Business
Newtek Small Business Finance Obtains $548 Million in E-Tran Numbers For Paycheck Protection Program (PPP) Loans To-Date
Company Expects to Help Businesses Retain Over 60,000 Employees BOCA RATON, Fla., April 20, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq:
About this update from Newtekone, Inc.
[{"type":"text","content":"Company Expects to Help Businesses Retain Over 60,000 Employees\nBOCA RATON, Fla., April 20, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, currently expects to fund upwards of $340 million of PPP loans by the close of business on Tuesday. As of today, NSBF has approved and obtained SBA E-Tran (loan) numbers for $548 million of PPP loans (which includes the $340 million of PPP loans to be funded by the end of the day, and $208 million of PPP loans awaiting funding), since the PPP program commenced. NSBF further estimates that the $548 million of SBA loan numbers received will result in approximately 60,000 employees being retained on the payroll of our borrowers. Finally, NSBF has additional prospective borrowers compiling their information to be processed for PPP loan approval, that could represent an additional $600 million of PPP loans, and presently estimates that, based on its current pipeline, and contingent on further government appropriations to the PPP, it could fund in excess of $1.0 billion in PPP loans. Stifel Financial Corp. and UBS, as well as other existing partners of Newtek, are providing NSBF with referrals and additional financing to originate PPP loans. \n Barry Sloane, Chairman, President and Chief Executive Officer said, “The continuing operations of small businesses are crucial to the recovery and health of the U.S. economy, as they make up approximately 50% of non-farm GDP. We feel very fortunate to be able to assist our customers, our funding partners’ clients, and members of credit unions and trade associations with whom we have long-standing relationships, as well as the U.S. economy, during these difficult times. We want to thank Stifel Financial Corp. and UBS for working with NSBF by referring clients and financing America’s small businesses, and we appreciate the essential role the SBA plays in supporting the small- and medium-sized business market. We are thrilled to presently estimate that we will provide funds to businesses to maintain or rehire an estimated 60,000 hardworking Americans across the U.S. We applaud our partners in bank...