Business
Newtek Business Services Corp. Provides Update on Operations
BOCA RATON, Fla., March 18, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company
About this update from Newtekone, Inc.
[{"type":"text","content":"BOCA RATON, Fla., March 18, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that it's working together with its employees and portfolio companies to deal with the current challenging environment created by the spread of COVID-19 (Coronavirus). Last week, Newtek successfully tested and enacted its Business Continuity plan, without any impact to its business operations. Newtek and its portfolio companies are fully operational and servicing its borrowers and customers without interruption. Newtek and its portfolio companies employees’ health and safety are of paramount importance, as is providing the service and support our borrowers and customers have come to expect. The Company has been able to affect social distancing in our offices by moving to an odd- and even-day work schedule. In addition, as a result of the prior planning by the Company with the assistance of Newtek Technology Solutions and IPM, the Company is fully able to support any of our employees’ need to work from home for extended periods of time, leveraging our secure VPN infrastructure and cloud-based phone system to access our systems and ensure that customer data is secure. The Company has been and will continue to be diligent in monitoring this evolving situation and take any necessary and appropriate actions to keep its employees safe and healthy, while also ensuring our business operations remain fully functional.\n Barry Sloane, Chairman, President and Chief Executive Officer said, “Our referrals across the board, particularly our government loan program referrals have increased eight times to ten times in the last two weeks. In addition, our inbound call volume has increased by several multiples per day. We currently have the capacity to fund government-guaranteed loans to assist with the recovery of the small business community and the U.S. economy. We plan on working closely with the Small Business Administration to point people in the right direction for disaster recovery. Important to note is the geographic and industry diversification of our SBA loan portfolio. Specifically, our SBA loan portfolio comprises up to 35% in the four most densely populated states of New York, California, Texas and Florida.” Mr. Sloane continued, “We look forward to working w...