, is the #1 SBA 7(a) lender in America by loan volume. In 2025, they funded $2.68 billion across 2,148 loans, capturing 7.9% of the entire SBA 7(a) market — more than any other lender in the country. Live Oak is a national full-service bank that has built its SBA dominance through a unique vertical-focused lending strategy, assigning dedicated loan teams to specific industries rather than operating as a generalist commercial bank.
What sets Live Oak apart from other top SBA lenders is their deep specialization in targeted industry verticals. Their largest lending categories include healthcare practices (dental offices at $247.5M and veterinary clinics at $219.2M), limited-service restaurants ($131.0M), child day care centers ($115.9M), self-storage facilities ($111.7M), and agricultural operations including poultry and egg production ($176.2M combined). This vertical expertise means Live Oak loan officers understand the unit economics, seasonal cash flow patterns, and valuation methods specific to each industry they serve.
Live Oak serves borrowers across all 51 U.S. states and territories, funding loans in 1,230 unique cities and across 223 different industries in 2025. Their average loan size of $1.25 million and average term of approximately 14 years reflect a portfolio weighted toward commercial real estate purchases and business acquisitions. Nearly all of their loans (98.7%) carry variable interest rates, with an average rate of 9.20%. Notably, Live Oak reported a 0.0% chargeoff rate on 2025 approvals, underscoring their disciplined underwriting approach.
Key Insight: Live Oak Banking Company controls 7.9% of the entire SBA 7(a) market — nearly 1 in every 12 SBA loans nationwide. Their average loan size is $1.25M at an average rate of 9.20%, with an average term of 165 months (~14 years). They supported 36,421 jobs through SBA lending in 2025. Working with an SBA loan broker can help you access this lender and potentially negotiate better terms.
Where Live Oak’s SBA Loans Go
Live Oak funds four main types of SBA deals. Here is how their $2.68 billion in 2025 lending breaks down:
Startup and new businesses represent the largest share at 34% of volume ($914.5M across 630 loans). This is unusually high — most SBA lenders allocate less than 15% of their portfolio to startups. Live Oak’s willingness to fund startups at nearly $1 billion in volume speaks to their confidence in their vertical underwriting expertise.
Business acquisitions are a close second at 33% ($896.4M across 679 loans), reflecting Live Oak’s strength in financing business purchases and changes of ownership. When someone wants to buy a business with an SBA loan, Live Oak is one of the most experienced lenders in the country.
Real estate loans (terms over 10 years) account for 21% of volume ($566.2M, 225 loans) with an average loan size of $2.44M and a lower average rate of 8.04%. These are typically commercial real estate purchases for owner-occupied properties.
Working capital and other short-term loans (terms of 10 years or less) make up the remaining 12% ($299.1M, 614 loans) with an average size of $711K and a rate of 9.72%.
Live Oak vs. National Average
How does Live Oak Banking Company compare to the average SBA 7(a) lender in 2025?
Variable vs. Fixed Rate Breakdown
Nearly all Live Oak SBA loans carry variable interest rates:
Variable rate SBA loans are tied to the prime rate and adjust quarterly. While the rate can fluctuate, the SBA caps the maximum interest rate at prime + 2.75% for loans over $50,000 with terms of 15+ years. Fixed rate loans are rare at Live Oak but offer rate certainty at a slightly lower average of 8.52%.
Loan Term Breakdown
Live Oak’s loan portfolio splits into two main term categories:
Long-term loans (typically for commercial real estate) carry significantly lower rates averaging 8.04% compared to 9.72% for shorter-term working capital and equipment loans. The average long-term loan is also much larger at $2.44M vs $711K for short-term loans.
