Wilmington-based Live Oak Bank, which specializes in making Small Business Administration loans, has named a former SBA manager as its general manager.

Steve Smits, former associate administrator for the SBA’s Office of Capital Access, joined Live Oak Bank Feb. 6.

During his tenure with the SBA, Smits oversaw the agency’s programs and operations that allowed for the expansion of funds across more industries, providing financial assistance to more small business owners and entrepreneurs. He also oversaw agency reforms aimed at making the SBA more responsive to both borrowers and lenders, including the implementation of provisions to the Small Business Jobs Act.

Smits has more than 20 years' experience providing financial assistance to small businesses. Prior to joining the SBA, he managed SBA loan operations and portfolios for prominent financial institutions such as Quadrant Financial, PNC Bank, FCNB Bank of Rockville, MD and Mid-Atlantic Financial Partners.

“We are thrilled to bring on one of the top SBA experts in the country,” stated Chip Mahan, Live Oak Bank’s CEO. “His wealth of experience in both small business lending and SBA programs will be a great asset as we continue to build out the Live Oak platform.”

Live Oak Bank was founded to provide small business loans that enable professionals to start or expand their business. The bank originally began lending to veterinarians, and has since expanded to dentists, independent pharmacists, and funeral home owners nationwide. Aside from acquisitions and refinancing, Live Oak’s lenders specialize in real estate loans and ground-up construction projects. For information, visit www.liveoakbank.com.