Live Oak Bancshares is a bank holding company that operates a national online platform for small business lending and deposit gathering, focusing primarily on loans partially guaranteed by the U.S. Small Business Administration and, to a lesser extent, by the U.S. Department of Agriculture through various programs serving lower-risk small businesses and professionals. The company generates revenue primarily through interest income on these guaranteed loans and from deposit-related revenues, including the spread between interest paid on deposits and interest earned on loans, while leveraging deep industry expertise and personalized customer relationships conducted through virtual and in-person visits rather than traditional branch locations. The company competes with national banks, community banks, credit unions, and non-bank lenders, and maintains subsidiary operations providing investment advisory and consulting services.