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      "kind": "diagram",
      "text": "Attractive Market Opportunity: Compelling Risk-adjusted Returns, Fewer Lender Participants, Guaranteed Premiums Hit Record Levels",
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      "text": "The SBA (1953) is an independent federal agency which provides secured financing to small businesses. Eligible participants are banks except for 14 non-bank licenses approved in the 1980s. Eligible small businesses have under $15M net worth and $5M net profit.",
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      "text": "The SBA Section 7(a) Program is the SBA's primary program. The SBA typically guarantees 75% of qualified loans up to $5M maximum size at Prime + 275bps. Originator sells 75% pro-rata interest in loan in pooled SBA Certificates at ~9%+ premium retaining 25% and servicing rights.",
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      "text": "Source: SBA.gov; Windsor Advantage. (1) The above example is presented for illustrative purposes...",
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