NEW YORK, April 19, 2012 /PRNewswire/ -- Newtek Business Services,NASDAQ: NEWT, The Small Business Authority, today announced that its primary lending subsidiary, Newtek Small Business Finance, has provided or committed to funding over $500,000,000 to over eight hundred U.S. small based businesses since acquiring and reorganizing the company. Its servicing portfolio of small balance commercial loans for its own account and others also stands in excess of $500,000,000 at this time. In 2011, Newtek Small Business Finance was the largest non-bank SBA lender and ranked 20th amongst all SBA lenders nationally. According to the U.S. Small Business Administration, it is a requirement that a minimum of every $55,000 of funding to small businesses creates or stabilizes one job. Therefore, we are estimating that our company has created or saved approximately over 9,000 jobs.
Barry Sloane, Chairman, President and CEO of The Small Business Authority commented, "Like the small businesses we lend to, we started off as a company with three employees in 1998, we are proud of our roots as an independently owned and operated small business. In the company's expansion plans, we are interested in lending in areas in the United States like Phoenix, South Florida and Las Vegas where small businesses and the economy have fared worse than others. In addition to being a major factor in U.S. small business lending, the company processes over $4 billion of electronic payment processing annually, hosts over 65 thousand internet business applications and its entire customer base exceeds 100,000 business accounts. We are proud to be able to contribute growth and stabilizing capital to U.S. based small businesses and anticipate growing our lending success in 2012 by 25-35%, as well as providing other services to help small businesses flourish in commerce and cloud computing."
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
- 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.
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.
Rubenstein Public Relations
Telephone: (212) 843-9335
Contact: Jonathan Goldberg / [email protected]
SOURCE Newtek Business Services, Inc.