Michael A. Schwartz
Chief Legal Officer
Chief Compliance Officer
Corporate Secretary
November 9, 2022
Via EDGAR
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re:
Newtek
Business Services Corp.
File No.
814-01035
Rule 17g-1(g) Fidelity Bond Filing
Ladies and Gentlemen:
On behalf of Newtek Business Services Corp. (the “Company”),
enclosed herewith for filing, pursuant to Rule 17g-1(g) under the
Investment Company Act of 1940, are the following:
(a)
A
copy of the Endorsement extending the policy period of the single
insured fidelity bond covering the Company and its subsidiaries
originally filed with the U.S. Securities and Exchange Commission
via EDGAR on November 19, 2021, to December 31, 2022;
and
(b)
A
Certificate of Secretary containing (i) the resolutions of the
members of the Board of Directors of the Company, including a
majority of the Board of the Directors who are not “interested
persons” of the Company, approving the form and amount of the Bond
and (ii) a statement as to the period for which premiums have been
paid.
If you have any questions regarding this submission, please do not
hesitate to call me at (212) 273-8170.
Very truly,
/s/ Michael A. Schwartz
Michael A. Schwartz
Chief Legal Officer
Chief Compliance Officer
w/attachments
1981 Marcus Ave., Suite 130, Lake Success, New York
11042
(Direct) 212-273-8170 | (Fax) 516-355-0795
mschwartz@newtekone.com
CERTIFICATE OF SECRETARY
The undersigned, Michael A. Schwartz, Secretary of Newtek Business
Services Corp. (the “Company”), a Maryland corporation, does hereby
certify that:
1.This
Certificate is being delivered to the Securities and Exchange
Commission (the “SEC”) in connection with the filing of the
Company’s fidelity bond (the “Bond”) pursuant to Rule 17g-l of the
Investment Company Act of 1940, as amended, and the SEC is entitled
to rely on this Certificate for purposes of the
filing.
2.The
undersigned is the duly elected and qualified Secretary of the
Company, and has custody of the corporate records of the Company
and is a proper officer to make this Certification.
3.Attached
hereto as an
Exhibit
is a copy of the resolutions approved by the Board of Directors of
the Company, including a majority of the Board of the Directors who
are not “interested persons” of the Company, approving the form and
amount of the Bond.
4.The
Bond premiums have been paid for the period September 30, 2022 to
December 31, 2022.
IN WITNESS WHEREOF, the undersigned has caused this Certificate to
be executed this 9th
day of November 2022.
/s/ Michael A. Schwartz
Michael A. Schwartz
Secretary
NEWTEK BUSINESS SERVICES CORP.
BOARD OF DIRECTORS
Resolutions Approving Financial Institution Investment
Company
Asset Protection Bond
WHEREAS,
Section 17(g) of the 1940 Act and Rule 17g-1(a) thereunder require
a BDC, such as the Company, to provide and maintain a bond which
has been issued by a reputable fidelity insurance company
authorized to do business in the place where the bond is issued, to
protect the Company against larceny and embezzlement, covering each
officer and employee of the BDC who may singly, or jointly with
others, have access to the securities or funds of the BDC, either
directly or through authority to draw upon such funds of, or to
direct generally, the disposition of such securities, unless the
officer or employee has such access solely through his position as
an officer or employee of a bank (each, a
“covered
person”);
and
WHEREAS,
Rule 17g-1 under the 1940 Act specifies that the bond may be in the
form of (i) an individual bond for each covered person, or a
schedule or blanket bond covering such persons, (ii) a blanket bond
which names the Company as the only insured (a
“single
insured bond”),
or
(iii) a bond which names the Company and one or more other parties
as insureds (a
“joint
insured bond”),
as permitted by Rule 17g-1 under the 1940 Act;
and
WHEREAS,
Rule 17g-1 under the 1940 Act requires that a majority of the
Non-Interested Directors approve periodically (but not less than
once every 12 months) the reasonableness of the form and amount of
the bond, with due consideration to the value of the aggregate
assets of the Company to which any covered person may have access,
the type and terms of the arrangements made for the custody and
safekeeping of such assets, and the nature of securities and other
investments to be held by the Company, and pursuant to factors
contained in Rule 17g-1 under the 1940 Act;
and
WHEREAS,
under Rule 17g-1 under the 1940 Act, the Company is required to
make certain filings with the SEC and give certain notices to each
member of the Board of Directors in connection with the bond, and
designate an officer who shall make such filings and give such
notices;
NOW THEREFORE BE IT RESOLVED,
that having considered the expected aggregate value of the
securities and funds of the Company to which officers or employees
of the Company may have access (either directly or through
authority to draw upon such funds or to direct generally the
disposition of such securities), the type and terms of the
arrangements made for the custody of such securities and funds, the
nature of securities and other investments to be held by the
Company, the accounting procedures and controls of the Company, the
nature and method of conducting the operations of the Company and
the requirements of Section 17(g) of the 1940 Act and Rule 17g-1
thereunder, the Board of Directors, including a majority of the
Non-Interested Directors, hereby determines that the amount, type,
form, premium and coverage of the fidelity bond covering the
officers and employees of the Company and insuring the
Company against loss from fraudulent or dishonest acts, including
larceny and embezzlement, issued by Chubb, having an aggregate
coverage of $1,250,000 (the
“Fidelity
Bond”),
are fair and reasonable and the Fidelity Bond be, and hereby is,
approved by the Board of Directors of the Company, including a
majority of the Non-Interested Directors;
and
FURTHER RESOLVED,
that the Chief Executive Officer, Chief Compliance Officer and
Chief Accounting Officer (the “Authorized Officers”) be, and each
of them hereby is, authorized, empowered and directed to take all
appropriate actions, with the advice of legal counsel to the
Company, to provide and maintain the Fidelity Bond on behalf of the
Company;
and
FURTHER RESOLVED,
that the Chief Compliance Officer of the Company be and hereby is,
designated as the party responsible for making the necessary
filings and giving the notices with respect to such bond required
by paragraph (g) of Rule 17g-1 under the 1940 Act;
and
FURTHER RESOLVED,
that the Authorized Officers be, and each of them hereby is,
authorized, empowered and directed to file a copy of the Fidelity
Bond and any other related document or instrument with the
SEC;
and
FURTHER RESOLVED,
that the Authorized Officers be, and each of them hereby is,
authorized, empowered and directed, in the name and on behalf of
the Company, to make or cause to be made, and to execute and
deliver, all such additional agreements, documents, instruments and
certifications and to take all such steps, and to make all such
payments, fees and remittances, as any one or more of such officers
may at any time or times deem necessary or desirable in order to
effectuate the purpose and intent of the foregoing
resolutions;
and
FURTHER RESOLVED,
that any and all actions previously taken by the Company or any of
its directors, Authorized Officers or other employees in connection
with the documents, and actions contemplated by the foregoing
resolutions be, and they hereby are, ratified, confirmed, approved
and adopted in all respects as and for the acts and deeds of the
Company.
FEDERAL INSURANCE
COMPANY
Endorsement No.:
16
Bond
Number: 82516041
NAME OF ASSURED: NEWTEK BUSINESS SERVICES CORP
(NBS)
EXTENDED BOND PERIOD ENDORSEMENT
It is agreed that this Bond is amended by deleting ITEM 1. of the
DECLARATIONS and substituting the
following:
ITEM 1. BOND
PERIOD: from 12:01
a.m. on September 30, 2021
to 12:01 a.m.
on December 31, 2022
This Endorsement applies to loss discovered after 12:01 a.m. on
September 30, 2022.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.
Date: September 30, 2022
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