Live Oak Bank Named Leading USDA Commercial Lender
Live Oak Bank has been recognized as the top commercial lender by the U.S. Department of Agriculture (USDA) for 2020.
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Rhea-AI Summary
Live Oak Bank has been recognized as the top commercial lender by the U.S. Department of Agriculture (USDA) for 2020. On December 15, the USDA announced that Live Oak led 181 lenders, facilitating $2.1 billion in investments to support rural communities. In FY 2020, Live Oak invested $345 million to help 34 businesses secure working capital, promote renewable energy in 45 businesses, modernize infrastructure in five communities, and enhance essential facilities in three communities. This highlights Live Oak's commitment to supporting rural economies and businesses.
Positive
- Ranked as the top commercial lender by USDA in 2020.
- Invested $2.1 billion in rural communities through 181 lenders.
- Directly invested $345 million to support 34 businesses with working capital.
- Promoted renewable energy sources in 45 rural businesses.
- Assisted five communities in modernizing water infrastructure.
Negative
- None.
Details
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WILMINGTON, N.C., Dec. 16, 2020 (GLOBE NEWSWIRE) -- Live Oak Bank has been named the top 2020 commercial lender by the U.S. Department of Agriculture Rural Development.
The results were announced Dec. 15, with Live Oak leading the 181 commercial lenders that partnered with the USDA in 2020 to invest
“Live Oak Bank is honored to support the entrepreneurs in America’s rural communities who are vital to our country’s economy,” said Jordan Blanchard, EVP of specialty finance at Live Oak. “The USDA’s loan programs help companies throughout the country grow and thrive and we are proud to leverage their financing options to support renewable energy projects and job-producing small businesses in rural America.”
Live Oak partnered with USDA to invest
To learn more about Live Oak’s lending services, visit www.liveoakbank.com.
About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.
Contact:
Claire Parker, SVP Corporate Communications
910.597.1592
claire.parker@liveoak.bank
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