News Column

Newtek Approves Over $1.0 Billion in SBA 7a Loans

July 31, 2014

By a News Reporter-Staff News Editor at Politics & Government Week -- Newtek Business Services, Inc. NASDAQ: NEWT, The Small Business Authority(), announced that its lending subsidiary, Newtek Small Business Finance, has approved over $1.0 billion in loans since 2003. According to The Small Business Administration, these financings have created or preserved over 29,000 jobs as reported by each borrower with their application to Newtek Small Business Finance and The Small Business Administration for the loan being requested.

Barry Sloane, Chairman, President and Chief Executive Officer commented, "We are extremely proud to have approved over $1.0 billion SBA 7(a) loans; a milestone in Newtek's lending history. Over the past 11 years, we have systematically built our lending platform with strict adherence to our stringent underwriting guidelines, intense focus on the credit quality of our loans and our signature top-notch customer service. This winning formula has enabled us to withstand multiple lending cycles and emerge as the largest non-bank lender in the U.S. In fact, it is with this industry-recognized experience and expertise that we have been able to accomplish continued robust growth in our lending platform, with even further improvement in the credit quality of the loans we originate. It is our intention to further grow our lending business with increased access to capital markets through future securitizations, our financing with Capital One, N.A., totaling $47.0 million on a company-wide basis, and through the other capital market plans we are considering."

Keywords for this news article include: Government Agencies Offices and Entities, Newtek Business Services, Newtek Business Services Inc.

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Source: Politics & Government Week

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