Bank of America and United Midwest Savings Bank have become the first financial institutions to assemble SBA 504 first mortgage pools to be sold on the secondary market, the U.S. Small Business Administration (SBA) announced today.

The announcement comes after the launch of the 504 First Mortgage Loan Pooling program on July 1. Authorized as part of the American Recovery and Reinvestment Act of 2009, the measure is expected to jumpstart the secondary market for the first mortgage loans made in conjunction with Section 504 Certified Development Company Loans.

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