Newtek Maintains Position as Largest Non-Bank SBA 7(a) Lender

NEW YORK, Oct. 29, 2014 /PRNewswire/ -- Newtek Business Services, Inc.NASDAQ: NEWT, The Small Business Authority^®, announced today Newtek's lending subsidiary, Newtek Small Business Finance, Inc., 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, 2014 according to the U.S. Small Business Administration. Newtek Small Business Finance also maintained its top-ten position 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 to have maintained our position as the largest non-bank SBA 7(a) lender and our ranking in the top ten of all bank and non-bank SBA 7(a) lenders.  Over the past year, for the 12-month period ended September 30, 2014, nationwide SBA 7(a) lending volume increased by 7.4% reaching $19.2 billion in total approved loans. During the same time period, we surpassed the growth in nationwide lending volume and recorded an over 27% increase in dollar volume of total approved loans.  The continued robust growth in this industry as well as our individual growth illustrates the strong demand for these loan types.  This trend represents a tremendous opportunity for us to continue to grow our SBA 7(a) lending platform and, at the same time, help support the growth and expansion of the small- and medium-sized businesses in the U.S."

About Newtek Business Services, Inc.

Newtek Business Services, Inc., The Small Business Authority^®, is the Authority for the small- and medium-sized business (SMB) market providing a wide range of business services and financial products under the Newtek^® brand. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.

Newtek's products and services include: The Newtek Advantage^™, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Business Lending, Insurance Services, Web Services, Data Backup, Storage and Retrieval, Accounts Receivable Financing, and Payroll.

The Small Business Authority^® is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.

Note Regarding Forward Looking Statements

Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. 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.

FROM:
Newtek Business Services, Inc.
http://www.thesba.com 
Investor Relations
Contact: Jayne Cavuoto 
Telephone: (212) 273-8179 / [email protected] 
Contact: Brett Maas
Telephone: (646) 536-7331 / [email protected] 
Public Relations
Contact: Simrita Singh
Telephone: (212) 356-9566 / [email protected]

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SOURCE Newtek Business Services, Inc.

Related Links

http://www.thesba.com