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While banks are the first approved lenders for a new SBA secondary market loan pool, credit unions are eligible to participate in the program that provides another liquidity source.

Bank of America and United Midwest Savings Bank were the first financial institutions to assemble SBA 504 first-mortgage pools to be sold in the secondary market, the SBA said last week. Bank of America pooled $32.07 million in loans it purchased from other lenders, with $25.65 million guaranteed by the SBA, according to the agency. United Midwest assembled a pool of $7.96 million, with $6.4 million guaranteed by the SBA.

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