Top States for Live Oak Banking Company (2025)
Here are the states where Live Oak Banking Company has the highest SBA lending activity:
| Rank | State | Volume | Loans | Avg Size |
|---|---|---|---|---|
| 1 | California | $355.5M | 310 | $1.15M |
| 2 | Texas | $294.4M | 219 | $1.34M |
| 3 | Florida | $257.9M | 195 | $1.32M |
| 4 | North Carolina | $127.5M | 110 | $1.16M |
| 5 | Georgia | $119.0M | 81 | $1.47M |
| 6 | Colorado | $116.6M | 93 | $1.25M |
| 7 | Missouri | $112.0M | 58 | $1.93M |
| 8 | New York | $104.4M | 86 | $1.21M |
| 9 | Washington | $84.7M | 58 | $1.46M |
| 10 | Pennsylvania | $81.4M | 72 | $1.13M |
| 11 | Ohio | $74.2M | 56 | $1.32M |
| 12 | Arizona | $66.3M | 51 | $1.30M |
| 13 | New Jersey | $63.3M | 68 | $931K |
| 14 | Connecticut | $58.4M | 39 | $1.50M |
| 15 | Michigan | $58.2M | 51 | $1.14M |
Top Industries Funded by Live Oak Banking Company
Live Oak Banking Company funds SBA loans across many industries. Here are the sectors where they are most active:
| Rank | Industry | Volume | Loans |
|---|---|---|---|
| 1 | Offices of Dentists | $247.5M | 137 |
| 2 | Veterinary Services | $219.2M | 96 |
| 3 | Limited-Service Restaurants | $131.0M | 132 |
| 4 | Child Day Care Services | $115.9M | 53 |
| 5 | Self-Storage Units | $111.7M | 62 |
| 6 | Broilers and Other Meat Type | $93.8M | 26 |
| 7 | Chicken Egg Production | $82.4M | 32 |
| 8 | Homes for the Elderly | $72.9M | 42 |
| 9 | General Automotive Repair | $72.4M | 67 |
| 10 | Home Health Care Services | $65.5M | 83 |
| 11 | Pet Care Services | $53.8M | 33 |
| 12 | HVAC Contractors | $51.1M | 51 |
| 13 | Offices of Physicians | $50.0M | 30 |
| 14 | Funeral Homes and Funeral Services | $46.4M | 31 |
| 15 | Fitness and Recreational Sports Centers | $38.9M | 46 |
Top Cities for Live Oak Banking Company (2025)
These are the cities where Live Oak Banking Company has the highest SBA loan volume:
| City | Volume | Loans |
|---|---|---|
| San Diego, CA | $26.0M | 19 |
| Nicholls, GA | $25.0M | 5 |
| Denver, CO | $22.3M | 16 |
| Brooklyn, NY | $16.4M | 10 |
| Louisville, KY | $15.0M | 6 |
| Austin, TX | $14.8M | 12 |
| Fort Worth, TX | $14.8M | 13 |
| Orlando, FL | $14.2M | 6 |
| Wilmington, NC | $14.1M | 15 |
| Jupiter, FL | $13.6M | 3 |
How to Get a Loan from Live Oak Banking Company
Live Oak Banking Company operates differently from most SBA lenders. Because they use a vertical-focused model, their loan officers specialize in specific industries rather than covering all deal types. Here is what you need to know:
1. Determine if your industry fits Live Oak’s verticals. Live Oak has dedicated lending teams for healthcare (dentists, veterinarians, physicians), restaurants, child day care, self-storage, agriculture (poultry/egg production), senior care, automotive repair, home health, pet care, HVAC, funeral homes, and fitness centers. If your business falls within one of their specialty verticals, you are likely to get a faster and more favorable review.
2. Consider working through an SBA loan broker. Many top SBA lenders, including Live Oak Banking Company, work primarily through approved SBA loan brokers. This is good news for borrowers:
- Better Match: Brokers know which Live Oak vertical team handles your industry and can route your application directly
- Negotiating Power: Broker relationships with Live Oak’s underwriting team can result in better rates and terms
- Time Savings: One application goes to Live Oak and other qualified lenders simultaneously
- Expert Guidance: Brokers pre-qualify your deal before submission, maximizing your approval chances
- No Cost: SBA loan brokers are paid by the lender, not the borrower — the service is 100% free to you
3. Prepare your documentation. Live Oak will typically require 2-3 years of tax returns, a personal financial statement, a business plan (especially for startups), and details on the property or business you plan to purchase. For acquisitions, you will need the seller’s financial records and a letter of intent.
4. Understand the loan structure. Live Oak’s average SBA loan interest rate is 9.20%, and 98.7% of their loans are variable rate. Their average term is approximately 14 years, and you should expect a down payment of 10-20% depending on the deal type.
GoSBA Loans works directly with Live Oak Banking Company and can help you access their loan programs. If your deal fits one of Live Oak’s industry verticals, we can match you with the right lending team. Our service is completely free to borrowers.
Frequently Asked Questions About Live Oak Bank SBA Loans
Is Live Oak Bank the largest SBA lender?
Yes, Live Oak Banking Company is the #1 SBA 7(a) lender in America by loan volume. In 2025, they funded $2.68 billion across 2,148 loans — capturing 7.9% of the entire SBA 7(a) market. The next largest lender, Huntington National Bank, funded $1.86B. Live Oak has held the top position through their unique vertical-focused lending strategy that assigns dedicated loan teams to specific industries.
