|By PR Newswire||
|April 1, 2014 11:35 AM EDT||
NEW YORK, April 1, 2014 /PRNewswire/ -- Newtek Business Services, Inc. NASDAQ: NEWT, The Small Business Authority®, announced today the release of the SB Authority Index of small business indicators for February 2014 reaching 125.60 points. The Russell Microcap Index, new business formations and approved SBA lending volumes led the increase. The SB Authority Index is up 0.42% from January 2014. On a year-over-year comparison, the SB Authority Index is up 7.29%.
Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, "The small- to medium-sized business economy continues to show modest growth, although our data derived from consumer spending in January and February was quite tepid. Consumer spending, which represents approximately 65% of GDP, has demonstrated weaknesses in two of our components in both January and February, and while this this may be partially related to weather, we do not believe the weak consumer spending in the first two months of the quarter can be entirely attributable to the cold and snow. Fortunately for the economy, businesses have become more optimistic as the drag of the long recession has started to wane."
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority®, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek brand including:
The Newtek Advantage™: Mobile real-time operating platform for business intelligence. The Newtek Advantage™ puts all critical business transactions in real-time. Access data on your smartphone, tablet, laptop or PC as it relates to eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
- Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
- Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
- eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
- Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans through our lending subsidiary, Newtek Small Business Finance, Inc.
- Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
- Web Services: Customized web design and development services.
- Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
- Accounts Receivable Financing: Receivable purchasing and financing services.
- Payroll: Complete payroll management and processing services.
Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
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.
Newtek Business Services, Inc.
Contact: Simrita Singh
Telephone: (212) 356-9566 / [email protected]
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / [email protected]
Contact: Brett Maas
Telephone: (646) 536-7331 / [email protected]
SOURCE Newtek Business Services, Inc.