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SBA commits to reserve leverage for Medallion Financial unit

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SBA commits to reserve leverage for Medallion Financial unit

The U.S. Small Business Administration on March 30 committedto reserve leverage in the form of debentures in an amount equal to $10 millionto Medallion Financial Corp.'swholly owned subsidiary, Medallion Capital Inc.

Medallion Capital accepted the commitment on April 7 and paida leverage fee of $100,000 to the SBA, according to a Form 8-K filed the same day.The remaining portion of the leverage fee of $200,000 will be deducted pro rataas Medallion Capital draws from the commitment proceeds.

Medallion Capital can draw from the commitment proceeds, in wholeor in part, until Sept. 30, 2020, which is the expiration date of the commitment.