Standard and Poor's Affirms Newtek's Business-Based Real Estate Servicer Rankings
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SOURCE Newtek Business Services, Inc.
NEW YORK, June 10, 2014 /PRNewswire/ -- Newtek Business Services, Inc. NASDAQ: NEWT, The Small Business Authority®, announced today that Standard and Poor's Ratings Services ("S&P") affirmed their overall 'Average' ranking on Newtek Small Business Finance ("NSBF") as a business-based real estate servicer and as a business-based real estate special servicer. S&P issued a press release stating that these affirmed rankings reflect their opinion of NSBF's experience and expertise in servicing its portfolio of Small Business Administration ("SBA") loans as well as those of third-party clients, and that NSBF's servicing operations function with adequate controls. S&P further stated they believe NSBF's continued focus on compliance and control could lead to a consideration of a ranking upgrade.
Specifically, S&P based their affirmation on several key ranking factors including NSBF's expertise in handling U.S. SBA guarantee process, its comprehensive platform and successful track record within this market niche, seasoned senior management, effective use of IT Resources and compact timelines for loan resolutions and REO dispositions.
Barry Sloane, Chairman, President and Chief Operating Officer commented, "We are extremely pleased with S&P's affirmation of our rankings as it substantiates our track record of experience and expertise in servicing SBA loans, and recognizes our diligent focus on compliance and appropriate staffing to ensure sound operating practices. We will continue to manage our servicing operation maintaining our diligent focus on compliance, with the goal of growing our total loan servicing portfolio through increased loan origination volume and third-party servicing acquisition opportunities."
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority®, is the Authority for the small- and medium-sized business (SMB) market providing a wide range of business services and financial products under the Newtek® brand. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
The Small Business Authority® is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.
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.
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