Nonbank financial firm Newtek Business Services, which lends to small businesses, has assumed the servicing of a portfolio of loans originated by Aurora Bank. 

The loan portfolio comprises all SBA 7(a) loans in a securitization trust established in 2006, the company said in a press release yesterday. Currently they are made up of 64 loans with an outstanding balance of $30.4 million. SBA 7(a) loans are 75% backed by a U.S. government guarantee and 25% is uninsured.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.