Live Oak Bank, the only financial institution headquartered in Wilmington, announced Wednesday it is entering a new specialized lending market.

The bank, which is a major SBA lender nationwide, is expanding into the Family Entertainment Center (FEC) industry, according to a news release. It will target small business owners of such amusements as miniature golf courses, roller skating rinks, arcades, bowling centers, water parks and go-kart tracks.

“Through industry research, the bank has assembled a team of experienced lenders and domain experts to aid in the success of this industry,” the release stated. “Live Oak Bank will provide financing for expansion, remodeling, new construction, acquisition, succession planning, and refinancing.”

Before deciding to serve the FEC industry, the bank assembled a team of FEC experts and lending specialists to evaluate the business potential and to understand how to structure loans to address the needs of FEC borrowers, the release stated.

“In the past, no national lender has tried to understand the FEC business and because of that, there is tremendous opportunity for a niche lender like Live Oak to embrace the FEC community and make a difference,” Ben Jones, Live Oak Bank’s FEC domain expert, said in the release.

“Entering this new industry is an exciting endeavor for us. After extensive research, we understand the critical market factors, have developed sound underwriting models, and we feel well suited to serve this vertical effectively,” Neil Underwood, president of Live Oak Bank, said in the release.

Live Oak Bank was established in 2008 with a primary mission of providing small business loans to specific markets. The bank’s first market was veterinarians who wanted to start their own practice or purchase an existing practice; Live Oak has since expanded to serve independent pharmacists, dentists, funeral home owners, independent financial advisors and medical professionals.