NEW YORK (10/31/14)--The leading subsidiary of Newtek Business Services kept its status as the largest non-bank Small Business Administration (SBA) 7(a) lender, the company reported Wednesday.
Newtek Small Business Finance Inc. concluded its fiscal year, which ended Sept. 30, as the biggest type in its class by dollar volume of approved loans.
President/CEO Barry Sloane said that while nationwide SBA 7(a) lending volume has increased by 7.4%, Newtek "recorded an over 27% increase in dollar volume of total approved loans."
"The continued robust growth in this industry as well as our individual growth illustrates the strong demand for these loan types," he said, adding the trend represents a tremendous opportunity for the company to support the growth and expansion of the small- and medium-sized businesses nationwide.
Sloane put the volume of total SBA 7(a) loans at $19.2 billion.
The company also said that it remained in the overall top 10 SBA 7(a) lenders by dollar volume of approved loans.
Newtek, the Small Business Authority is a CUNA Strategic Services alliance provider.