Ready Capital Expands Business Lending to Originate 7(a) Small Loans as low as $10,000

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) announced an expansion of its SBA 7(a) lending program to assist underserved businesses. The company now offers loans ranging from $10,000 to $5,000,000, with a focus on financing minority-, woman-, and veteran-owned businesses. In February, Ready Capital achieved a record by funding 41 SBA 7(a) Small Loans, with some closing in under 10 business days. This initiative is aimed at improving efficiency and transparency in loan processing.

Positive

• Expansion of SBA 7(a) lending program to include loans as small as $10,000.
• Record funding of 41 SBA 7(a) Small Loans in February.
• Ability to close loans in under 10 business days.

Negative

• None.

NEW YORK, March 9, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital") today announced that it has expanded its SBA 7(a) lending program to support the most underserved businesses by utilizing proprietary technology to underwrite loans as small as $10,000. Through its small business lending unit, Ready Capital can now consider loans from $10,000 to $5,000,000 for its 7(a) lending program. The Small Business Administration (SBA) identifies loans smaller than $350,000 as 7(a) Small Loans.

"By expanding our 7(a) capabilities, we can finance an even broader range of eligible businesses, with greater efficiency and transparency," said John Moshier, President of Small Business Lending at Ready Capital. "This capability supports our effort to fulfill the SBA's mission of promoting minority-, woman- and veteran-owned businesses while helping build American communities."

"I am extremely proud of our small balance teams for optimizing our customers' experience by leveraging our game changing technology," said Justin Levy, Head of Small Balance Lending at Ready Capital. "Sometimes SBA 7(a) or conventional loans can be prohibitive to borrowers who need capital quickly, so being able to close loans in a streamlined manner with a focus on the customer journey is a big focus of ours."

In February, Ready Capital funded 41 SBA 7(a) Small Loans, a record month for the company, with several of those loans closing in under 10 business days.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 600 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

Contact:
Media Relations
Ready Capital Corporation
PR@readycapital.com

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SOURCE Ready Capital Corporation

FAQ

What is the latest news about Ready Capital Corporation's SBA 7(a) lending program?

Ready Capital has expanded its SBA 7(a) lending program to offer loans as small as $10,000, aiming to support underserved businesses.

How much did Ready Capital fund in the SBA 7(a) loans in February 2022?

In February 2022, Ready Capital funded a record 41 SBA 7(a) Small Loans.

What is the loan range offered by Ready Capital's expanded SBA 7(a) program?

The expanded SBA 7(a) lending program now offers loans ranging from $10,000 to $5,000,000.

How quickly can Ready Capital close SBA 7(a) loans?

Ready Capital has successfully closed some SBA 7(a) loans in under 10 business days.