NEW YORK, April 15, 2020 / PRNewswire / – Ready Capital Corporation (NYSE: RC) today announced that the company’s national Small Business Administration (SBA) lender, ReadyCap Lending, LLC, has obtained SBA approvals to fund more than $ 2 billion loans through the US Small Business Administration’s Paycheck Protection Program (“PPP Program”). Through the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), the initiative calls on existing SBA lenders to provide loans to small businesses to cover salary expenses, occupation and operation via the PPP program. In addition, the P3 program includes a 100% guarantee from the federal government for loans up to 10 million dollars and principal remission for borrowers if the funds are primarily used to retain employees. Ready Capital, through its front-end technology integrated with its iBusiness financing platform, helps small businesses by lending not only to its existing clients, but also to new applicants. Ready Capital started receiving applications the first week of April and began funding the PPP program on Monday April 13e. The company will continue to fund approved loans over the coming weeks and is accepting applications on ppp.readycapital.com.
Thomas Capasse, President and CEO said, “Ready Capital has devoted its resources entirely to helping small businesses obtain this much-needed capital to deal with the challenges posed by COVID-19. We are proud to support our clients, who are the lifeblood of our business, and proud to be able to support all small business applicants, who are the lifeblood of this country. The government has done its part to make these funds available and it is our responsibility to get the funds into the hands of those who need them most.We estimate that our efforts to date will help fund the payroll of around 200 000 people across the country. “
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that creates, acquires, finances and manages small and medium-sized commercial loans. The Company specializes in commercial real estate backed loans, including agency multi-family, investor and bridging loans as well as US Small Business Administration loans under its Section 7 (a) program. . Based at New York, New York, the company employs more than 400 credit professionals nationwide. The company is managed externally and advised by Waterfall Asset Management, LLC.
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