Newtek Small Business Lending Assigned Business-Based Servicer Rankings by S&P Global Ratings
May 22 2019 - 8:30AM
Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq:
NEWT), an internally managed business development company ("BDC"),
today announced that S&P Global Ratings (“S&P”) issued a
press release assigning its AVERAGE rankings on Newtek Small
Business Lending, LLC (“NSBL”) as a business-based primary and
special servicer. Additionally, S&P affirmed its AVERAGE
rankings on Newtek Small Business Finance, LLC (“NSBF”) as a
business-based primary and special servicer. According to
S&P, the rankings reflect NSBF’s and NSBL’s substantial
experience servicing loans under the U.S. Small Business
Administration (SBA) 7(a) loan program, their comprehensive
servicing platform and successful track record within their market
niche, seasoned senior and middle management, effective use of
information technology resources and vendors and proactive
management of the resolution of non-performing loans.
Barry Sloane, Chairman, President and Chief Executive Officer
said, “We are excited that our wholly owned SBA 7(a) subsidiary
Newtek Small Business Finance continues to be recognized by S&P
as a primary and special servicer for government guaranteed
loans. We are also thrilled that S&P has given our wholly
owned portfolio company Newtek Small Business Lending a rating for
servicing government guaranteed and conventional loans as
well. We believe we are extremely well positioned to service
the SBA 7(a), SBA 504 and non-conforming conventional loans we
originate, as well as grow our lender service provider business for
servicing third-party originated loans, which is an important
component of our strategy for growth in the SBA 7(a) originations
space.”
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 relationships
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, 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
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