Newtek Business Services, Inc. announce Wednesday that its lending subsidiary, Newtek Small Business Finance, has approved over $1.0 billion in loans since 2003. Who is Newtek? They were the 12th largest producer ($) of SBA loans in FY 2013, who has been quietly climbing the ranks since 2010.
Barry Sloane, Chairman, President and Chief Executive Officer commented, “We are extremely proud to have approved over $1.0 billion SBA 7(a) loans. 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. This winning formula has enabled us to withstand multiple lending cycles and emerge as the largest non-bank lender in the U.S.
While plenty of other SBA lenders have achieved (and busted) the $1 billion benchmark before, Newtek sets itself apart through an alternative history and alternative strategy. For starters, the company was organized only in 1998. They entered SBA lending as an expansion to operations as they geared up into many other business lines to offer clients a one-stop shop form many services.
In addition to lending, Newtek offers more value to its clients, as a payroll service provider, merchant processor, website service provider, insurance, ecommerce services and even cloud storage.
To have climbed up to the $1 billion watermark in only 11 years is an admirable accomplishment, particularly since that included the five years since 2009, a more challenging time for SBA lending. They’ve climbed steadily in the ranks from #46 in FY 2008 ($49 million) to #21 in FY 2011 ($130 million) to #12 last year with $199 million of production. More than half their SBA lending volume has been booked since 2009.
Congratulations to Barry Sloane and Newtek.