NEW YORK, May 24, 2011 /PRNewswire/ — Newtek Business Services (NASDAQ: NEWT), The Small Business Authority, announced the release of the SB Authority Index for April 2011. The SB Authority Index is up 0.69% from March 2011. Newtek’s proprietary merchant processing volume, retail sales and approved SBA loan volume led the index increase. The other five components of the index are the Russell microcap index, ADP national employment report, new business formations, estimated small business default loan rate, and the prime rate.
President and CEO, Barry Sloane said, “The small business economy continues to limp along with tepid growth and minimal job additions. We have witnessed an uptick in small business lending but we believe the seeds for a reversal in trends could be in place unless business optimism picks up. The upward movement in this index should continue for a while as the Fed’s zero interest rate policy has put a temporary floor on things but the underpinnings of the small business economy are fragile. Our own proprietary merchant processing data is showing some signs of encouragement for consumer and B2B spending but this will need to continue to drive the economy further in an upward trend.”
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
- Electronic Payment Processing : eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
- Managed Technology Solutions (Cloud Computing) : Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
- eCommerce : A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
- Business Lending : Broad array of lending products including SBA 7(a) and SBA 504 loans.
- Insurance Services : Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
- Web Services : Customized web design and development services.
- Data Backup, Storage and Retrieval : Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
- Accounts Receivable Financing : Receivable purchasing and financing services.
- Payroll : Complete payroll management and processing services.
Newtek Business Services, Inc., The Small Business Authority , is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek™ brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today’s marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek™ brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek’s beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. 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 .
|FROM:||NEWTEK BUSINESS SERVICES, INC. (NASDAQ: NEWT)|
|1440 Broadway, 17th Floor|
|New York, NY 10018|
|Rubenstein Public Relations|
|Telephone: (212) 843-9335|
|Contact: Liz Petrova / firstname.lastname@example.org|
SOURCE Newtek Business Services, Inc.
Web Site: http://www.thesba.com
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