Live Oak Bancshares has announced that they are offering a new eLending initiative that offers expedited loans from $75,000 to $350,000 designed for the purchase of games and equipment in the amusement industry. According to the company, the process has been streamlined with quick approvals and fast closings, generally within 30 days. Also, the program offers competitive rates, 10- to 15-year terms, no prepay penalties and no fees charged by or paid to Live Oaks.
“Live Oak will continue to provide loans up to $5 million, but this new eLending initiative helps meet a need in the FEC industry that was currently unfulfilled,” said Ben Jones, Live Oak FEC Domain Specialist and GM (and one of the F2FEC “Three Amigos”). “With 10-year terms and low rates based on the borrower’s cash flow versus collateral, Live Oak’s eLending platform makes small business loans accessible and affordable. This is truly a game changer for the amusement industry.”
Live Oak Bank will be at the Amusement Expo at booth #333, and promises the support and advice of eLending experts. The company says those interested in a loan can stop by the booth to get prequalified in 10 minutes with their social security and tax ID numbers. Live Oak will also have specialists to discuss financing needs up to $5 million.
For more information, visit their website at www.liveoakbank.com.