Majority Of Business Owners Unsure About How To Prepare For ObamaCare

NEW YORK, July 2, 2013 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority®, with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,000 respondents, one of the key findings from the June survey is 52% of business owners do not know how to prepare for the upcoming healthcare reform changes. Of the remaining, 24% plan to reduce benefits to employees, 13% plan to rebid their policy and 11% plan to reduce business expenses.

The full June 2013 results showed the following:

Poll Question

Poll Answer

 Percentage


Rebid your policy

 

13%

Reduce benefits to
employees

24%

With healthcare reform 6
months away, how are you
preparing?

 

Reduce other business
expenses

 

11%

 

I do not know what to
do

 

52%

 

Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, "With six months to go before the Patient Protection Affordable Healthcare Act goes into effect, small and independent business owners are still unsure of what actions to take for the health and welfare of their businesses and employees. Many states are behind in setting up healthcare exchanges and establishing a set of rules for the operation of the exchange. Many small and independent business owners need to seek advice on how to apply for available tax credits and have not yet calculated the benefits of purchasing insurance or paying the fine, in the form of a tax, that may be required for an uninsured employee. There are many unanswered questions at this time for small business owners in an uncertain economy. The cost of healthcare, as well as the changes in plans and benefits are adding to the uncertainty in the economy."

About Newtek Business Services, Inc.

Newtek Business Services, The Small Business Authority®, provides the following products and services:

  • Newtek Advantage®: Mobile real-time operating platform for business intelligence. The Newtek Advantage puts all critical business transactions in real-time. Access data on your smartphone, tablet, laptop or PC as it relates to eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
  • Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
  • Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
  • eCommerce:  A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
  • Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans through our lending subsidiary, Newtek Small Business Finance, Inc.    
  • Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
  • Web Services: Customized web design and development services.
  • Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
  • Accounts Receivable Financing: Receivable purchasing and financing services.
  • Payroll: Complete payroll management and processing services. 

Newtek Business Services, Inc., The Small Business Authority®, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek® brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.

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.

Investor Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@thesba.com

Contact: Brett Maas
Telephone: (646) 536-7331 / brett@haydenir.com

Rubenstein Public Relations
Contact: Jonathan Goldberg
Telephone: (212) 843-9335 / jgoldberg@rubensteinpr.com

SOURCE Newtek Business Services, Inc.



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