NEW YORK (Press Release – December 23, 2011) – Newtek Business Services, NASDAQ: NEWT, The Small Business Authority, announced the release of the SB Authority Index for November 2011 reaching 109.48 points. The SB Authority Index is up .31% from October 2011. The slight increase was due to ADP’s employment report and retail sales.
President and CEO, Barry Sloane said, “We continue to see slight growth in the economy across certain sectors. The largest, most important sector of the economy is consumer spending and our own proprietary payment processing data is showing us that same stores sales in November 2011 rose by 5.8%. This is the first time we have seen such an increase in many months. In addition, we see roughly 15% growth in internet based processing volumes and flat to slightly up growth in brick and mortar payment processing volume. New hires are growing slightly as well. The down ticking of the unemployment rate nationally is based on more workers leaving the workforce at this time than job growth.
Some states like Wisconsin, Ohio and Oklahoma have declining unemployment rates as governors there have cut spending and budget deficits are being replaced with surpluses. This makes the business environment more certain and friendly to small businesses. This has been so encouraging that small businesses have been hiring and states like Ohio do have payroll growth.”
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
· 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.
· Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
· 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.
· Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans.
· Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
· Web Services: Customized web design and development services.
· 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.
· 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 NewtekTM 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 NewtekTM 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.