Wilmington-based Live Oak Bank is prepared to extend its SBA lending to yet another niche industry: financial advisors.

Live Oak CEO and chairman James (Chip) Mahan said that the bank is poised to make loans to independent advisory services. The initiative will be led by general manager and senior loan officer Steve Smits.

The bank debuted in 2007 with a goal of providing business loans to small, independent business people in niche industries. Its first market for SBA-backed loans was veterinarians nationwide. Since then, Live Oak Bank has expanded into three other markets: independent pharmacists, dentists and funeral directors. 

Typically, the loans are made for purchase of an existing practice or for capital improvements, although Live Oak does refinance existing loans and provide loans for start-ups.

“We are in the American dream business, helping people own their own business and perhaps saving jobs along the way,” Mahan said. “We especially look at industries where there is a barrier to entry; that is, business categories in which a professional degree or license is required to operate.”

Today, Live Oak Bank is the second largest originator of small business loans in the country. Helped by the bank’s entry into the RIA market, Mahan projects significant revenue growth for Live Oak in 2013.