NEW YORK, May 6, 2015 /PRNewswire/ -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company ("BDC"), today announced that that it has entered into an exclusive partnership with Lending Club (NYSE: LC). This partnership will allow Newtek to expand its lending product menu and offer business loans to its customer base through the Lending Club platform. Lending Club is the world's largest online marketplace connecting borrowers and investors with a lending platform that has facilitated loans totaling over $9.3 billion since its inception in 2007.
Barry Sloane, President, Chairman and Chief Executive Officer of Newtek Business Services Corp. stated, "We are extremely excited to announce our partnership with Lending Club, the leader in marketplace lending. As a national small- and medium-sized business lender, Newtek provides a range of financing from $50,000 to $10 million, through a wide variety of product offerings. This partnership will enable us to further expand our suite of lending products, and service clients who require a revolving line of credit, a small-balance working capital loan or a collateralized term debt facility of up to $10 million."
Mr. Sloane continued, "We believe we are the only full-service small-business nationwide lender that acquires leads from retail channels and retail distribution partners and assembles, underwrites, services and funds these loans. With over a decade of lending experience, we have discovered that the majority of independent business owners are truly unaware of their funding needs and for what type of loan product or amount they are capable of qualifying. On a consultative basis, we offer expert guidance and provide financial business solutions to help businesses grow, refinance existing debt, stabilize their business and flourish in today's complicated markets. As we further develop as a BDC and grow the Newtek brand, we welcome the benefits we believe Lending Club will provide to us and our clients as a national exchange for small business finance. We would also like to thank Michael Rose from Metropolitan Capital Investment Bank who served as an advisor on this transaction with Lending Club."
"We share Newtek's commitment to helping U.S. small businesses understand their options and access the credit they need to thrive and grow," said Lending Club's founder and CEO Renaud Laplanche. "We're thrilled that we can offer access to responsible options that are perfectly suited for our marketplace offering, and excited to work with Newtek to make credit more available to small businesses."
About Newtek Business Services Corp.
Newtek Business Services Corp., The Small Business Authority®, 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 over 100,000 SMB 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 www.sec.gov