Newtek Small Business Finance increases revolver to $100 million

By Angela McDaniels

Tacoma, Wash., May 15 – Newtek Small Business Finance, Corp. announced that Newtek Small Business Finance, LLC, the company’s Small Business Administration lender subsidiary, increased its revolving credit facility through Capital One, NA to $100 million from $50 million.

Concurrently with the line increase, the borrower received a reduction in the interest rate from its present facility of 1.125% when it uses the facility to fund the unguaranteed portion of SBA loans and 1.25% when it uses the facility to fund the guaranteed portion of SBA loans, according to a company news release.

The term of the revolver was extended three years to May 2020.

“We are appreciative of our nine-year relationship with Capital One, who has provided us with financing through multiple credit cycles. We have worked with Capital One through seven separate Standard and Poor’s rated securitizations, all of which were rated A or better, which have enabled us to replenish our capital availability,” chairman, president and chief executive officer Barry Sloane said in the 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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