Newtek Small Business Finance Retains Position as Largest Non-Bank SBA 7(a) Lender
April 12 2022 - 8:30AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced that
Newtek Small Business Finance (“NSBF”) retained its position as the
largest non-bank lender (with PLP status) licensed by the SBA under
the federal Section 7(a) loan program, based on loan approval
dollar volume as of March 31, 2022. In addition, NSBF was ranked as
the 2nd largest SBA 7(a) lender, including banks, by loan approval
dollar volume as of March 31, 2022.
Barry Sloane, President, Chairman and CEO Newtek commented, “We
are thrilled to have retained our position as the top ranked
non-bank SBA 7(a) lender among banks, and second largest SBA 7(a)
lender including banks. Remaining a top SBA 7(a) lender is
testament to our continued focus and inherent efficiencies in our
SBA 7(a) loan program. We plan on continuing to grow this platform
and are excited about what the future holds for our lending program
and Company as a whole. We look forward to reporting our first
quarter 2022 financial results during the first week in May.”
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
and financial solutions 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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