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Newtek Business Services, Inc., The Small Business Authority, Extends the Availability of its Capital One Bank Warehouse Lines from December 16, 2012 until September 30, 2013
The Capital One Financing is Being Used For Small Business Lending Activity
By: PR Newswire
Oct. 10, 2011 10:30 AM
NEW YORK, Oct. 10, 2011 /PRNewswire/ -- Newtek Business Services, Inc. (Nasdaq: NEWT), The Small Business Authority, announced that its subsidiary, Newtek Small Business Finance Inc., which is one of the very few non-bank lenders currently active in making small business loans, extended the availability of its credit lines with Capital One, N.A. from December 16, 2012 until September 30, 2013. These revolving facilities enable the Company to finance both the government-guaranteed and non-guaranteed portion of U.S. Small Business Administration 7(a) loans. The Company has previously announced that it expected to close approximately $100 million in guaranteed small business loans during 2011.
Barry Sloane, Chairman and Chief Executive Officer said: "We continue to make great progress toward our goal of funding $100 million in loans to small businesses during 2011 as we have publicly forecast. Our previous financial guidance for 2012 assumed loan originations of $125-$150 million and this extension of the maturity of our Capital One, N.A. credit facilities for an additional nine months will help get us there. We welcome the opportunity to fund small businesses across the US in amounts from $50,000 to $5 million and we appreciate the good working relationship we have with Capital One which facilitates this important part of our business."
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((TM)) 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 currently provides its services to over 100,000 business accounts and has positioned the Newtek((TM)) brand as a one-stop-shop provider of its 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's business service lines include:
For more information, please visit www.thesba.com
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.
Rubenstein Public Relations
SOURCE Newtek Business Services, Inc.
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