WASHINGTON — Less than a month after it was unveiled, the Obama administration's plan to revive the secondary market for Small Business Administration loans is in jeopardy.

Since the Treasury Department is funding the plan with $15 billion of Troubled Asset Relief Program funds, broker-dealers and other participants would have to comply with executive compensation limits and issue warrants to the government. As a result, most of the large broker-dealers have said they do not want to participate, according to sources. Without their participation, the plan would almost certainly fail, observers said, leaving the Treasury scrambling to come up with alternatives.

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