FirstCity Financial Corporation today announced that it has received approval from the Small Business Administration to complete its proposed purchase of a SBA lending franchise to originate and service SBA 7(a) loans. The approval is subject to closing the previously announced asset purchase agreement and the terms of the transaction being consistent with the information submitted to the SBA in the application by American Business Lending, an affiliate of FirstCity, to become a small business lending company. Completion of the transaction should be complete before year-end.
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