May 8, 2013
By Bob Coleman
Editor, Coleman Report
Live Oak Bank received nearly $7 million from the U.S. Treasury’s Small Business Lending Fund.
Writes Lee Weisbecker of the Business Journal, “The average lending increase for the 269 banks as a group was 93 percent.
“Baseline for each bank was their lending record averaged over selected quarters prior to the launch of the SBLF in 2011.
“Opened in 2007 by Internet banking vet James (Chip) Mahan II, Live Oak specializes in making SBA loans to select industry groups, including veterinarians, dentists, pharmacists and others. As of Dec. 31, it had 94 employees and $337 million in total assets, according to the FDIC.”