Newtek Reports an Approximate 41% Year-Over-Year Increase in SBA 7(a) Loan Fundings to $75.8 Million for the Second Quarter of 2016
NEW YORK, Aug. 01, 2016 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company ("BDC"), today announced that Newtek Small Business Finance, LLC, its lending subsidiary, funded $75.8 million of SBA 7(a) loans for the quarter ended June 30, 2016, a 40.6% increase over $53.9 million for the quarter ended June 30, 2015. For the six months ended June 30, 2016, SBA 7(a) loan fundings increased by 27.4% to $131.9 million, compared to $103.5 million for the same period one year ago. SBA 7(a) loan fundings were $25.9 million in July 2016, which represents the largest dollar volume of SBA 7(a) loans funded during the month of July in the Company's history.
Barry Sloane, Chairman, President and Chief Executive Officer said, "In advance of our earnings report next week we wanted to report our SBA 7(a) loan funding volume for the first half of 2016 and for July 2016, demonstrating the continued strong demand for our loans in the market. We look forward to reporting our full earnings for the second quarter of 2016 and invite our investors and analysts to participate in our call."
Second Quarter 2016 Investor Conference Call and Webcast
The Company will report its second quarter 2016 financial results on Monday, August 8, 2016 at 4:10 pm ET. A conference call to discuss these results will be hosted by Barry Sloane, Chairman, President and Chief Executive Officer, and Jennifer Eddelson, Executive Vice President and Chief Accounting Officer, the following morning, Tuesday, August 9, 2016 at 8:30 am ET. The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611.
A live webcast of the call and the corresponding presentation will be available in the ‘Events & Presentations' section of the Investor Relations portion of Newtek's website at http://investor.newtekbusinessservices.com/events.cfm. A replay of the webcast with the corresponding presentation will be available on Newtek's website shortly following the live presentation and will be available for a period of 90 days.
About Newtek Business Services Corp.
Newtek Business Services Corp., Your Business Solutions CompanyTM, 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 over 100,000 SMB accounts 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), eCommerce, Accounts Receivable Financing & Inventory, The Secure Gateway, The Newtek Advantage™, Insurance Services, Web Services, and Payroll and Benefits.
Newtek® is a registered trademark 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," 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.