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Banking & Finance

USDA, NC Organization Honor Live Oak Bank

By Jenny Callison, posted Jan 8, 2021
In mid-December, the U.S. De­partment of Agriculture Rural Department named Live Oak Bank its top 2020 commercial lender. The Wilmington-based bank led the 181 commercial lenders that partnered with the USDA in 2020 to invest a total of $2.1 billion in rural commu­nities and businesses. Live Oak alone made loans totaling $345 million, according to a news release.
 
“These investments helped 34 rural businesses acquire essential working capital through USDA’s Business and Industry (B&I) Loan Guarantee Pro­gram, 45 rural businesses take advan­tage of more efficient and renewable energy sources through USDA’s Ru­ral Energy for America Loan Guar­antee Program, five rural communi­ties modernize their water and waste water infrastructure through USDA’s Water and Environmental Programs and three rural communities build or modernize their local essential community facilities through USDA’s Community Facilities Loan Guaran­tee Program,” the release stated.
 
At the sixth annual N.C. Clean Energy Champions awards ceremony in December, the Wilmington-based bank also was named a Clean Energy Champion for its sustainable lending program that has provided more than $1 billion in long-term financing to the renewable energy industry.
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