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Newtek hits $1B milestone in SBA 7(a) loans

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NEW YORK (7/17/14)--Newtek Business Services Inc., The Small Business Authority, announced its lending subsidiary, Newtek Small Business Finance, has approved more than $1 billion in SBA 7(a) loans since 2003. 
 
Newtek Business Services is a CUNA Strategic Services alliance provider.
 
The financings have created or preserved more than 29,000 jobs as reported by each borrower with their application to Newtek Small Business Finance and The Small Business Administration for the loan being requested, according the U.S. Small Business Administration.
 
"Over the past 11 years, we have systematically built our lending platform with strict adherence to our stringent underwriting guidelines, intense focus on the credit quality of our loans and our signature top-notch customer service," said Barry Sloane, Newtek Business Services Inc. chairman and president and CEO.
 
"This winning formula has enabled us to withstand multiple lending cycles and emerge as the largest non-bank lender in the U.S.  In fact, it is with this industry-recognized experience and expertise that we have been able to accomplish continued robust growth in our lending platform, with even further improvement in the credit quality of the loans we originate," Sloane added.