Though the small business loan sector hit the public asset-backed market this year with a $600 million deal done by the Money Store - anything but typical, according to sector specialists - the real news is the slow disappearance of the Small Business Association (SBA) structured deal.

"I think there's more and more non-SBA deals getting done," said Kent Becker of Moody's Investors Service. "There's more flexibility because the SBA does not have oversight, so the issuer and the banker can structure the deal anyway that they want. When it comes to SBA deals, the SBA basically mandates a particular type of a structure."

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