Business
Newtek Small Business Finance, LLC Funded a Quarterly Record $183.0 Million in SBA 7(a) Loans in the Fourth Quarter of 2019; an Increase of 22.8% over Fourth Quarter 2018
Newtek and Portfolio Companies Close Approximately $250 Million in Loans in the Fourth Quarter of 2019 BOCA RATON, Fla., Jan. 10, 2020 (GLOBE NEWSWIRE) --
About this update from Newtekone, Inc.
[{"type":"text","content":"Newtek and Portfolio Companies Close Approximately $250 Million in Loans in the Fourth Quarter of 2019\nBOCA RATON, Fla., Jan. 10, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek”) (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that for the three months ended December 31, 2019, Newtek Small Business Finance, LLC (“NSBF”) funded a quarterly record $183.0 million in SBA 7(a) loans, which represents a 22.8% increase over SBA 7(a) loans funded for the three months ended December 31, 2018. For the year ended December 31, 2019, NSBF funded $517.7 million of SBA 7(a) loans; an increase of 10.3% over SBA 7(a) loans funded for the year ended December 31, 2018. In addition, with respect to total loan closings for the quarter, NSBF, Newtek Business Lending (“NBL”), a wholly owned portfolio company, and Newtek Conventional Lending (“NCL”), the joint venture between a Newtek wholly owned subsidiary and Conventional Lending TCP Holding, LLC, a wholly owned affiliate of BlackRock TCP Capital Corp, closed a total of $249.1 million of SBA 7(a), SBA 504 and non-conforming conventional loans.\n Barry Sloane, Chairman, President and Chief Executive Officer said, “We are pleased to announce our fourth quarter and full year 2019 loan fundings across the different lending products we offer through Newtek and our portfolio companies. Our NSBF SBA 7(a) loan platform funded a record $183.0 million of loans during the fourth quarter of 2019, which represents quarterly year-over-year growth of 22.8%. In addition, our 2019 year-over-year growth of 10.3% in SBA 7(a) loan fundings is in line with our previously forecasted funding growth expectations of 10.8%. Furthermore, total loan closings in 2019 across the full Newtek small business finance platform (SBA 7(a), SBA 504 and non-conforming commercial loans), totaled approximately $643 million, which does not include the fundings of Newtek Business Credit Solutions, a wholly-owned controlled portfolio company that provides receivables and inventory financing.” Mr. Sloane continued, “Our system and origination platform is generating great opportunities for our company and investors within our expected credit parameters and performance expectations. The Newtek business finance platform is doing what it has been designed for and its loan origination v...