NEW YORK, March 31, 2011 (GLOBE NEWSWIRE) -- Newtek Business Services (Nasdaq:NEWT), The Small Business Authority, announced today the March release of its monthly SB authority Market Sentiment Survey. The Small Business Authority truly is an authority with over 100,000 business accounts in its portfolio. The Survey is based on a poll conducted in March 2011 with 1,111 respondents. Newtek believes this survey will be very useful in understanding the concerns of independent business owners. The March 2011 results showed the following:
| Poll Question | Poll Answer | Percentage |
|
Do you currently have a loan outstanding for your business? |
Yes |
11% |
| No | 89% | |
|
Who do you go to for a business loan? |
Bank | 58% |
| Credit Union | 18% | |
| The Small Business Authority/ Non-Bank Lender | 15% | |
| Friends and Family | 9% | |
|
Has your financial institution tried to reduce, terminate or remove your line of credit in the last two years? |
Yes |
13% |
| No | 87% | |
|
If more credit were available to you, would you borrow to grow your business? |
Yes |
28% |
| No | 72% |
President and CEO, Barry Sloane said, "Our survey demonstrates that credit is tight. Even if available, some businesses would not accept additional credit, as they are not constructive about the future and would not want more debt. Financial institutions across the United States are more capital constrained and business confidence is not overly optimistic."
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
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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.
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Web Hosting: Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
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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.
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Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans.
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Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
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Web Services: Customized web design and development services.
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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.
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Accounts Receivable Financing: Receivable purchasing and financing services.
- Payroll: Complete payroll management and processing services.
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. 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 logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8861
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.