Fitch Rates Business Loan Express SBA Loan Trust Series 2002-1.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 16, 2002

Fitch Ratings has assigned an 'AAA' rating to the Business Loan Express SBA loan-backed notes, series 2002-1 class A notes and an 'A' rating to the class M notes. Principal and interest are paid to the note holders on the 25th of every month following the date of issuance. The class A notes will pay a per-annum interest rate equal to one month LIBOR plus 55 basis points. The class M notes will pay a per-annum interest rate equal to one month LIBOR plus 140 basis points. The SBA loans are sold to the trust by Business Loan Center, Inc. (BLC) and BLX Funding Trust I (collectively, the Sellers).

The 'AAA' rating on the class A notes and the 'A' rating on the class M notes are based on the following:

--Aggregate credit enhancement in the form of subordination, a letter of credit and excess spread that will be trapped for delinquent loans and any deterioration in the margin between prime and LIBOR;

--The diverse collateral pool of loans being purchased by the trust;

--The Sellers' experienced management team;

--The low delinquency and default history of the Sellers' SBA loan portfolio, as well as the historical performance of SBA 7(a) unguaranteed loans of the Small Business Administration;

--The Sellers' loan origination and servicing policies and procedures; and,

--The sound legal and payment structure of the transaction.

Aggregate credit enhancement of 17% for the class A notes is provided through subordination from the class M and the unrated class B notes (10%) and a letter of credit provided by Bank of America, N.A. (7%). Aggregate credit enhancement of 9% for the class M notes is provided through subordination from the class B notes (2%) and the letter of credit (7%). In addition, the notes will benefit from excess spread on both the guaranteed and unguaranteed portions of the underlying SBA loans as well as excess spread trapped for delinquent loans and any deterioration in the margin between prime and LIBOR.

Headquartered in New York, NY, BLC is a wholly owned subsidiary of Business Loan Express, Inc. (BLX). BLC is one of only 13 non-bank participants in the SBA 7(a) program. Allied Capital Corporation acquired Business Loan Express (f.k.a. BLC Financial Services, Inc.), on Dec. 31, 2000. BLX 2002-1 represents BLC's fifth securitization of the unguaranteed interests in SBA 7(a) loans.