Newtek Business Services Closes A New Term Loan With Capital One
Written by Ken Gaebler
Newtek Business Services strikes a new financing deal with Capital One to support the company's SBA lending initiatives.
Newtek Business Services announced this week a new term loan of $14.5 million from Capital One. The loan refinances the $12.5 million debt of Newtek's SBA lender, Newtek Small Business Finance, to General Electric Commercial Capital, and replaces an existing $2 million term loan to Newtek Technology Services, the company's web hosting subsidiary.
The company will rely on this financing to support its growth in U.S. Small Business Administration lending. The SBA recently gave its approval to the deal, allowing the funding to take place.
Newtek CEO and Chairman Barry Sloane said his company "is very proud to be working with Capital One in expanding the resources available for us to lend to small businesses around the country." He added that the company is "keenly aware of the need for credit by small businesses," and confident the new loan would help it stay at the forefront of the economic recovery.
Newtek, which calls itself the Small Business Authority, is currently being featured at the Latino Coalition Economic Summit in Washington D.C. Barry Sloane will speak at the summit, delivering important news for entrepreneurs in the Latino-owned small business community.
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