S&P Affirms Ranking of Newtek Small Business Finance, LLC
LAKE SUCCESS, N.Y., May 22, 2019 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (NEWT), an internally managed business development company ("BDC"), today announced that S&P Global Ratings (“S&P”) issued a press release assigning its AVERAGE rankings on Newtek Small Business Lending, LLC (“NSBL”) as a business-based primary and special servicer. Additionally, S&P affirmed its AVERAGE rankings on Newtek Small Business Finance, LLC (“NSBF”) as a business-based primary and special servicer. According to S&P, the rankings reflect NSBF’s and NSBL’s substantial experience servicing loans under the U.S. Small Business Administration (SBA) 7(a) loan program, their comprehensive servicing platform and successful track record within their market niche, seasoned senior and middle management, effective use of information technology resources and vendors and proactive management of the resolution of non-performing loans.
Barry Sloane, Chairman, President and Chief Executive Officer said, “We are excited that our wholly owned SBA 7(a) subsidiary Newtek Small Business Finance continues to be recognized by S&P as a primary and special servicer for government guaranteed loans. We are also thrilled that S&P has given our wholly owned portfolio company Newtek Small Business Lending a rating for servicing government guaranteed and conventional loans as well. We believe we are extremely well positioned to service the SBA 7(a), SBA 504 and non-conforming conventional loans we originate, as well as grow our lender service provider business for servicing third-party originated loans, which is an important component of our strategy for growth in the SBA 7(a) originations space.”
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 relationships 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 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.
Note Regarding Forward Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal” and “future” or similar expressions are intended to identify forward-looking statements. 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/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public Relations
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