Newtek Small Business Finance Maintains Position as Largest Non-Bank SBA 7(a) Lender
October 10 2017 - 9:50AM
Newtek Business Services Corp. (“Newtek” or the “Company”)
(NASDAQ:NEWT), an internally managed business development company
("BDC"), today announced that its wholly owned subsidiary Newtek
Small Business Finance, LLC (“NSBF”) maintained its position as the
largest non-bank SBA 7(a) lender by dollar volume of approved loans
for the 12-month period ended September 30, 2017, according to the
U.S. Small Business Administration. NSBF also ranked #7 as most
active SBA 7(a) lender by dollar volume of approved loans among all
banks and non-banks for the same period.
Barry Sloane, Chairman, President and Chief Executive Officer
said, “We are proud that NSBF has maintained its position as the
largest non-bank SBA 7(a) lender and has been ranked #7 of all bank
and non-bank SBA 7(a) lenders, which we believe is testament to
NSBF’s dedication to ongoing technological improvements to
streamline the lending process, enabling NSBF to grow origination
volume while maintaining focus on the credit quality of the loans
it originates.”
Mr. Sloane continued, “The market has continued to recognize and
reward the quality of NSBF’ loan originations. In the second
quarter of 2017, Standard & Poors (“S&P”) Global Ratings
announced that it raised its rating on the SBA 7(a) loan
securitization Class A Notes issued by Newtek Small Business Loan
Trust 2014-1, from A to A+. Furthermore, NSBF increased its
existing revolving credit facility through Capital One, National
Association, by $50.0 million to $100.0 million, and received an
over 100 basis point reduction in the interest rates to fund SBA
7(a) loans. Additionally, we continue to garner demand from
the investment community for our loan products through our
securitization program. To date, NSBF has completed seven
securitizations, with the seventh being the largest securitization
resulting in the issuance and sale of $53.4 million of notes, rated
by S&P. It is our full intention to continue to leverage our
superior cutting-edge lending technology to further expand our
lending capabilities and in turn our loan origination volume.”
About Newtek Business Services
Corp.
Newtek Business Services Corp., Your Business
Solutions Company®, 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 SMB accounts
across all 50 states to help them grow their sales, control their
expenses and reduce their risk.
Newtek’s and its portfolio companies’ products and services
include: Business Lending, SBA Lending Solutions, Electronic
Payment Processing, Technology Solutions (Cloud Computing,
Data Backup, Storage and Retrieval, IT Consulting), eCommerce,
Accounts Receivable Financing & Inventory Financing, The Secure
Gateway, The Newtek Advantage™, Insurance Solutions, Web Services,
and Payroll and Benefits Solutions.
Newtek® and Your Business Solutions Company® are registered
trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking
Statements
This press release contains certain
forward-looking statements. Words such as “believes,” “intends,”
“expects,” “projects,” “anticipates,” “forecasts,” “goal” and
“future” or similar expressions are intended to identify
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/. Newtek cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
NewtekOne (NASDAQ:NEWT)
Historical Stock Chart
From Aug 2024 to Sep 2024
NewtekOne (NASDAQ:NEWT)
Historical Stock Chart
From Sep 2023 to Sep 2024