[Mynameisbob]

I just recently signed up with them and got two pre qual letters for an SBA 7a

Has anyone worked with them before?

What are the challenges and time frame on closings?

[Jstarr]

they just package the deal.

[DiamondBL]

We like SmartBiz a little more - Many companies issue pre-quals.

[Mynameisbob]

Interesting? Are you 100% sure?




LAKE SUCCESS, N.Y., June 04, 2018 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (NEWT), an internally managed business development company ("BDC"), today announced that Newtek Small Business Finance, LLC, (“NSBF”), its SBA 7(a) lender subsidiary, received a 50 basis point reduction in the interest rate for its existing $100.0 million revolving credit facility through Capital One, National Association (“Capital One”), used to fund the unguaranteed and guaranteed portions of SBA 7(a) loans NSBF originates.

Barry Sloane, Chairman, President and Chief Executive Officer said, “We appreciate our over decade-long banking relationship with Capital One. We believe that the interest rate reduction is a testament to the improving credit quality and performance of the SBA 7(a) loans we originate. With our upcoming ability to use additional leverage by the earlier of April 27, 2019 or shareholder approval at the Special Meeting of Shareholders scheduled for July 2018, as a result of the passing of the Small Business Credit Availability Act, this rate reduction will provide us with the ability to retain the government-guaranteed portions of our SBA 7(a) loans on our balance sheet for longer periods of time and potentially realize up to an approximate 350 basis point interest rate spread during that holding period, which we believe can positively impact our bottom line.”

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.

Newtek’s and its portfolio companies’ products and services include: Business Lending, SBA 7(a) and 504 Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

Newtek® and Your Business Solutions Company® are registered trademarks of Newtek Business Services Corp.

[Mynameisbob]

I appreciate all the feedback from this board.




Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments. Under debt investments, it focuses on first lien loans, which have terms of 1 to 25 years; second lien loans, which have terms of 5 to 25 years, and unsecured loans, which are provided to meet short-term funding needs and are repaid within 6 to 12 months. It operates through Electronic Payment Processing, Managed Technology Solutions, Small Business Finance, and Capcos segments. The company originates small business administration loans for the purpose of acquiring commercial real estate, machinery, equipment, and inventory, as well as to refinance debt and fund franchises, working capital, and business acquisitions; and offers small business loan servicing and consulting services to the Federal Deposit Insurance Corporation and various other financial institutions, as well as provides management services. Its electronic payment processing services include credit and debit card processing, check approval, ancillary processing equipment and software to merchants, eCommerce, electronic solutions to accept non-cash payments, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs. The company also provides Website hosting, dedicated server, and cloud hosting services; Web design and development; Internet marketing; data storage and backup and other related services; and ecommerce services, such as payment processing, online shopping cart tools, Website design and Web related services; Accounts Receivable Financing, and The Secure Gateway. In addition, it offers Newtek Advantage, a mobile, real-time operating platform enabling a business to access data on a smartphone, tablet, laptop, or PC for eCommerce, credit/debit transactions, Website statistics, payroll, insurance, and business loans. Further, the company sells personal, commercial, and health/benefits lines of insurance products; and payroll management processing and employee tax filing services. It has strategic alliances with American International Group, CTAA, Navy Federal Credit Union, Credit Union National Association, Pershing, and others to provide agent services to small business clients. The firm seeks to invest in New York and Louisiana area. The firm seeks to invest $0.3 million to $3 million in businesses. It provides small business terms loans ranging from $0.05 million to $10 million. The firm also provides account receivable financing ranging from $0.05 million to $1.5 million. It also provides $0.05 million to $10 million financing to owner occupied real estate businesses whose average net income over the last 2 years must not exceed $2.5 million. Newtek Business Services Corp., formerly known as Newtek Business Services Inc., was incorporated on August 26, 2013 and is headquartered in Lake Success, New York with additional offices in Garden City, New York; Miami, Florida; Milwaukee, Wisconsin; New Orleans, Louisiana; and New York, New York.

[Jstarr]

"We appreciate our over decade-long banking relationship with Capital One. We believe that the interest rate reduction is a testament to the improving credit quality and performance of the SBA 7(a) loans we originate".