BOCA RATON, Fla., Dec. 07, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp. (NASDAQ: NEWT) today announced that its new joint venture, Newtek-TSO II Conventional Credit Partners, LP, has closed a $150 million leverage facility from a well-known investment bank to be used to fund the acquisition of non-conforming conventional loans made to middle-market companies as well as small businesses. In addition, Newtek’s portfolio company Newtek Business Lending, LLC, has entered into amendments and extensions of two credit lines with two financing providers for $110 million in total, to fund, among other things, SBA 504 loans. Finally, Newtek Merchant Solutions, a wholly owned portfolio company, entered into an amendment to an existing credit facility for an additional $18 million in availability under its credit line.
Barry Sloane, Chairman, President and Chief Executive Officer said, “We are pleased to have successfully closed in excess of $300 million in leveraged debt facilities on behalf of our new joint venture and portfolio companies during a time when securing financing has been challenging for most. We believe these financings will assist us in achieving, amongst other things, our 2023 non-conforming conventional loan funding forecast of $600 million. It’s great to have a plan and greater to be able to execute on the plan in good times and even more impressive in turbulent times.”
Newtek Business Services Corp., Your Business Solutions Company®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.
Newtek’s and its portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek® and Your Business Solutions Company® are registered trademarks of Newtek Business Services Corp.
