Ready Capital Small Business Lending Scales Up with LenderAI
May 9, 2022
05/09/2022 | 08:01am EDT
NEW YORK, May 9, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced another Company record for small loan closings (loans from $10,000 to $350,000) funding over fifty-five (55) SBA 7(a) small loans in April. The Company attributes this success and continuous growth to using a technology platform called LenderAI by iBusiness Funding LLC ("iBusiness Funding"), which is now available to all lenders. "LenderAI has enabled us to scale up and support the smallest businesses, a key objective for us," said John Moshier, President of Small Business Lending at Ready Capital. "Traditionally, it has been extremely difficult to scale SBA 7(a) operations, especially for lower loan amounts offered to the smallest businesses. This was the perfect opportunity to employ iBusiness Funding's LenderAI technology." Ready Capital's Small Loan Lending program has gone from funding 84 loans in 2021 to 150+ loans in the first four months of this year. This growth has been enabled by iBusiness Funding's LenderAI technology, a full suite of tools including digital application flow as well as automated decisioning, origination, underwriting and closing, all in a convenient and user-friendly platform. "Our core mission when expanding the SBA small loan program was to help the smallest businesses, making affordable lending available to support economic development and underserved communities," said Justin Levy, President of Ready Capital Small Balance Lending. "LenderAI has enabled our 7(a) small loan products. The technology platform allows us to process loans for smaller businesses, who have fewer capital options, by digitizing their documents and inputs, giving them access to capital while allowing them to stay focused on their businesses."
"We believe our LenderAI technology has drastically improved document collection and processing, streamlining both the borrower and lender experience," said Katy Forte Seybold, iBusiness Funding Chief of Staff and Head of Strategy. "We're thrilled Ready Capital has successfully leveraged our LenderAI technology and we're hoping many more lenders will for all loan sizes. There's little risk to trying it out, with bank level security, flexible core platform integrations and, for a limited time, it's free to try with no implementation fees." Ready Capital continues breaking company records with a focus on the smallest and most underserved borrowers. iBusiness Funding is a wholly owned subsidiary of Ready Capital. iBusiness Funding LLC ("iBusiness"), established in 2015 and acquired by Ready Capital Corporation in 2019, is a technology Software and Services Provider that provides small business lending solutions to financial institutions. Over 130,000 loans have been funded through iBusiness' technology amounting to more than $6 billion. 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 professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC. Contact: