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Business Breakdowns

Live Oak: The Small Business Bank - [Business Breakdowns, EP.143]

Jan 3, 2024
01:04:31
Snipd AI
Stephen Vafier, Founder of Storri Labs Capital Partners, discusses Live Oak Bank's unique approach to entering the banking industry. Topics include their three-pillar business plan, gain on sale in small business banking, success factors, customer funds and capital, influencer marketing, succession planning, and breaking into a large industry with a niche business.
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Podcast summary created with Snipd AI

Quick takeaways

  • Live Oak Bank targeted specific industries and the SBA loan program to differentiate themselves in an industry with massive barriers to entry.
  • Live Oak Bank incorporated technology into their DNA, allowing them to build assets, equity, and a strong reputation in a difficult sector to break into.

Deep dives

Unique Market Opportunity and Business Model

Live Oak Bank was founded in 2007 with a unique market opportunity in the community banking industry. They saw that traditional banks in the industry had outdated and flawed business models with low margins, high leverage, and limited technological advancements. Live Oak Bank decided to target specific industries and focus on the SBA loan program to differentiate themselves. They also incorporated technology into their DNA, which allowed them to build assets, equity, and a strong reputation in a difficult sector to break into.

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