Live Oak Bancshares is the holding company for Live Oak Bank, a branchless national small business lender headquartered in Wilmington, North Carolina. Live Oak originates loans to small businesses primarily through the SBA 7(a) program, which provides a government guarantee on a portion of each loan, reducing credit risk and enabling Live Oak to sell the guaranteed portion on the secondary market at a premium. Rather than lending broadly, Live Oak focuses on roughly 40 specific industry verticals — such as HVAC contractors, senior housing, and solar energy — where it employs lenders with deep domain expertise in each sector. Live Oak funds itself through a branchless online deposit platform, offering competitive rates on savings accounts and CDs gathered nationally. Live Oak earns revenue through two channels: net interest income on its loan portfolio, and gain-on-sale income from selling guaranteed loan portions at premiums of around 6-7% on the secondary market. Two emerging initiatives are reshaping the model: Live Oak Express, a small-dollar SBA 7(a) product targeting loans below Live Oak's historical average size that commands strong secondary market premiums; and a business checking product aimed at deepening borrower relationships and building a lower-cost deposit base. Live Oak also maintains a corporate venture portfolio, Live Oak Ventures, investing in fintech companies relevant to its strategy. Live Oak's long-term goal is to become an AI-native bank, using AI tools across origination, underwriting, and servicing to scale without proportional headcount growth.