Ready Capital Corporation Celebrates 103% Increase in SBA 7(a) Loans and Appoints Gary Taylor as CEO of ReadyCap Lending’
NEW YORK, May 21, 2024’ ’ Ready Capital Corporation (NYSE:RC) is pleased to announce a significant milestone for its non-bank SBA 7(a) subsidiary, ReadyCap Lending (RCL). In the first four months of 2024, RCL successfully closed $265.7 million in SBA 7(a) loans, marking a remarkable 103% increase compared to the same period last year. This achievement underscores the corporation’s effective dual strategy that caters to both large and small loans, adhering to the Small Business Administration (SBA) guidelines.
The financial uptick is a testament to ReadyCap Lending’s robust business model and its commitment to supporting small and medium-sized enterprises (SMEs) across the nation. By providing both large and small SBA 7(a) loans, RCL has been able to meet the diverse needs of the business community, ensuring access to capital for a substantial segment of America’s entrepreneurs.
In conjunction with this impressive financial performance, Ready Capital also announces a key leadership change. Gary Taylor has been appointed as the new CEO of ReadyCap Lending, poised to further steer the subsidiary toward continued success. Taylor brings a wealth of experience in financial services and strategic development, promising to augment RCL’s already robust trajectory.
“Our record-breaking growth in SBA 7(a) loans is a clear indicator of the trust businesses place in ReadyCap Lending,” commented Tom Capasse, Chairman and CEO of Ready Capital Corporation. “Gary Taylor’s leadership will undoubtedly fortify our position in the market, leveraging his extensive background to drive further innovation and efficiency.”
Gary Taylor expressed his enthusiasm about joining ReadyCap Lending: “I’m excited to lead a team that has demonstrated exceptional growth and commitment to supporting small businesses. Together, we will continue to build on this momentum and deliver even greater value to our clients.”
Ready Capital’s significant increase in SBA 7(a) lending activity and strategic leadership appointment signal an optimistic future for the corporation. By fortifying its management team and reinforcing its commitment to small business development, Ready Capital positions itself as a pivotal player in the financial sector, ready to navigate an increasingly dynamic market environment.
Ready Capital Corporation’s progressive approach and dedication to fostering economic growth through business lending continue to distinguish it as a leader in the industry. With strong leadership and a proven strategy, Ready Capital is well-equipped to support the diverse financing needs of small and medium-sized enterprises nationwide.
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