Profile: Newtek Business Services Corp (NEWT.OQ)
24 Feb 2017
Newtek Business Services Corp., incorporated on August 26, 2013, is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions. The Company offers services along with its controlled portfolio companies.
The Company's portfolio consists of guaranteed and unguaranteed non-affiliate loan investments that are through its small business finance platform, including Newtek Small Business Finance, LLC (NSBF), which is a nationally licensed Small Business Administration (SBA) lender. The small business finance platform also includes CDS Business Services, Inc., doing business as Newtek Business Credit Solutions (NBC), a portfolio company that provides receivables financing, including inventory financing and health care receivables financing, and management services to SMBs. NBC also funds SBA 504 loans that provide financing of fixed assets, such as real estate or equipment. Its portfolio company, Small Business Lending, Inc., doing business as Newtek Small Business Lending (SBL), is engaged in third party loan servicing for SBA and non-SBA loans. The Company holds interest in Universal Processing Services of Wisconsin, LLC, which is doing business as Newtek Merchant Solutions (NMS or UPS); Premier Payments LLC, which is doing business as Newtek Payment Solutions (Premier); CrystalTech Web Hosting, Inc., which is doing business as Newtek Technology Solutions (NTS); PMTWorks Payroll, LLC, which is doing business as Newtek Payroll and Benefit Solutions (NPS), and Newtek Insurance Agency, LLC, which is doing business as Newtek Insurance Solutions (NIA).
NMS and Premier market credit and debit card processing services, check approval services, and ancillary processing equipment and software to merchants accepting credit cards, debit cards, checks and other non-cash forms of payment. NMS offers services under The Small Business Authority brand. NTS provides Website hosting, server hosting, cloud hosting, Web design and development, Internet marketing, e-commerce, data storage and backup, and other related services. NTS provides a full suite of outsourced information technology (IT) infrastructure services, including shared server hosting, dedicated server hosting, and cloud server (virtual) instances under the Newtek Technology Solutions, Newtek Technology Services, Newtek Web Services, Newtek Web Hosting and CrystalTech brands. NPS offers payroll management, benefit, payment and tax reporting services to SMBs. NPS provides full service payroll and benefit solutions across all industries, processing payroll through software as a service (SaaS) or phone solutions. NIA serves as a retail and wholesale brokerage insurance agency specializing in the sale of personal, commercial and health/benefits lines insurance products.
The Company competes with Heartland Payment Systems, First National Bank of Omaha, Paymentech, L.P., 1&1, Hosting.com, Discount ASP, Maxum ASP, GoDaddy, Yahoo!, BlueHost, iPowerWeb, Intuit and Microsoft Live.
Newtek Business Services Corp
1981 Marcus Ave Ste 130
NEW HYDE PARK NY 11042-2060
Company Web Links
- BRIEF-NEWTEK BUSINESS SERVICES PRICES PUBLIC OFFERING OF COMMON STOCK
- BRIEF-Newtek Business Services announces public offering of common stock
- BRIEF-NEWTEK SMALL BUSINESS FINANCE TO INCREASE ITS REVOLVING CREDIT FACILITY FROM $50 MLN TO $75 MLN
- BRIEF-CEO Barry Sloane reports 6.83 pct stake in Newtek Business Services as of Dec 31, 2016 - SEC filing
- BRIEF-Newtek Business Services reports stock repurchase program