NEW YORK, Aug. 31, 2015 /PRNewswire/ -- Newtek Business Services Corp., (NASDAQ: NEWT), The Small Business Authority®, announced today the release of the SB Authority Index of small business indicators for July 2015 which reached 130.96 points. Approved SBA lending volumes, the Russell Microcap Index and new entity formation led the increase. The SB Authority Index is up 0.10% from June 2015. On a year-over-year comparison, the SB Authority Index is up 1.75%.
Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, "Our index measures trends in the small business economy across 8 important subcategories. The index is depicting slow, anemic growth. Is our economy growing at first quarter GDP of 0.6% or at the recently reported 3.7%? Our index has depicted growth, albeit slow growth, for many quarters and months. We are not growing at zero or 4% but clearly our index is telling us things are slowing. Employment growth is slow. Fiscal and monetary stimulus tools are wearing off after years of offering stimulation. We can look forward to a slowing positive trend as the global economy slows. The United States economy, led by small business growth, is the best proxy for a positive trend in the world. Most small businesses are insulated from China, oil price declines and major stock price index swings."
About Newtek Business Services Corp.
Newtek Business Services Corp., The Small Business Authority®, is an internally managed business development company, 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 over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
The Small Business Authority® is a registered trade mark of Newtek Business Services Corp., 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." 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.