Ready Capital Corporation Funds Initial $1.2 Billion of SBA Loans Through the Paycheck Protection Program
Summary
A Ready Capital Corporation (NYSE: RC) press release dated May 6, 2020, New York, NY. It announces that the Company's national Small Business Administration (SBA) lender, ReadyCap Lending, LLC, has funded in excess of $1.2 billion of loans through the Paycheck Protection Program ("PPP"), and that Ready Capital expects to fund the remainder of its completed PPP applications in an expedited manner. The release states that Ready Capital accepted more than 40,000 applications through its PPP loan portal, with an average loan size of $73,000 and over 50% of applicants requesting a loan under $25,000.
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“Ready Capital Corporation Funds Initial $1.2 Billion of SBA Loans Through the Paycheck Protection Program.”
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READY CAPITAL CORPORATION FUNDS INITIAL $1.2 BILLION OF SBA LOANS
THROUGH THE PAYCHECK PROTECTION PROGRAM
New York, NY - May 6, 2020 - Ready Capital Corporation (NYSE: RC) announced today that the Company's national Small
Business Administration (SBA) lender, ReadyCap Lending, LLC, has funded in excess of $1.2 billion of loans through the
U.S. Small Business Administration's Paycheck Protection Program ("PPP"). Additionally, Ready Capital expects to fund
the remainder of its completed PPP applications in an expedited manner. We want to thank our various partners who
have helped facilitate our PPP program and our customers for their patience and trust they have placed in us.
Since Ready Capital opened its PPP loan portal, it accepted more than 40,000 applications, of which more than 9,000 are
sole proprietors, representing over $2.7 billion. The Company’s average loan size was $73,000, far lower than average
program loan size, with over 50% of applicants requesting a loan under $25,000.
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-sized balance commercial loans. The Company specializes in loans backed by commercial
real estate, including agency multifamily, investor and bridge as well as U.S. Small Business Administration loans under its
Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 lending professionals
nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.
Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com
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Cited in: Ready Capital