Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments. Under debt investments, it focuses on first lien loans, which have terms of 1 to 25 years; second lien loans, which have terms of 5 to 25 years, and unsecured loans, which are provided to meet short-term funding needs and are repaid within 6 to 12 months. It operates through Electronic Payment Processing, Managed Technology Solutions, Small Business Finance, and Capcos segments. The company originates small business administration loans for the purpose of acquiring commercial real estate, machinery, equipment, and inventory, as well as to refinance debt and fund franchises, working capital, and business acquisitions; and offers small business loan servicing and consulting services to the Federal Deposit Insurance Corporation and various other financial institutions, as well as provides management services. Its electronic payment processing services include credit and debit card processing, check approval, ancillary processing equipment and software to merchants, eCommerce, electronic solutions to accept non-cash payments, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs. The company also provides Website hosting, dedicated server, and cloud hosting services; Web design and development; Internet marketing; data storage and backup and other related services; and ecommerce services, such as payment processing, online shopping cart tools, Website design and Web related services; Accounts Receivable Financing, and The Secure Gateway. In addition, it offers Newtek Advantage, a mobile, real-time operating platform enabling a business to access data on a smartphone, tablet, laptop, or PC for eCommerce, credit/debit transactions, Website statistics, payroll, insurance, and business loans. Further, the company sells personal, commercial, and health/benefits lines of insurance products; and payroll management processing and employee tax filing services. It has strategic alliances with American International Group, CTAA, Navy Federal Credit Union, Credit Union National Association, Pershing, and others to provide agent services to small business clients. The firm seeks to invest in New York and Louisiana area. The firm seeks to invest $0.3 million to $3 million in businesses. It provides small business terms loans ranging from $0.05 million to $10 million. The firm also provides account receivable financing ranging from $0.05 million to $1.5 million. It also provides $0.05 million to $10 million financing to owner occupied real estate businesses whose average net income over the last 2 years must not exceed $2.5 million. Newtek Business Services Corp., formerly known as Newtek Business Services Inc., was incorporated on August 26, 2013 and is headquartered in Lake Success, New York with additional offices in Garden City, New York; Miami, Florida; Milwaukee, Wisconsin; New Orleans, Louisiana; and New York, New York.
Wall Street expects a year-over-year increase in earnings on higher revenues when Newtek (NEWT) reports results for the quarter ended September 2019. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on November 6, 2019, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. https://finance.yahoo.com/news/newtek-newt-earnings-expected-grow-143302450.html
Newtek Business Services Corp.’s NEWT third-quarter 2019 adjusted net investment income of 63 cents per share outpaced the Zacks Consensus Estimate of 57 cents. The bottom-line figure also jumped 26% year on year. Results benefited from higher total investment income and improved investment portfolio. However, rise in total expenses acted as a headwind. Including certain one-time items, net investment loss was $0.53 million or 3 cents per share, improving from a loss of $1.4 million or 8 cents per share reported in the prior-year quarter. Total Investment Income Improves, Expenses Rise Total investment income was $16 million, up 29.4% from the year-ago quarter. This upside was mainly driven by a higher interest, dividend and servicing income. In addition, the top line beat the Zacks Consensus Estimate of $13.7 million. Total expenses flared up 20.3% year over year to $16.6 million. The increase mainly resulted from higher interest expenses, professional fees, other general and administrative costs, along with origination and servicing-related party costs. Lending Activities In the third quarter, Newtek Small Business Finance, LLC (NSBF) funded SBA 7(a) loans worth $114.3 million, down 6.6% year over year. Full-year 2019 SBA 7(a) loan funding is expected to be $520 million, up 10.8% year over year. Balance Sheet Position As of Sep 30, 2019, Newtek’s net asset value was $15.41 per share compared with $15.91 as on Dec 31, 2018. The company’s total investment portfolio went up 12.9% to $610.9 million as of Sep 30, 2019, from $541.1 million as of Dec 31, 2018. At the end of the third quarter, debt-to-equity ratio was 133%. https://finance.yahoo.com/news/newtek-newt-q3-earnings-beat-131801872.html
LAKE SUCCESS, N.Y., Nov. 20, 2019 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek”) (NEWT), an internally managed business development company (“BDC”), today announced that during the third quarter of 2019 it acquired a 51% interest in POS on Cloud d/b/a Newtek Payment Systems, a Kentucky-based limited liability company. POS on Cloud was founded in 2012 to develop a secure, affordable, easy-to-use cloud-based Point of Sale (POS) system for restaurant, retail, assisted living, parks and golf course businesses, providing not only payments and purchase technology solutions but also inventory, customer management, reporting, employee time clock, table and menu layouts, and ecommerce solutions as the central operating system for small- and medium-sized businesses. The POS provides seamless operations that are hardware agnostic and offer affordable, professional tools for businesses of any size. POS on Cloud has been co-branded Newtek Payment Systems and will be white labeled for Newtek’s alliance partners so they will be able to offer POS payment systems to their clients including credit unions, banking institutions, trade associations and investment banking clientele. POS on Cloud can process payments, integrate with ecommerce, integrate with general leger accounting software, and will include the Newtek Payroll Solutions payroll product to provide payroll solutions, workman’s compensation, health insurance, and a window into 401K. https://finance.yahoo.com/news/newtek-business-services-corp-acquires-165153392.html
Newtek Small Business Finance Funds First Group of Paycheck Protection Program (PPP) Loans For Its Clients Newtek Business Services Corp., (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. https://finance.yahoo.com/news/newtek-small-business-finance-funds-142340524.html
Newtek Small Business Finance Has Funded and Approved Approximately $700 Million of Paycheck Protection Program (PPP) Loans To Date Newtek Business Services Corp., (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 funded and approved for funding approximately $700 million 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. While NSBF estimates it has $1.15 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 of Sunday, May 10, 2020, there was approximately $120 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 the current level. https://finance.yahoo.com/news/newtek-small-business-finance-funded-132845278.html
Newtek Small Business Finance Closed or Funded Approximately $1.0 Billion of Paycheck Protection Program (PPP) Loans To Date Newtek Business Services Corp., (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. Barry Sloane, Chairman, President and Chief Executive Officer said, “We are pleased to announce that to date we have closed or funded approximately $1.0 billion of PPP loans out of our $1.15 billion of PPP loans with SBA loan (E-Tran) numbers. Between the first and second rounds of government allocations of PPP funding, NSBF has closed or funded 87% of NSBF’s total pipeline of current PPP opportunities. As of Sunday, May 31, 2020, there was in excess of $100 billion remaining for funding PPP loans and SBA 7(a) loans. The SBA reported that the average loan size in the first two rounds of government allocation of PPP funding has been approximately $115,000 per borrower as of May 31, 2020. NSBF continues to accept new PPP loan applications. We currently forecast that we will fund approximately $1.15 billion PPP loans.” https://finance.yahoo.com/news/newtek-small-business-finance-closed-130010671.html
$ 34.50 Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Mr. Michael Breier has joined Newtek Merchant Solutions (“NMS”), one of Newtek’s payment processing portfolio companies, as Vice President, Independent Sales Organization (“ISO”)/Agent Development. https://finance.yahoo.com/news/newtek-business-services-corp-portfolio-143400050.html
