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.
ST. PETERSBURG, Fla. (11/9/11)--PSCU Financial Services has added a new merchant-funded network called CURewards Mall to enhance its CURewards program.
"The CURewards Mall is an innovative way to reward cardholders for their loyalty that is funded by merchants and not credit unions," said Michael Kelly, president/CEO, PSCU Financial Services, a credit union service organization (CUSO). "This attractive rewards option combines personalized offers and online shopping to stimulate higher usage for a credit union's debit and credit cards. The ultimate goal is to build stronger member loyalty."
Members can access the online mall seamlessly through PSCU Financial Services' CURewards website to view in-store or online offers from local, regional and national merchants. The offers can include points or discounts with mall network merchants. Cardholders also can request that notifications be sent to an e-mail address.
PSCU Financial Services is providing marketing support that includes Web banners, in-branch displays, direct mailers, statement inserts and other marketing materials--at no cost to credit unions.
It also provides reports that track network spending, response rates to offers, and the impact of the program on credit card usage. Participating credit unions can earn rebate dollars from member spending in the mall network. Each credit union's monthly invoice will reflect a credit based on its members' spending in the mall network.
No additional implementation or administrative fees are required to add the mall network to a CURewards program.
Nearly 100 member credit unions added the CURewards Mall to their current credit and debit card rewards programs in the November launch--just in time for seasonal shopping, said the CUSO.