Newtek Small Business Finance
Maintains Position as Largest Non-Bank SBA 7(a) Lender
#7 Among All Bank and Non-Bank SBA 7(a) Lenders
SUCCESS, N.Y., Oct.
10, 2017 (GLOBE NEWSWIRE)
Business Services Corp. ("Newtek" or the "Company") (NASDAQ:NEWT), an internally managed business development
company ("BDC"), today announced that its wholly owned subsidiary Newtek
Small Business Finance, LLC ("NSBF")
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, 2017,
according to the U.S.
Small Business Administration. NSBF also ranked #7 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 that NSBF has maintained its
position as the largest non-bank SBA 7(a) lender and has been ranked #7 of all
bank and non-bank SBA 7(a) lenders, which we believe is testament to NSBF's
dedication to ongoing technological improvements to streamline the lending process,
enabling NSBF to grow origination volume while maintaining focus on the credit
quality of the loans it originates."
Mr. Sloane continued,
"The market has continued to recognize and reward the quality of NSBF'
loan originations. In the second quarter of 2017, Standard & Poors ("S&P") Global Ratings announced that
it raised its rating on the SBA 7(a) loan
securitization Class A Notes issued by Newtek Small Business Loan Trust 2014-1, from A to A+.
Furthermore, NSBF increased its existing revolving credit facility through Capital
One, National Association, by $50.0
million to $100.0 million, and
received an over 100 basis point reduction in the interest rates to fund SBA
7(a) loans. Additionally, we continue to garner demand from the
investment community for our loan products through our securitization program.
To date, NSBF has completed seven securitizations, with the seventh being the
largest securitization resulting in the issuance and sale of $53.4 million of notes, rated by S&P. It
is our full intention to continue to leverage our superior cutting-edge lending
technology to further expand our lending capabilities and in turn our loan
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 accounts across all 50 states to help them
grow their sales, control their expenses and reduce their risk.