NEW YORK (11/9/11)--The U.S. Small Business Administration (SBA) has announced that Newtek Business Services, Inc., The Small Business Authority, has been named as the top non-bank SBA 7(a) program lender for the fiscal year ended Sept. 30, 2011.
Newtek in a release said it has been authorized to fund $130 million in SBA guaranteed small business loans for 2011. This is a dramatic increase from the $75 million in gross loan approvals made in 2010.
Newtek CEO Barry Sloane said his firm provides receivable finance lines of credit to many independent business owners across the United States that are looking to grow their business, and added that Newtek would continue to work with independent business owners and finance their businesses in 2012.
Newtek is a CUNA Strategic Services Provider.