Newtek Business Services

Newtek Business Services Corp. is a non-diversified closed-end management investment company, which engages in the provision of business and financial solutions. Its products and services include business lending, electronic payment processing, managed technology solutions (cloud computing), technology consulting, ecommerce, accounts receivable, inventory financing, personal and commercial lines insurance services, web services, data backup, storage and retrieval, and payroll and benefits solutions to small-and-medium sized businesses (SMB) accounts nationwide across all industries. The company was founded by Barry Sloane in 1998 and is headquartered in New York, NY.

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NewtekOne, Inc. is a financial holding company, which engages in the provision of business and financial solutions. Its brands include Newtek Bank, Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll, and Newtek Technology. The company was founded by Barry Sloane in 1998 and is headquartered in Boca Raton, FL.

BOCA RATON, Fla., July  13, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it will report its second quarter 2020 financial results after the market closes on Wednesday, August 5, 2020.  A conference call to discuss these results will be hosted by Barry Sloane, Chief Executive Officer, and Christopher Towers, Chief Accounting Officer, the following day, Thursday, August 6, 2020 at 8:30 am ET.  The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611.

Newtek Business Services Corp. to Report Second Quarter 2020 Financial Results on Wednesday, August 5, 2020 After the Market Closes

Is Newtek Business Services (NEWT) a great pick from the value investor's perspective right now? Read on to know more.

Should Value Investors Pick Newtek Business Services (NEWT)?

Will Begin Accepting SBA 7(a) Loan Applications on June 29, 2020 Will Begin Accepting SBA 7(a) Loan Applications on June 29, 2020

Newtek Small Business Finance Announces Restart of its SBA 7(a) Loan Program

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Forecasts Adjusted Net Investment Income in a Range of $1.30 per Share to $1.50 per Share for the Second Quarter of 2020 Forecasts Adjusted Net Investment Income in a Range of $1.30 per Share to $1.50 per Share for the Second Quarter of 2020

Newtek Business Services Corp. Declares Dividend of $0.56 per Share for the Second Quarter of 2020

BOCA RATON, Fla., June  12, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared a second quarter 2020 cash dividend of $0.561 per share, which is payable on July 31, 2020 to shareholders of record as of July 15, 2020.  

Newtek Business Services Corp. Declares Second Quarter 2020 Dividend of $0.56 per Share

BOCA RATON, Fla., June  02, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, closed or funded approximately $1.0 billion of Paycheck Protection Program (“PPP”) loans of its total $1.15 billion of PPP loans with SBA loan (E-Tran) numbers to date.  NSBF estimates that upwards of 130,000 employees could be retained by NSBF’s PPP borrowers if NSBF’s total potential funding of $1.15 billion of PPP loans is reached. NSBF estimates it will fund in whole or part of its remaining $150 million of PPP loans with SBA loan (E-Tran) numbers.  The PPP program is still ongoing and NSBF is still accepting PPP loan applications as of the date of this release. As of Sunday, May 31, 2020, there was in excess of $100 billion of SBA 7(a) appropriation remaining for PPP loans and SBA 7(a) loans. As a result, the Company believes the gross amount of PPP loan approvals can increase or decrease from NSBF’s total estimated potential funding of $1.15 billion of PPP loans.  The Company’s previously announced funding partners, as well as other existing partners of Newtek, are providing NSBF with referrals and additional financing to originate PPP loans.

Newtek Small Business Finance Closed or Funded Approximately $1.0 Billion of Paycheck Protection Program (PPP) Loans To Date

Obtained SBA Loan (E-Tran) Numbers for $1.15 Billion of PPP Loans Obtained SBA Loan (E-Tran) Numbers for $1.15 Billion of PPP Loans

Newtek Small Business Finance Has Funded and Approved Approximately $700 Million of Paycheck Protection Program (PPP) Loans To Date

Newtek Business Services' (NEWT) CEO Barry Sloane on Q1 2020 Results - Earnings Call Transcript

BOCA RATON, Fla., May  07, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, has processed approximately $80 million of Paycheck Protection Program (“PPP”) loans across 33 separate credit unions with 2,197 member businesses. NSBF estimates that these PPP loans resulted in approximately 11,749 employees being retained on the payroll of NSBF’s PPP borrowers. As of the date of this release, there is $120 billion of availability remaining for the SBA 7(a) program, which includes SBA 7(a) loans and PPP loans, and NSBF is working closely with credit unions and their members to serve their needs with these loans.

Newtek Small Business Finance Lends Financial Support To Credit Unions and Their Members Through PPP Loans

BOCA RATON, Fla., May  04, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, has obtained SBA loan (E-Tran) numbers for $1.1 billion of Paycheck Protection Program (“PPP”) loans, and will have funded, by close of business today, $603.4 million of the $1.1 billion of PPP loans.  NSBF estimates that upwards of 130,000 employees could be retained by NSBF’s PPP borrowers if NSBF’s total potential funding of $1.1 billion of PPP loans is reached. While NSBF estimates it has $1.1 billion of PPP loans with SBA loan (E-Tran) numbers, there is no assurance that it will ultimately fund all of these loans.  The PPP program is still ongoing and NSBF is still accepting PPP loan applications as of the date of this release.  As a result, the Company believes the gross amount of PPP loan approvals can increase from the current level.  The Company’s previously announced funding partners, as well as other existing partners of Newtek, are providing NSBF with referrals and additional financing to originate PPP loans. 

