Hi, [First Name]. We see you're a Live Oak Bank customer who has not yet created a Live Oak Portal account.
We have sent an email to you with details on how to set up your Live Oak Portal account.
Not ready to start your application? Have a loan specialist contact you.
After entering your email address and answering a few questions about the type of loan you need, you’ll receive an email invitation to Live Oak Portal and a loan specialist will contact you.
Your loan specialist will spend time getting to know you, your financials and your funding needs. Along the way, you’ll use Portal to apply and efficiently upload loan documents.
Once approved, your loan closing team will work to get your funds to you as quickly as possible. Congratulations on investing in the growth of your business!
We consider your loan with us just the first step in a long-term relationship. Once your loan closes, you will be assigned a Business Advisor to help you anytime you need it.
Live Oak Bank is exclusively focused on supporting small businesses with our extensive lending experience, superior technology and customer service that is second to none.
Our loans are designed specifically to meet your business needs. We will not offer you a loan that will eat through your cash flow, the life-blood of your business. As a bank, we don’t ‘shop’ your loan to the highest bidder, our answer is the final answer and we service the loan ourselves. Live Oak offers competitive rates and terms and we think your loan with us is just the first step in a long-lasting relationship focused on helping you grow your business.
We are a branchless bank focused on small businesses. Although your local bank may work with small businesses, it is typically not their primary function. Each loan customer at Live Oak is assigned a dedicated relationship manager for the life of the loan. While we may not be on the corner, we are never more than a call away.
Loan amounts start at $75,000 and go to $7.5 million, with exceptions for higher loan amounts dependent upon your industry and loan purpose.
Live Oak Portal allows our customers and loan teams to work together on an efficient, secure platform—eliminating the typical paper trail of business loans. After filling out the brief application form above, you will receive an email invitation to Portal.
Once logged in, Portal will guide you through the loan application process, including uploading and eSigning the necessary documents. Portal also enables easy one-on-one interactions with your loan team members when you have questions. Transparency is important to Live Oak, and Portal allows you to see the status of your loan at any time.
In order to provide a loan proposal, we will take your personal credit score into consideration, requiring us to pull credit. However, we will only do so with your authorization. Your credit score is only part of the evaluation of your loan request; we look at your entire financial picture to reach our decision.
Loan fees will vary depending on the complexity and type of your loan. Live Oak does not charge an origination fee, but there are other fees related to processing your application. All loan fees are disclosed and made clear, so you know exactly what you are paying for. Typically fees are financed into the loan, allowing you to maximize your business cash flow.
Our rates are based on Wall Street Journal Prime plus a percentage, not to exceed 4.5% on a variable basis. Fixed rates may also be available. Because each business, and business owner’s situation, is unique, we evaluate the rates on a loan-by-loan basis. Your specific rate will be solidified in a loan proposal once this evaluation is complete.
The majority of our loans are 10-year term loans, but may go up to 25 years if there is a real estate component. Your loan specialist will talk to you more about a term that is favorable for your business during the loan application process.
There are no prepayment penalties for paying back your loan, unless your loan term is 15 years or more. Your loan team can talk to you in more detail about the repayment schedule of your loan.
For your initial application, we need basic information. To continue to complete your application once you are in Portal, you’ll need your business and personal information handy, including corporate documents and relevant tax returns.
Our loan programs are largely qualified based on the cash flow of a business rather than its assets. Cash flow is still considered an asset based loan, but as a secondary factor. In its simplest definition, cash flow is the difference between revenues (or sales) and expenses that a business incurs in any given period. If there is more cash coming in from revenues than going out from expenses, the cash flow is positive. Conversely, if expenses are higher than revenues, the cash flow is negative.
Our loans are designed to enable you to cover your business expenses, pay yourself and have more than enough to satisfy the loan repayment.
A personal guarantee is required for each loan. We like to think of this as your vote of confidence in the business. Your loan team will work with you to determine the best structure for your business.
Our Portal log in page has an option for resetting your password. On that page you will simply submit your username, and we’ll email you a link to reset your password.
Once the loan team has received all of the necessary information, typically decisions can be made in two business days.
No two businesses are the same, and much of the closing stage is dependent on loan purpose and how quickly the loan team obtains required documents and signatures. Portal technology allows an up-to-date view of your loan at any time, so you’re never in the dark about when your loan will close. Our goal is to get the funds to you quickly – so you can get back to business.