Readycap Lending SBA loans in New York City: larger 7(a) term loans

By Solomon Wiesen, editor. Updated October 2026. Editorial standards | How this site is funded

Readycap Lending, the SBA lender within Ready Capital, approved 344 SBA 7(a) loans to New York City businesses from October 2019 through June 2026, fifth among NYC SBA lenders with 4.5% of city loans in our analysis of SBA loan data. Its median loan was $350,000, and loans approved since October 2023 started at a median rate of 11.25%. For a borrower, that makes Readycap a source of larger SBA term loans, processed outside SBA Express, rather than credit lines.

Term loans only, through the regular 7(a) channel

Only 0.6% of its NYC loans (two loans) went through SBA Express, and none are revolving lines. Nearly all (99.7%) carry variable rates, with a median term of 120 months.

That matches how Ready Capital describes itself. Its SBA 7(a) page calls the company “a non-bank, non-depository” lender listed on the New York Stock Exchange and an SBA Preferred Lender, and it lists term loans for acquisitions, partner buyouts, equipment, working capital, debt refinancing and owner-occupied real estate (property more than 51% used by the business). It does not list a line of credit.

Two loan sizes

The largest group, 148 loans, sits above $350,000 and up to $1 million, and the median loan is exactly $350,000. The second-largest is at the other end: 112 loans of $50,000 or less. Few loans fall in between. Ready Capital’s page explains the split in part: it makes loans “from $350,000 to $5,000,000,” while “loans under $350,000” are “financed through our iBusiness technology platform.” A Ready Capital announcement says it uses proprietary technology to underwrite 7(a) loans as small as $10,000.

The 15.0% median on the smallest loans equals prime plus 6.5 points when prime was 8.50%, which was the case until September 2024 per the Federal Reserve’s prime rate series. That is the SBA’s ceiling for variable-rate loans of $50,000 or less. Loans from $150,000 up started near 10% to 11%. Across all recent loans, the middle half ran from 10.25% to 14.25%. Prime was 7.00% in early October 2026.

Readycap’s NYC lending is recent. It made 27 NYC loans in fiscal 2023 and fewer before that, then 140 in fiscal 2024 and 126 in fiscal 2025; 85.8% of its NYC loans date from October 2023 or later. The first nine months of fiscal 2026 show 29.

Brooklyn accounts for 179 loans (52.0%), Manhattan 79, Queens 48, the Bronx 24 and Staten Island 14. Professional services lead with 88 loans, about a quarter of the total, followed by retail (60), salons, repair and personal services (27), health care and child care (25) and construction (23). Borrowers were overwhelmingly established: 92.2% had been in business more than two years, 4.9% two years or less, 1.5% were startups and 0.6% were changes of ownership.

What the standard 7(a) process means for you

Loans above $350,000 fall outside the SBA’s small-loan category, which tops out at $350,000 according to the SBA’s 7(a) loan types page. On a standard 7(a) loan (up to $5 million), the SBA guarantees 75% and expects the lender to treat the loan as fully secured under its SOP 50 10 rules. For comparison, SBA Express caps at $500,000 with a 50% guarantee.

The SBA’s terms and conditions set real estate maturities up to 25 years, working capital and equipment generally up to 10, and variable-rate caps of base plus 3.0 points above $350,000. They also set a prepayment fee on loans of 15 years or longer if you prepay 25% or more in the first three years: 5% in year one, 3% in year two, 1% in year three. Ready Capital’s page advertises “limited/no prepayment penalties” and terms up to 25 years.

What Ready Capital publishes

Beyond the loan range and uses, the 7(a) page says borrower equity requirements are low, closing costs may be financed, and that an SBA loan carries “no minimum credit score,” though lenders can add their own criteria. It does not publish rates, collateral rules, a time-in-business minimum, a document list or an online application; it routes borrowers to its small business development officers or a general inquiry form. Since Ready Capital is non-depository, you won’t be asked to open a deposit account with it.

Who this fits

The NYC data fits an established business borrowing $350,000 to $1 million as a term loan: buying a business, buying out a partner, buying the building or refinancing debt. A professional-services firm in Brooklyn or Manhattan describes a large share of its borrowers. It is a poor match for anyone who wants a revolving line, since none of its NYC SBA loans were lines, and for younger businesses, which were under 7% of its city borrowers.

For a line, search the SBA lender finder for lenders whose NYC loans are mostly Express lines. Smaller or newer businesses can also check the 19 city, state and community lenders in our NYC small business loans table.

Paperwork

The SBA’s borrower information form, Form 1919 (version effective March 19, 2025), goes to the lender with every 7(a) application, and the SBA’s personal financial statement is Form 413. Ready Capital does not post its own document list, so ask the development officer for it on the first call.

Cost against a merchant cash advance

An owner with a $50,000 advance at a 1.40 factor rate, repaid by debits every business day, is paying about 71% APR if it runs twelve months, 95% over nine, 142% over six. Readycap’s recent median of 11.25% sits well below that, though a standard 7(a) loan is expected to be fully secured and runs for years. The MCA vs loan calculator compares your own numbers.

Readycap Lending and Ready Capital do not endorse this page; the figures come from our count of the SBA’s public 7(a) loan file, excluding cancelled loans.