Newtek Small Business Finance Obtains SBA Loan (E-Tran) Numbers for $1.1 Billion of Paycheck Protection Program (PPP) Loans

Current Loan Pipeline of Approximately $900 Million as Part of Additional Government Allocation of Funding Current Loan Pipeline of Approximately $900 Million as Part of Additional Government Allocation of Funding

Newtek Small Business Finance Funded $518.2 Million of Paycheck Protection Program Loans From First Government Allocation of PPP Funding

Company Expects to Help Businesses Retain Over 60,000 Employees Company Expects to Help Businesses Retain Over 60,000 Employees

Newtek Small Business Finance Obtains $548 Million in E-Tran Numbers For Paycheck Protection Program (PPP) Loans To-Date

BOCA RATON, Fla., April  13, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, is estimating that for the week ending April 17, 2020, NSBF will fund between $200 to $250 million of PPP loans.  NSBF further estimates that these PPP loan fundings will enable its customers to continue to fund the payroll of approximately 20,000 employees.  As of April 13, 2020, NSBF has approved a total of $552 million of PPP loans that are awaiting an SBA E-Tran number. Stifel Financial Corp. and UBS, as well as other existing partners of Newtek, are providing NSBF with referrals and additional financing to originate PPP loans. 

Newtek Small Business Finance Helps Businesses Retain 20,000 Employees Through Paycheck Protection Program (PPP) Loans

BOCA RATON, Fla., April  10, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, is currently funding its first group of Paycheck Protection Program (“PPP”) loans for its clients.  The Company’s sole focus is to provide funds to small- and medium-sized businesses in all 50 states to help them sustain their employees and operations during this period of quarantine. The Company will release further funding data in the future. The Company is pleased to be working with its partners Stifel Financial Corp. and UBS Bank USA, as well as other existing partners who are providing NSBF with additional financing to originate PPP loans.  Newtek also recognizes and appreciates the critical role the SBA plays in maintaining and strengthening the U.S. economy.

Newtek Small Business Finance Funds First Group of Paycheck Protection Program (PPP) Loans For Its Clients

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BOCA RATON, Fla., March  23, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance (“NSBF”), the Company’s nationally licensed SBA-lender subsidiary, is  prepared to extend capital to small- and medium-sized businesses as part of the proposed Coronavirus Aid, Relief and Economic Security Act (CARES Act) that is currently under consideration in the U.S. Senate. The proposal in its current form includes $350 billion to be allocated for Small Business Interruption Loans, which would assist small businesses with fewer than 500 employees affected by the pandemic by providing loans under the Small Business Administration (“SBA”) Section 7(a) program to cover their payroll and other working capital expenses.  The CARES Act, in its present form being considered by the U.S. Senate, provides that qualifying small businesses may borrow up to $10.0 million from SBA  lenders through the existing SBA 7(a) loan guarantee program.

Newtek Small Business Finance Positioned to Extend Capital to Small- and Medium-Sized Businesses as Part of the Proposed Coronavirus Aid, Relief and Economic Security Act (CARES Act)

BOCA RATON, Fla., March  18, 2020  (GLOBE NEWSWIRE) --  Newtek Business Services Corp ., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that it's working together with its employees and portfolio companies to deal with the current challenging environment created by the spread of COVID-19 (Coronavirus).  Last week, Newtek successfully tested and enacted its Business Continuity plan, without any impact to its business operations. Newtek and its portfolio companies are fully operational and servicing its borrowers and customers without interruption.  Newtek and its portfolio companies employees’ health and safety are of paramount importance, as is providing the service and support our borrowers and customers have come to expect.  The Company has been able to affect social distancing in our offices by moving to an odd- and even-day work schedule.  In addition, as a result of the prior planning by the Company with the assistance of Newtek Technology Solutions and IPM, the Company is fully able to support any of our employees’ need to work from home for extended periods of time, leveraging our secure VPN infrastructure and cloud-based phone system to access our systems and ensure that customer data is secure. The Company has been and will continue to be diligent in monitoring this evolving situation and take any necessary and appropriate actions to keep its employees safe and healthy, while also ensuring our business operations remain fully functional.

Newtek Business Services Corp. Provides Update on Operations

Newtek Business Services' (NEWT) CEO Barry Sloane on Q4 2019 Results - Earnings Call Transcript

Newtek Business Services Corp. (NEWT) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.

Moving Average Crossover Alert: Newtek Business Services

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Reiterates its 2020 Annual Dividend Forecast of $2.19 per Share Reiterates its 2020 Annual Dividend Forecast of $2.19 per Share

Newtek Business Services Corp. Declares First Quarter 2020 Dividend of $0.44 per Share

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