Newtek Business Services Corp. CEO Barry Sloane comments on Newtek’s statement … | Nation / World
BOCA RATON, Fla., December 20, 2021 (GLOBE NEWSWIRE) – Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development (“BDC”) company, provides commentary from Newtek CEO Barry Sloane , on the declaration of Newtek’s first quarter 2022 cash dividend of $ 0.65 per share.1
Barry Sloane, Chairman, Chairman and Chief Executive Officer said: “We are delighted that Newtek’s board of directors declared a dividend of $ 0.65 per share in the first quarter of 2022, which is on target. management and represents an increase of 30.0% over the first quarter. 2021 dividend and a 47.7% increase over the first quarter 2020 dividend, both affected by the pandemic and the Paycheck Protection Program (“PPP”) loans we funded. We look forward to forecasting our second quarter 2022 dividend in the coming weeks. “2
Mr. Sloane continued, “Newtek will not benefit from PPP revenues in calendar year 2022, but we are currently experiencing strong operational performance and demand for our lending solutions, and expect to reach volumes of. Record loan origination in 2022 (excluding 2021 financing of approximately $ 729 million in PPP loans). Newtek Business Lending (“NBL”), the company’s wholly-owned holding company, expects it to close a record lending amount of between $ 125 million and $ 150 million in 2021. Additionally, we expect that in the fourth quarter 2021, Newtek Small Business Finance, LLC (“NSBF”) will surpass its previous quarterly origination record of $ 183 million in SBA 7 (a) funded loans, and currently estimates funding of over $ 200 million in SBA loans 7 (a) during the fourth trimester. For the full year 2021, the NSBF is forecasting funding of between $ 560 million and $ 600 million in SBA 7 (a) loans. For the full year 2021, Newtek and its holding companies are currently planning total financings and / or closings, which include SBA 7 (a) loans, SBA 504 loans, and PPP loans, exceeding 1.4 billion dollars. We hope that our staff and clients will remain healthy as we approach the end of the year and that we will not have to postpone fourth quarter financings and / or loan closings until the first quarter of 2022. We are currently planning to enter the first trimester. 2022 with a record ready-to-sell pipeline and in various pre-close stages. “
1Note regarding dividend payments: The Board of Directors of the Company intends to maintain a dividend policy with the aim of making quarterly distributions in the amount of approximately 90 to 100% of the annual taxable income of the Company. The determination of the tax attributes of the distributions of the Company is carried out annually from the end of the Company’s financial year on the basis of its taxable income for the entire year and of the distributions paid for the entire year.
2The amount and timing of dividends, if any, remain at the discretion of the Board of Directors of the Company.
Newtek Business Services Corp., your business solutions company® , is an internally managed BDC that, together with its controlled holding companies, provides a wide range of business and financial solutions under the Newtek® brand to the small and medium-sized enterprise (“SME”) market. Since 1999, Newtek has provided leading, profitable products and services and effective business strategies to SME relationships in all 50 states to help them increase sales, control expenses and reduce risk.
The products and services of Newtek and its portfolio companies include: business loans, SBA lending solutions, electronic payment processing, technology solutions (cloud computing, data backup, storage and retrieval, IT consulting) , Electronic Commerce, Accounts Receivable and Inventory Funding, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek® and Your Business Solutions Company® are registered trademarks of Newtek Business Services Corp.
Note regarding forward-looking statements
This press release contains certain forward-looking statements. Words such as “believes”, “intends”, “expects”, “projects”, “anticipates”, “forecasts”, “goal” and “future” or similar expressions are intended to identify forward-looking statements.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 or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, intensifying competition, operational issues and their impact on revenues and profit margins, business strategies and anticipated future financial performance, the future number of anticipated customers, business prospects, legislative developments and the like. Risk factors, cautions and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in the documents filed by Newtek with the Securities and Exchange Commission and available throughhttp://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in such statements.
SOURCE: Newtek Business Services Corp.
Investor relations and public relations
Contact: Jayne Cavuoto
Phone: (212) 273-8179 / [email protected]
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