NEW YORK, Oct. 31, 2013 /PRNewswire/ -- Newtek Business Services, Inc. (NASDAQ: NEWT) (www.thesba.com) The Small Business Authority®, today announced that its subsidiary, SBA-licensed 7(a) non-bank lender, Newtek Small Business Finance, Inc. ("NSBF"), has been selected to service a $400 million portfolio of SBA 7(a) loans for a large institutional client. The servicing has transferred and is currently part of Newtek's loan servicing portfolio.
Barry Sloane, Chairman, President and Chief Executive Officer of Newtek Business Services, Inc. said, "We are extremely pleased to announce that our total loan servicing portfolio has exceeded $1.0 billion, a level that not only represents a milestone in the Company's operating history, but also exceeds our previously stated expectation, of at least $700 million for 2013, by a meaningful margin. Our ability to add this $400 million in loan servicing further demonstrates our industry-recognized expertise as a Standard and Poor's select-rated small-balance commercial loan servicer. We expect to continue to grow the loan servicing aspect of our business across all 50 states through a combination of organic growth in loan origination volume and through the disciplined acquisition of third-party loan servicing opportunities. As such, during our third quarter 2013 financial results conference call on November 6, 2013, we look forward to updating our servicing portfolio guidance for 2013, based on the recent addition of $400 million in loan servicing, as well as issuing new guidance for 2014 regarding our loan servicing portfolio."
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority®, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides one or more of its services to over 100,000 business accounts and has positioned the Newtek® and The Small Business Authority brands as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Newtek Business Services, The Small Business Authority ®, provides the following products and services:
The Newtek Advantage™: A mobile real-time SMB management platform that puts all of a business's critical transactions and economic, eCommerce and web site traffic data on a smartphone, tablet, laptop or PC. The Newtek Advantage™ provides the intelligence that businesses require and will give them the advantage to succeed. This revolutionary platform will allow owners and operators of small- and medium-sized businesses to manage their businesses from their mobile device anywhere, anytime, all without an IT department.
Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
Web Hosting: Full-service web host which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
Business Lending: A broad array of lending products.
Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
Web Services: Customized web design and development services.
Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
Accounts Receivable Financing: Receivable purchasing and financing services.
Payroll: Complete payroll management and processing services.
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.
For more information, please visit www.thesba.com.
Newtek Business Services, Inc.
Chairman and CEO