Ready Capital expands business lending to issue small 7(a) loans as low as $10,000
NEW YORK, March 9, 2022 /PRNewswire/ — Ready Capital Corporation (NYSE:RC) (“Ready Capital”) announced today that it has expanded its SBA 7(a) lending program to support underserved businesses using technology exclusive to take out loans as small as $10,000. Through its small business lending unit, Ready Capital can now consider loans from $10,000 for $5,000,000 for its 7(a) loan program. The Small Business Administration (SBA) identifies loans below $350,000 as 7(a) Small Loans.
“By expanding our 7(a) capabilities, we can fund an even wider range of eligible businesses, with greater efficiency and transparency,” said John Mosier, president of small business lending at Ready Capital. “This capability supports our efforts to fulfill the SBA’s mission to promote minority, women, and veteran-owned businesses while helping to build American communities.”
“I’m extremely proud of our small balance teams to optimize our customer experience by leveraging our game-changing technology,” said Justin Levy, head of small loans at Ready Capital. “Sometimes SBA 7(a) or conventional loans can be prohibitively expensive for borrowers who need capital quickly, so being able to take out loans in a streamlined way with a focus on the customer journey is one of our main goals.”
In February, Ready Capital funded 41 small SBA 7(a) loans, a record month for the company, with many of those loans closing in less than 10 business days.
Ready Capital Corporation (NYSE:RC) is a multi-strategy real estate finance company that originates, acquires, finances and manages small and mid-sized commercial loans. Ready Capital specializes in commercial real estate-backed loans, including agency multi-family loans, investor and bridge loans as well as SBA 7(a) business loans. Based in New York, new York, Ready Capital employs more than 600 credit professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.
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SOURCE Ready Capital Corporation