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PNC to pay $9.5M to settle claims of improper SBA loans (access required)

PNC Bank is paying the U.S. government $9.5 million to settle a complaint related to loans guaranteed by the Small Business Administration, the U.S. Attorney’s Office for Maryland announced this week. As a lender in the SBA’s Preferred Lenders Program, the Pittsburgh-based bank approved 74 SBA-guaranteed loans brokered by Jade Capital & Investments LLC through principals. ...