Investment Advisory Lending Team

Steve Smits is the former Associate Administrator for the Office of Capital Access at the U.S. Small Business Administration.  While at the SBA, he was responsible for managing and overseeing the agency’s programs and operations designed to expand access to capital for America’s small businesses.  This included managing the agency’s $100 Billion small business loan portfolio.  He also played a critical role in implementing many of the provisions in the Small Business Jobs Act that was signed into law by the President in September 2010.

Prior to joining the SBA, Smits was a leading lender in the small business community, often managing SBA loan operations and portfolios for top financial institutions. He served vice president of operations for Mid-Atlantic Financial Partners of Bethesda, Md; as vice president and team leader at Quadrant Financial, a subsidiary of Chatham Bank of Savannah, Ga.; vice president and regional sales manager of PNC Bank of Pittsburgh, Penn.; and vice president of FCNB Bank of Rockville, Md. Altogether, he has worked to provide financing solutions to small businesses for more than 23 years.

Smits has also volunteered with the Maryland Small Business Development Centers, and currently serves on the board of the National Children’s Center in Washington, DC. He holds a master’s degree in Business Information Systems from Johns Hopkins University, in Baltimore, Md., and a bachelor’s degree in Finance from Saint Vincent College, in Latrobe, Penn.

I have always believed that the secret to success is doing what you do well. Live Oak Bank has been built upon a guiding principal to consistently provide exceptional customer service and unparalleled value to every client. As an industry leader in small business lending, Live Oak has clearly found success by staying true to this guiding principal. The Bank understands the secret to success and I am honored to be part of the team. 

Jason joined Live Oak Bank in 2012 and is a lender for the Investment Advisory vertical.  As a former manager of a multi-million dollar RIA loan portfolio at a major custodian, he is seasoned at lending in this industry.  Jason has held several strategic roles within large banking and financial institutions designing, developing and executing lending programs and products.  Given the lending demand in this industry, Jason is excited to be back working with Advisors addressing those needs and satisfying business capital related issues.

After work, Jason enjoys spending time with his family and all kinds of sports and outdoor activities.  He is a graduate of Clemson University.

I left one of the largest custodians in the RIA industry to join Live Oak Bank. The Live Oak Bank platform, process efficiencies, team of great resources are all fuel for this Investment Advisory vertical to satisfy key lending demands in this industry. The fundamental lending philosophy within Live Oak aligns very well with a large segment of the industry. With few formal lending resources available to provide capital to Advisory firms it is a great fit within a niche lending organization.