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SOURCE Newtek Business Services, Inc.
Newtek's Total Loan Servicing Portfolio Exceeds $1.0 Billion
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 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
Newtek Business Services, Inc.
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / firstname.lastname@example.org
Contact: Brett Maas
Telephone: (646) 536-7331 / email@example.com
Rubenstein Public Relations
Contact: Jonathan Goldberg
Telephone: (212) 843-9335 / firstname.lastname@example.org
©2012 PR Newswire. All Rights Reserved.
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