Small Business

  • Ready Capital, through its subsidiary ReadyCap Lending, LLC, is an approved non-bank, U.S. Small Business Administration (SBA) Preferred Lender
  • Offers secured and unsecured financing nationwide to small business owners
  • Provide loans from $350,000 to $5 million
  • Flexible terms and competitive loan rates to fund a range of business needs
  • Longer terms, lower down payments and more flexibility than other types of business financing, to improve cash flow as you expand or start your business
  • Closing costs may be financed
  • Equity injection may include seller note or gift funds
  • Working capital may be included
  • Story driven underwriting
  • Low down payment
  • Longer terms
  • More flexibility
  • Fixed rate available for those who qualify
Q&A with John Moshier - President of SBA Lending


1. How has the Economic Aid Act enhanced the 7(a) program?


The Economic Aid Act passed by Congress in December 2020 included economic aid for small businesses which were hit particularly hard by the pandemic. For 7(a) borrowers and lenders, the most significant change was a temporary enhancement to the terms of the program. Congress not only increased the loan guarantee to 90%(instead of 75%)but also cut the guarantee fees required of borrowers in the program. Also, the Act extends the small business debt relief program, so some borrowers have become eligible for deferred payments of principal and interest.


2. Why does the fee waiver matter to borrowers?


The fee waiver can save a significant amount of money for a borrower. Normally, under the 7(a) program, a borrower has to pay a guarantee fee of as much as 3.5%. Over the life of a loan, that can become a significant added expense. For example, imagine a borrower with a $1 million loan. Under the normal 7(a) rules, that borrower would have to pay a fee that would accrue to about $50,000 when compounded. But for the moment, that fee is waived until the appropriation runs out. We think the fee waiver creates a big opportunity for borrowers, but it is tied to the temporary enhancement which is likely to wind down soon.


3. What about the deferred payments?


Some borrowers may qualify for up to three months of deferred payments under the temporary enhancement. The attractiveness of this opportunity speaks for itself as any borrower will benefit by omitting the first few months of payments. In many cases, the deferral can even qualify for forgiveness, so the borrower is effectively reducing their total loan balance.


4. Does this broaden the client base for 7(a) loans?


For lenders, this temporary change enhances the lending appetite because the higher guarantee—90% instead of 75%—helps reduce their risk. While the 7(a) program obligates SBA lenders to comply with the SOP guidance for an eligible borrower, lenders typically make choices about which industries and regions fit their credit profile. There might be a borrower whose credit profile under normal circumstances would fail to match with the lender’s ideal profile, but in this temporary situation, the same lender may alter their ideal profile in an effort to help fund more businesses. As a result, some higher-risk borrowers may now have a better opportunity to qualify for a 7(a) loan than they will if they wait until after the temporary enhancement period ends.


5. When will the temporary enhancement end?


This temporary enhancement was rolled out when Congress authorized the appropriation associated with the Economic Aid Act. SBA lenders cannot forecast whether Congress will authorize a new appropriation, but it is prudent to assume that this enhancement is unlikely to be renewed. The end of the period is determined not by the calendar but by the budget—when the appropriation runs out, the temporary enhancement ends. An educated guess would point to June or July of 2021 as a likely end date for the enhancement. For that reason, borrowers should consider applying for a 7(a) loan now.


“Ready Capital” is a trade name encompassing ReadyCap Lending, LLC, ReadyCap Commercial, LLC, and other businesses operated by Ready Capital Corporation. This document is provided for information and discussion only and does not constitute an offer or commitment to extend credit. Any information including facts, opinions or quotations, may be condensed or summarized and are expressed as of the date of writing. The information may change, and Ready Capital Corporation and its affiliates/subsidiaries are under no obligation to ensure that such updates are brought to your attention. Ready Capital is not affiliated with or endorsed by any government agency, department, or bureau. All the opinions, conclusions, or recommendations expressed are those of Ready Capital and do not reflect the views of any government agency, department, or bureau.
© 2021 Ready Capital Corporation. All rights reserved

New SBA Assistance for Restaurants and Other Hard-Hit Food Establishments

Ready Capital applauds the U.S. Small Business Administration (SBA) as it launches the Restaurant Revitalization Program.

Under this program, the SBA will be making a total of $28.6 billion in grants directly available to restaurants and other hard-hit food and/or beverage establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.

With the program’s portal now open, applicants should visit for more detailed information including registration steps.

This program is expected to see extremely high demand, so Ready Capital is urging potential participants to collect needed documentation and submit applications to the SBA portal as soon as possible.  As an SBA Preferred Lender, Ready Capital encourages eligible business owners to consider this robust program for their funding needs. If you have questions about the program or would like to learn more about other financing opportunities that may be available for your business, we invite you to contact Ready Capital.

Email your local Business Development Officer for more information.

Eligible entities generally include the following businesses that have experienced pandemic-related revenue loss:

  • Restaurants
  • Food stands, food trucks, food carts
  • Caterers
  • Bars, saloons, lounges, taverns
  • Snack and nonalcoholic beverage bars

Other types of establishments may also be eligible, subject to the program’s detailed guidelines

  • Bakeries
  • Brewpubs, tasting rooms, taprooms
  • Breweries and/or microbreweries
  • Wineries and distilleries
  • Inns
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

Applicants can visit to register.


Ready Capital is a national direct lender that specializes in providing financing solutions to a wide range of industries. Our team of specialists understands the value of your business as well as the people who operate the practice and the communities that they serve.

Loan Programs:

  • Owner Occupied Real Estate
  • Business and Partner Buyouts
  • Real Estate Loans
  • Renovations & Expansions
  • Working Capital
  • Practice Acquisitions
  • Debt Consolidation
  • Construction
  • Equipment

Loan Terms:

  • Creative Financing Structures
  • Up to 25 Year Loans
  • Competitive Interest Rates
  • Flexible Payment Structures






























Brett Hucka
Duluth, MN

Brett brings a decade of banking experience with the past 5 years focused in SBA 7a lending.  Prior to joining Ready Capital, he served as Assistant Vice President for Stearns Bank NA both as a lending manager and nationwide SBA loan officer, closing over $88,000,000 in SBA 7a in that 5 year period.  Brett has extensive SBA 7a knowledge and specializes in business acquisitions, startups and real estate acquisitions.  Prior to Stearns Bank NA, he held several roles with Wells Fargo including Personal Banker, Service Manager and Branch Manager (3 locations). Brett received his bachelor degree from University of Minnesota, Morris and currently resides in Duluth Minnesota.

  • Small Business
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Interested in working with one of the fastest growing commercial mortgage REIT’s in the industry?

Ready Capital is always looking to add experienced and driven professionals to expand and grow with our company. We are continually searching for experienced professionals within the industry by offering a work environment thriving on collaboration and a corporate culture of employees who are passionate and excited about what they do.

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