NEW YORK, July 16, 2014 /PRNewswire/ -- Newtek Business Services, Inc. NASDAQ: NEWT, The Small Business Authority®, announced today that its lending subsidiary, Newtek Small Business Finance, has approved over $1.0 billion in loans since 2003. According to The Small Business Administration, these financings have created or preserved over 29,000 jobs as reported by each borrower with their application to Newtek
Small Business Finance and The Small Business Administration for the loan being requested.
Barry Sloane, Chairman, President and Chief Executive Officer commented, "We are extremely proud to have approved over $1.0 billion SBA 7(a) loans; a milestone in Newtek's lending history. Over the past 11 years, we have systematically built our lending platform with strict adherence to our stringent underwriting guidelines, intense focus on the credit quality of our loans and our signature top-notch customer service. This winning formula has enabled us to withstand multiple lending cycles and emerge as the largest non-bank lender in the U.S. In fact, it is with this industry-recognized experience and expertise that we have been able to accomplish continued robust growth in our lending platform, with even further improvement in the credit quality of the loans we
originate. It is our intention to further grow our lending business with increased access to capital markets through future securitizations, our financing with Capital One, N.A., totaling $47.0 million on a company-wide basis, and through the other capital market plans we are considering."
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority®, is the Authority for the small- and medium-sized business (SMB) market providing a wide range of business services and financial products under the Newtek® brand. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
Newtek's products and services include: The Newtek Advantage™, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Business Lending, Insurance Services, Web Services, Data Backup, Storage and Retrieval, Accounts Receivable Financing, Payroll.
The Small Business Authority® is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. 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 Business Services, Inc.
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SOURCE Newtek Business Services, Inc.