SBA LOAN ENHANCEMENTS

SBA loans have become even more attractive with enhancements from the Economic Aid Act, offering unparalleled opportunities for small business owners. Now is the ideal time to get the financing your business needs. Download our “Small Business Owner’s Guide to SBA Loan Enhancements” to learn more.

Download Guide

SBA loans that are approved between February 1, 2021, and September 30, 2021, will receive the following benefits once the loan is fully disbursed, subject to availability of funds:

Loan Amount
Loans from $250K – $5M+, varies by product

Loan Term
Loan terms up to 25 years

Payment Coverage
SBA will pay up to $9,000 a month toward your principal and interest for up to three months

No SBA Fees
The SBA has temporarily waived fees for both 7(a) and 504 loans (SBA portion only)

Live Oak is the Nation’s Top SBA Lender1

Live Oak is proud to support small business owners with SBA-backed funding. Our mission to be America’s small business bank is rooted in our dedication to those who power progress in both rural and metropolitan communities across our country.

SBA

Preferred Lender Program

Live Oak is part of the SBA Preferred Lender Program (PLP), an accreditation that allows us to serve our customers more efficiently. As a borrower, this is what our PLP status means for you:

  • Live Oak has the authority to make final credit decisions without going through the SBA first.
  • We are typically three to four weeks faster at getting an answer to you than non-PLP lenders.
  • Usually, we offer longer repayment terms, lower payments and no prepayment penalties (except on commercial real estate).

SBA Loan Programs

The Small Business Administration (SBA) serves as the main resource for government-backed business loans. Because a portion of an SBA loan is guaranteed by the government, these loans allow small business owners to obtain capital with less equity than a conventional loan requires.

SBA 7(a) Loan

The SBA 7(a) loan is the most common SBA loan product, offering flexibility on terms and business uses. An SBA 7(a) loan is a good option for acquisitions, partner buyouts, real estate purchases, refinance and more.

Advantages:

  • Up to 90% bank financing
  • Fully amortized/no balloons
  • No pre-payment penalties for loan terms under 15 years

SBA 504 Loan

While the eligibility requirements for a 504 loan are nearly the same as for the 7(a) loan program, the approved uses of the loan are different. They fall into three main categories: buying commercial real estate, financing improvements within that real estate and purchasing large equipment.

Advantages:

  • Low down payment (typically 10%) conserves your cash
  • Fixed or floating interest rates available
  • Loan amounts up to $15,000,000

Live Oak’s knowledgeable team can help you determine the best loan structure to meet your needs. Our team goes above and beyond to create a customized loan package according to your business goals. From temporary economic aid incentives to low interest rates, now is the time to consider an SBA loan for your business.

DEDICATED TO THE DOERStm

1. #1 SBA 7(a) lender by dollar amount for FY 2020. The data supplied by the SBA reflects 7(a) highest dollar volume during FY 2020.

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