LAKE SUCCESS, N.Y., Oct. 30, 2017 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. ("The Company") (NASDAQ:NEWT), an internally managed business development company ("BDC"), today announced that Newtek Business Credit ("NBC"), a Newtek controlled portfolio company, appointed Mr. Tony Zara as Executive Vice President, Credit and Risk Management. Mr. Zara will serve on the credit committee for NBC, and will be based in Newtek's newly opened Orlando, FL office.
Barry Sloane, Chairman, President and Chief Executive Officer of Newtek Business Services Corp. said, "We are very excited to welcome Tony Zara to our team. With his depth and breadth of experience in business development and SBA loan credit evaluation as well as his expertise in funding SBA 504 construction loans and term-loan financing, we believe he will help improve and augment policies and procedures, credit underwriting, transactional deal flow and funding in NBC's U.S. Small Business Administration ("SBA") 504 program."
Mr. Zara has over 15 years of experience in strategic planning, business development and SBA loan credit evaluation with expertise in SBA 504 loan products. Most recently,
Mr. Zara was Executive Vice President, National Sales and Director at Mercantile Capital Corporation, a wholly owned subsidiary of Iberiabank Corporation, where he helped develop a national lending business that specialized in providing fixed-asset acquisition and construction financing to small business owners through the SBA 504 loan program. In addition, Tony oversaw and was part of a national sales team that funded over $2.2 billion in SBA 504 loans. Mr. Zara holds a Bachelor of Science in Economics with a concentration in Finance from the University of Pennsylvania's Wharton School of Business Undergraduate Program.
About Newtek Business Services Corp.
Newtek Business Services Corp., Your Business Solutions Company®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business services and financial products under the Newtek® brand to the small- and medium-sized business ("SMB") market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB accounts across all 50 states to help them grow their sales, control their expenses and reduce their risk.
Newtek's and its portfolio companies' products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT
Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, The Secure Gateway, The Newtek Advantage™, Insurance Solutions, Web Services, and Payroll and Benefits
Newtek® and Your Business Solutions Company® are registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking Statements
This press release contains certain forward-looking statements. Words such as "believes," "intends," "expects," "projects," "anticipates," "forecasts," "goal" and "future" or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their
impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these
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Source: Newtek Business Services Corp.
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