Live Oak Bank announced that it has launched a new lending division focused on financing for the automotive care industry.

The vertical, which is Live Oak’s 16th industry-specific lending division, will lend to auto body shops, service and maintenance shops, tire centers, quick-lube stores and select auto-parts franchises, according to the company.

The lending team is equipped to provide customers with loans that support business acquisition, expansion, renovation, ground-up construction, bridge and permanent debt, according to Live Oak.

“The automotive industry is one of the largest in the U.S., yet owners of auto repair businesses may struggle to find financing options to help them grow or open their shops,” said Jason Lumpkin, general manager of emerging markets at Live Oak Bank. “Live Oak’s mission is to meet the needs of underserved markets and give small-business owners access to financing so they can achieve their business goals.”

Live Oak is the second-largest Small Business Administration loan lender.

Live Oak Bank assembled a team of expert lenders to provide flexible lending solutions to current and prospective business owners within a variety of deal structures, the company said. Lew Woodbury, who brings 15 years of experience in the banking and financial services industry, will lead the team as general manager.

“Live Oak is excited to offer solutions to help automotive repair and maintenance business owners reach their full potential,” Lew said. “I look forward to leveraging my knowledge and experience in franchise lending to the automotive care industry.”