live oak bank news

Steve Smits Joins Live Oak Bank

Former Associate Administrator for the Office of Capital Access at the SBA

Tuesday, February 14, 2012 – Wilmington, NC – On February 6th, Live Oak Bank proudly welcomed Steve Smits, former Associate Administrator for the Office of Capital Access at the Small Business Administration, in the role of General Manager. While in Washington, Smits oversaw the agency’s programs and operations that allowed for the expansion of funds across more industries, providing financial assistance to more small business owners and entrepreneurs. He also oversaw the agency’s reforms to make it more responsive to both borrowers and lenders, which includes the implementation of the provisions to the Small Business Jobs Act which was signed into law by President Obama in September 2010.

Before coming onboard with the SBA in October 2010, Smits was a leading lender in the small business community. His previous career experience is comprised of managing SBA loan operations and portfolios for top financial institutions such as Quadrant Financial, PNC, FCNB Bank of Rockville, MD and Mid-Atlantic Financial Partners. Combined, he has more than 20 years of experience providing financial solutions to small business owners. Smits earned a master’s degree in Business Information Systems from Johns Hopkins University and a bachelor’s degree in Finance from Saint Vincent College in Latrobe, Pennsylvania.

We are thrilled to bring on one of the top SBA experts in the country,” stated Chip Mahan, Live Oak Bank’s CEO. “His wealth of experience in both Small Business Lending and SBA programs will be a great asset as we continue to build out the Live Oak platform.”