Ready Capital’s Q1 and Fintech Footprint

Ready Capital originated $343M in SBA loans in the first quarter of 2025. It did an additional $44M in non-SBA small business loans in the same period.

“While we anticipate moderation in volume ahead, we view recent policy updates from the SBA as constructive towards reinforcing the program’s long-term strength and integrity,” said Thomas Capasse, CEO of Ready Capital. “Ready Capital continues to deliver performance above industry benchmarks. Our 12 month default rate was 3.2% versus the industry average of 3.4% and our five year charge-off rate has now declined for the fourth consecutive quarter, reflecting the strength of our credit and servicing practices. Additionally, our 12 month repair and denial rate reached a historic low.”

While Ready Capital is known as the fourth largest SBA lender and by far the largest non-bank SBA lender, the company is also among the biggest fintech innovators in the space.

• 2019: Acquired Knight Capital and iBusiness Funding
• 2023: Launched LenderAI
• 2023: Acquired non-SBA assets and talent from Fountainhead SBF LLC
• 2024: Acquired Funding Circle US
• 2024: Inherited Funding Circle’s funding partnership with eBay

On the last point above, eBay brokered more than $100M in small business funding in 2024 alone, with more than half of that believed to have gone to Funding Circle US, now Ready Capital via iBusiness Funding. On eBay, iBusiness Funding offers term loans up to $500k with repayment terms up to 7 years.

The rest of eBay’s funding volume goes to an MCA provider named Liberis.