Newtek Small Business Finance increases revolver to $150 million

By Rebecca Melvin

New York, June 24 – Newtek Business Services Corp. said Newtek Small Business Finance, LLC, the company’s Small Business Administration lender subsidiary, increased its revolving credit facility through Capital One, NA to $150 million from $100 million.

“We anticipate continuing to securitize the unguaranteed portions of our SBA 7(a) loans and pay down the revolving credit facility from time to time. Our goal is to issue larger S&P-rated securitization transactions and to obtain more attractive pricing and larger institutional interest. To date, we have completed nine S&P-rated securitization transactions,” chairman, president and chief executive officer Barry Sloane said in a news release.

Newtek provides business services and financial products to the small- and medium-sized business market and is based in Lake Success, N.Y.

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