Profile: Newtek Business Services Corp (NEWT.OQ)
Newtek Business Services Corp., incorporated on August 26, 2013, is an internally managed, closed-end, non-diversified management investment company. The Company is focused on developing and marketing business and financial products and services aimed at the small- and medium-sized business (SMB) market and on developing a recognized brand for independent business owners. The Company's brand, The Small Business Authority, is a national lender and owns and controls certain controlled portfolio companies that provide business and financial products to the SMB market.
The Small Business Authority provides business loans for working capital, to acquire or expand a business or for the purchase of machinery and equipment; credit card, debit card, check conversion and ACH processing solutions; combinations of payment processing, online shopping cart tools, Web site design, Web hosting and Web-related services; managed technology solutions, offering full service Web hosting, including domain registration and online shopping cart tools, cloud computing plans and customized Web design and development services; The Newtek Advantage, a mobile, real-time operating platform for business intelligence; data backup, storage and retrieval; accounts receivable financing and management services; nationwide commercial, health and benefits, and personal lines of insurance, and payroll management processing and employee tax filing. The Company targets its debt investments, which are principally made through its small business finance platform, to produce a coupon rate of prime plus 2.75%.
In addition to the debt investments in portfolio companies, either directly or through its small business finance platform, the Company also holds controlling interests in certain portfolio companies. Specifically, either directly or through its subsidiaries, the Company holds a controlling interest in Universal Processing Services of Wisconsin, LLC, doing business as Newtek Merchant Solutions (NMS); CrystalTech Web Hosting, Inc. doing business as Newtek Technology Solutions (NTS); CDS Business Services, Inc. doing business as Newtek Business Credit (NBC); Newtek Insurance Agency, LLC (NIA), and PMTWorks Payroll, LLC doing business as Newtek Payroll Services (NPS).
NMS, the Company's Electronic payment processing segment, markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment. NMS's merchant base consists of both e-commerce and brick-and-mortar clients and is principally focused on the SMB market. NTS, the Company's Managed technology solutions segment, provides Website hosting, server hosting, cloud hosting, Web design and development, Internet marketing, e-commerce, data storage and backup, and other related services. NIA serves as a retail and wholesale insurance agency specializing in the sale of commercial and health/benefits lines insurance products to the SMB market, as well as various personal lines of insurance. NPS offers payroll management, payment and tax reporting services to SMBs. NBC is a portion of the Company's small business finance segment, which offers traditional factoring and receivables purchase services to SMBs, as well as back office services, such as billing and cash collections.
The Company competes with Heartland Payment Systems, First National Bank of Omaha, Jetpay Corporation, Paymentech, L.P., 1&1, Hosting.com, Discount ASP, Maxum ASP, GoDaddy, Yahoo!, BlueHost, iPowerWeb, Rackspace.com, Web.com, Endurance International Group (EIGI), Microsoft Live and Intuit.
Newtek Business Services Corp
212 W 35th St Fl 2
NEW YORK NY 10001-2508