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At a Glance

  • Year Founded: 2005
  • Office: Wilmington NC
  • Specialization: Financial Services

Live Oak Bank

Whether you’re looking to build, buy or expand your business, let our team at Live Oak Bank be your guide. Others might not see it, but we know all about the hard work you put into your franchise business – the late nights and the early mornings. You deserve extraordinary service and expert advice.

With Live Oak, you get a partner who believes in your success, and is willing to take the journey alongside you. We provide small business loans tailored to your goals. Have you identified an ideal location and the right franchise or business model? Your next step should be to connect with Sims Richardson, senior loan officer at Live Oak, to explore your financing options.

Why SBA?

The SBA 7(a) loan program is a fantastic resource for franchisees who may own less than five locations but seeking continued growth. With a 10-year loan term, the product can be used for virtually any business purpose. With up to a 25-year term, the product can also support the purchase of commercial real estate. Both options give the customer cash flow flexibility. Additionally, Live Oak offers conventional loan options for borrowers who may qualify. Conventional loan products typically work well for franchisees who own over ten units.

What does the SBA loan process entail?

Live Oak is proud of our Preferred Lender Status – but what does that mean for you? The SBA designates this accreditation to a limited group of lenders. Our PLP status gives us the authority to make final credit decisions without having to get approval from the SBA. This simplifies and expedites the loan process for our customers, getting you the money you need quickly. The documents needed to apply for an SBA loan include, but are not limited to, the following:

  • Purpose of the Loan
  • Business Background and Plan
  • Projections
  • Business Tax Returns and Financials (from existing business and/or selling business)
  • Business Debt Schedule
  • Personal Tax Returns
  • Personal Financial Statement
  • Resume
  • Other Eligibility Information (personal background, character, credit)

Sims Richardson of Live Oak Bank

As a senior loan officer at Live Oak Bank, Sims Richardson actively works with franchisees to create customized loan packages to meet their needs. Live Oak has lending teams that specialize in specific franchise industries, affording them valuable insights and solutions for even the most detailed projects.  We’ll take you where you need to go with our deep franchise industry and SBA product expertise.

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