CORRECTION NOTICE OF PRESS RELEASE ANNOUNCING IBUSINESS FUNDING ACQUISITION OF SELECT NON-SBA ASSETS AND TALENT FROM FOUNTAINHEAD SBF LLC

Rhea-AI Summary

iBusiness Funding, a leading provider of lending solutions, announced a correction to its press release. The correction clarifies the company's plans to leverage its acquired team's expertise in growing its LaaS business and supporting its direct SBA lender clients in new areas. The acquisition will also enable iBusiness Funding to relaunch its services providing support to lenders for their SBA micro and express loan programs.

Positive

• iBusiness Funding plans to continue growing its LaaS business and expand into new areas like general partner lending, construction loans, and multi-draw lending. The acquisition will enable the company to provide more accessible and flexible loan options for small businesses through its proprietary SBx approval model.

Negative

• None.

FORT LAUDERDALE, Fla. , May 26, 2023 /PRNewswire/ -- iBusiness Funding, LLC, a leading provider of innovative lending solutions like LenderAI and Lending as a Service (LaaS), today announced a correction to the 4^th paragraph of its press release sent out on May 18, 2023.

In the original version of the release, the 4^th paragraph read:

As a result of the acquisition, iBusiness Funding plans to leverage the acquired team's expertise to continue growing its LaaS business and expand into new areas including general partner lending, construction loans, and multi-draw lending. This acquisition will also enable iBusiness Funding to relaunch its SBA micro and express loan programs supported by their proprietary SBx approval model, providing small businesses with more accessible and flexible loan options.

It is corrected to read as follows:
As a result of the acquisition, iBusiness Funding plans to leverage the acquired team's expertise to continue growing its LaaS business and support its direct SBA lender clients in new areas like general partner lending, construction loans, and multi-draw lending. This acquisition will also enable iBusiness Funding to relaunch its services providing support to lenders for their SBA micro and express loan programs. iBusiness Funding has a proprietary SBx approval model, that can be leveraged by lenders, providing small businesses with more accessible and flexible loan options. iBusiness Funding looks to continue to grow as a technology and lending service provider to its direct lender clients.

iBusiness Funding is a wholly owned subsidiary of Ready Capital (NYSE:RC)

About iBusiness Funding, LLC

iBusiness Funding is a leading provider of lending solutions for banks and lenders of all sizes with a specialization in SBA lending. The company offers a range of products and services designed with a core mission to streamline the business lending process to get efficient capital into the hands of small and medium-sized businesses. iBusiness Funding originates and services loans from $5,000 up to $5,000,000 and sees over 1,000 business loan applications through its platform daily. For more information, visit www.ibusinessfunding.com.

About Ready Capital Corporation 

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.

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SOURCE iBusiness Funding

What is iBusiness Funding's expertise?

iBusiness Funding specializes in lending solutions and provides support to lenders for their SBA micro and express loan programs.

What does the acquisition allow iBusiness Funding to do?

The acquisition allows iBusiness Funding to leverage its acquired team's expertise, expand its services in general partner lending, construction loans, and multi-draw lending, and relaunch its support for lenders in their SBA micro and express loan programs.

What is iBusiness Funding's proprietary SBx approval model?

iBusiness Funding's proprietary SBx approval model provides small businesses with more accessible and flexible loan options.