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SOURCE Newtek Business Services, Inc.
The SB Authority Index Shows Progress Within The Small Business Economy
NEW YORK, Feb. 22, 2013 /PRNewswire/ -- Newtek Business Services, Inc., NASDAQ: NEWT, The Small Business Authority, announced the release of the SB Authority Index of small business indicators for January 2013 reaching 116.79 points. Newtek merchant processing volume and the Russell Microcap Index led the increase. The SB Authority index is up .73% from December 2012.
President and CEO, Barry Sloane said, "Despite a negative Flash GDP number for fourth quarter of 2012, of which most of the drag came from government spending reductions, the SB Authority Index was up .73% for January. We see a strong upwards movement in certain components like the Russell Microcap Index, our own merchant services portfolio processing volumes and SBA loan origination volumes. We think that the likely government sequestration will clearly reduce GDP as government spending contracts, but the private sector appears to be poised and wants to expand. The stock markets and lending markets are leading indicators which will provide nice tailwinds for 2013 with reduced government spending providing the brakes."
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and 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.
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.
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