WILMINGTON, NC, Sept. 23, 2021 (GLOBE NEWSWIRE) – Live Oak Bank reached a milestone by providing more than $ 1.2 billion in renewable energy nationwide for solar and bioenergy projects in rural communities.
Live Oak is the largest lender to the U.S. Department of Agriculture (USDA) according to USDA data for 2020, and in 2016 it launched its first renewable energy loan to projects that create a cleaner environment and a more sustainable future.
“Live Oak Bank prides itself on helping American business owners develop climate-smart systems that will ultimately lower energy costs and provide jobs and economic opportunities in rural areas,” said Jamie Bourgeois, director of energy and infrastructure loans, Live Oak. “USDA’s programs help rural businesses grow and thrive, and we are honored to be helping entrepreneurs across our country in new and innovative ways to drive economic sustainability.”
The team is led by Bourgeois and supported by solar industry finance expert Jennifer Williams and bioenergy credit expert Max Vernier. The team has funded more than $ 1.2 billion in total in loans to the solar and bioenergy industries to date, with the vast majority being USDA loans to rural communities, according to internal data and the USDA.
“The expertise, responsiveness, and flexible contract structure at the core of our model have helped us efficiently serve customers across the country so their businesses can improve the quality of life for millions of Americans,” added Bourgeois.
The loan volume shows Live Oak’s expertise and commitment in the renewable energy sector. Live Oak’s renewable energy finance team is nationwide focused on solar, solar storage and bioenergy technology loans, providing a world-class credit experience for project developers and their tax equity partners.
To learn more about Live Oak Bank and Energy and Infrastructure Finance, visit www.liveoakbank.com/energy-infrastructure-loans.
About Live Oak Bank Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally-focused, FDIC-insured bank serving customers across the country. Live Oak takes a breakthrough in service and technology to redefine banking. Our products help customers buy, build, and expand their business, as well as high yield savings and CD products to help them grow their hard earned money. To learn more, visit www.liveoakbank.com.
Contact: Claire Parker, SVP Corporate Communications 910.597.1592 [email protected]
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