What industries does Live Oak Bank specialize in?
Live Oak takes a vertical-focused approach to SBA lending. Their top industries by volume include dental practices ($247.5M), veterinary clinics ($219.2M), limited-service restaurants ($131.0M), child day care centers ($115.9M), and self-storage facilities ($111.7M). They also have significant activity in agriculture (poultry and egg production totaling $176.2M combined), senior care homes ($72.9M), automotive repair ($72.4M), and home health care ($65.5M). In total, Live Oak funded loans across 223 different industries in 2025.
Does Live Oak Bank fund SBA loans for startups?
Yes. In 2025, Live Oak funded 630 startup and new business loans totaling $914.5M — representing 34% of their total volume. This is unusually high for SBA lenders, as most banks prefer lending to established businesses with years of operating history. Another 679 loans ($896.4M) went to business acquisitions, meaning over 67% of Live Oak’s lending goes to entrepreneurs starting or buying businesses. If you are launching a new business in one of Live Oak’s specialty verticals, they are one of the most startup-friendly SBA lenders available.
What is the average interest rate on a Live Oak SBA loan?
The average interest rate on Live Oak SBA 7(a) loans approved in 2025 is 9.20%, which is 0.95% lower than the national average of 10.15%. Nearly all of their loans (98.7%) carry variable interest rates averaging 9.21%, while the 28 fixed rate loans averaged 8.52%. SBA 7(a) interest rate caps are set by the SBA at prime + 2.25% to prime + 2.75% depending on loan size and term. Use our SBA loan calculator to estimate your monthly payments.
What states does Live Oak Bank serve?
Live Oak Banking Company serves borrowers in all 51 US states and territories. Their highest volume states are California ($355.5M), Texas ($294.4M), and Florida ($257.9M). Despite being headquartered in North Carolina, they are a truly national lender with 1,230 unique cities served in 2025.
How do I apply for an SBA loan through Live Oak Bank?
You can apply directly through Live Oak Bank or work with an SBA loan broker like GoSBA Loans. Working through a broker is often faster because brokers have established relationships with Live Oak’s underwriting team and can pre-qualify your deal before submission. GoSBA Loans works with Live Oak and 32 other SBA lenders — our service is 100% free to borrowers. We can determine if your deal fits one of Live Oak’s industry verticals and route your application to the right lending team.
Related SBA Loan Guides
Learn more about SBA loans with these in-depth guides:
- The Ultimate Guide to SBA 7(a) Loans — Everything you need to know about SBA 7(a) loan requirements, rates, terms, and how to qualify in 2026.
- SBA Loan Interest Rates in 2026 — Current SBA loan interest rates, how they are calculated, and what rate you can expect based on loan size and term.
- How to Buy a Business With an SBA Loan — Step-by-step guide to financing a business acquisition through the SBA 7(a) program.
- SBA Loan Requirements for Buying a Business — Detailed requirements for using SBA financing to purchase an existing business.
- SBA Loan Down Payment Guide — How much you need for an SBA loan down payment and strategies to meet the requirement.
Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. Analysis covers 68,435 SBA 7(a) loans approved between January 1 – December 31, 2025. For official SBA program information, visit sba.gov.
Live Oak Banking Company SBA Alternatives
Looking for alternatives to Live Oak Banking Company? Compare with other leading SBA 7(a) lenders:
- #2 The Huntington National Bank — Live Oak SBA Alternative — $1.86B funded across 6,071 loans
- #3 Newtek Bank, National Association — Live Oak SBA Alternative — $1.49B funded across 4,056 loans
- #4 Northeast Bank — Live Oak SBA Alternative — $1.10B funded across 6,307 loans
- #5 Readycap Lending, LLC — Live Oak SBA Alternative — $900.5M funded across 2,430 loans
- #6 U.S. Bank, National Association — Live Oak SBA Alternative — $853.3M funded across 3,138 loans
- #7 First Internet Bank of Indiana — Live Oak SBA Alternative — $675.2M funded across 474 loans
- #8 Celtic Bank Corporation — Live Oak SBA Alternative — $551.8M funded across 1,440 loans
- #9 Byline Bank — Live Oak SBA Alternative — $501.0M funded across 461 loans
- #10 GBank — Live Oak SBA Alternative — $488.1M funded across 178 loans
- Wells Fargo Bank — Live Oak SBA Alternative — $479.2M funded across 1,335 loans
