Browse by Popular Questions

How long does SBA loan approval take?

Once a full application is sent in with all supporting documents, SBA loan approval from Live Oak Bank can take roughly a week.… 

What credit score is required for an SBA loan?

At Live Oak Bank, a minimum FICO score of 680 is required to be considered for an SBA loan.… 

What are SBA loan interest rates based on?

SBA loan interest rates are set as a spread over the prime rate. Pricing is risk-based, meaning the final rate reflects the overall strength of the applicant – taking into account factors such as cash flow, time in business, personal credit, ex… 

Can startups qualify for SBA loans?

Yes, startups can be considered for SBA loans. This is dependent upon the industry, strength of the business plan and projections, and equity being contributed to the project.… 

What protections do I get when banking online with Live Oak?

Live Oak provides built-in security features to help safeguard your business, including two-factor authentication, customizable approval controls, real-time fraud monitoring, and Mastercard® Zero Liability5 protection for unauthorized debit card tra… 

What is required to open a Live Oak business checking account online?

You’ll need your basic personal information, a government issued ID, your business name, EIN (or SSN for sole proprietors), and formation documents based on your business type.… 

Can I switch my existing business checking account to Live Oak?

Yes. Many business owners switch to access better digital tools, enhanced security, or specialized support. For step-by-step guidance, visit our resource on how to switch business checking accounts.… 

What can’t a Live Oak® Express loan be used for?

Live Oak® Express loans are designed with flexible use in mind, but there are a couple of firm restrictions. These loans cannot be used to purchase real estate, and they also cannot be used to refinance existing merchant cash advance (MCA) debt. … 

What is a Live Oak® Express Loan?

Live Oak® Express is a fast, non–real estate SBA 7(a) term loan between $10,000 and $350,000, built for business owners who need quick access to capital. It features streamlined underwriting and funding in as little as 15 days, with eligibility…