It’s all about financial success this week as Kris welcomes Jessica Ferguson from Live Oak Bank, the nation’s largest SBA lender. Jessica talks about Live Oak’s commitment to helping small business owners and how they have grown from starting with veterinarians and dentists to 35 different industries, including ECE. Jessica shares some best practices in the world of lending and borrowing and gives some great tips to get your business financially prepared for the next level. She discusses the different lending options that Live Oak offers, and what they look for when taking on new clients.
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Here Are the Key Takeaways From This Episode:
[9:44] Jessica talks about Live Oak’s unique business model and how they have grown from conception.
[13:41] Some trends Jessica is seeing regarding early education and early childhood businesses.
[14:50] The types of loan programs Live Oak offers.
[17:38] Advantages and disadvantages of both conventional and SBA lending options for school owners.
[22:29] What are the rates looking like now?
[26:00] How Live Oak approaches and analyzes deals.
[29:57] The benefits of working with a bank that knows the industry more than just a general lender.
[32:46] How do they work with other borrowers?
[34:27] Best practices for schools seeking financing.
[38:38] Fingers crossed for interest rates coming (and staying) down in 2024.