With the subprime loan industry booming, many small to midsize private lenders need infusions of cash to facilitate growth. As a result, they face a difficult choice: raise capital by going public or be swallowed up by a larger company.

Delta Funding Corp. just chose the former. The Woodbury, N.Y.-based lender filed a registration agreement with the Securities and Exchange Commission this month for a proposed initial public offering of four million shares of stock.

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