{"id":10343,"date":"2022-11-07T11:46:11","date_gmt":"2022-11-07T11:46:11","guid":{"rendered":"https:\/\/loans.tiida-nissan.ru\/?p=10343"},"modified":"2022-12-08T18:42:02","modified_gmt":"2022-12-08T18:42:02","slug":"never-underestimate-that-david-is-competing","status":"publish","type":"post","link":"https:\/\/loans.tiida-nissan.ru\/never-underestimate-that-david-is-competing.html","title":{"rendered":"Never underestimate that David is competing against Goliath"},"content":{"rendered":"<p>A bank you&#39;ve probably never heard of is trying to unseat Wells Fargo , the second-largest U.S. bank by market capitalization, from its spot as lender No. 1 for loans from the Small Business Administration. And this small bank expects to lend up to $125 million to wineries and artisans this year.<\/p>\n<p>&quot;We are very unbanked. We have no branches. We have no narrators. We do not have CSRs. (customer service representatives.) We don&#39;t collect deposits in a traditional way, nor do we make traditional loans, &quot; said Chip Mahan, founder, chairman and CEO of Live Oak Bank . But what they do is make small business administration (SBA) loans.<\/p>\n<p>They expect to make loans totaling $1.8 billion in 2017, including up to $125 million to family wineries, craft breweries and distilleries, he said.<\/p>\n<p>By comparison, in fiscal 2016, Wells Fargo approved SBA loans nationwide totaling $1.9 billion, a spokesman said.<\/p>\n<p>He added that while the bank &quot;would not speculate on forward-looking results, we can tell you that for the first four months of federal fiscal year 2017 (October 2016 &#8211; February 2017), Wells Fargo continues to be the leading lender for SBA 7 (a) ) and approved 2.318 loans totaling more than 680 million. USD. &quot;<\/p>\n<p>Mahan of Live Oak said, &quot;The interesting thing about an SBA loan is that 75 percent of that loan is guaranteed by the U.S. government. So we package this piece and sell it in a very active secondary market so we can make more loans&#8230; &quot;<\/p>\n<p>Live Oak, which is listed on Nasdaq, has seen its shares nearly double in the last 52 weeks, around 1.Analyzed 100 industries that the SBA allows lenders, and &quot;found those people who pay you back, because the SBA has a lot of data on standard ratios, &quot;said Mahan.<\/p>\n<p>Live Oak was first looking for veterinarians, then dentists. Wineries, breweries and distilleries came later when the bank lured Keith Merklin away from Wells Fargo to become general manager of the wine and craft beverage division.<\/p>\n<div style=\"text-align:center;\"><img alt=\"Never underestimate that David is competing against Goliath\" src=\"https:\/\/loans.tiida-nissan.ru\/wp-content\/uploads\/sites\/664\/2022\/12\/cubanfoodla-c20a.jpg\" style=\"margin: 5px;\" title=\"\" \/><\/div>\n<p>They use software to streamline the process, &#39;but there are always more documents&#39; in an SBA loan, Merklin said. &#39;In terms of the information we have collected, it is not much different from a normal bank. We still collect three years of business tax return, three years of personal tax return, personal financial report and resume. &quot;<\/p>\n<p>&#39;The fact that we look at wineries and breweries every day allows us to identify what we&#39;re looking for with a winery that wants to grow,&#39; Merklin said. &#39;We know how the finances should look.&#39;<\/p>\n<p>The one weapon Live Oaks has, according to Merklin, is the ability to give customers quick answers. &quot;We take the position that the customer is very busy. And all they really want to know is: &#39;Am I approved and when will you give me the money and can you help me in the future?&#39;<\/p>\n<p>Live Oak Bank shares closed Friday at $20.80, up 0.48 percent, while Wells Fargo shares ended the week at $55.83 on the NYSE, up 1.05 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bank you&#39;ve probably never heard of is trying to unseat Wells Fargo , the second-largest U.S. bank by market<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Never underestimate that David is competing against Goliath - loans.tiida-nissan.ru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/loans.tiida-nissan.ru\/never-underestimate-that-david-is-competing.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Never underestimate that David is competing against Goliath - 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