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Newtek Surveys Business Owners' Fiscal Cliff Impressions

Small Business Authority's Market Sentiment Survey Results

NEW YORK, Dec. 14, 2012 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority, with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,100 respondents, one of the key findings from the November survey is 63% of business owners say that worries about the Fiscal Cliff have not affected their business. Additionally, 42% believe the Fiscal Cliff will only be partially resolved with a temporary fix prior to December 31, 2012. Of the remaining, 33% believe that there will be no resolution and we will "fall off the cliff," and 25% believe the issue will be completely resolved.

The full November 2012 results showed the following:

Poll Question

Poll Answer

Percentage

 

Have worries about the Fiscal Cliff
affected your business?

Yes

37%


No

63%

 

Prior to December 31, 2012, do you
think the Fiscal Cliff will be resolved?

No resolution,
fall off the cliff

33%

Partial solution,
or a temporary fix

42%

Full solution

25%

Barry Sloane, Chairman, President and CEO of The Small Business Authority commented, "Our independent business owners in aggregate are sensing that the Fiscal Cliff is an overhyped media term being used to draw attention to a clear economic concern, but are truly not able to gauge the magnitude that the tax hikes and automatic spending cuts will generate.  Our survey depicts that independent business owners are cynical of Washington's capability of solving this problem.  We agree based upon current D.C. gridlock."

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 through our lending subsidiary, Newtek Small Business Finance, Inc.    
  • 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 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 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.

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.

Investor Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / [email protected]

Contact: Brett Maas
Telephone: (646) 536-7331 / [email protected]

Rubenstein Public Relations
Contact: Jonathan Goldberg
Telephone: (212) 843-9335 / [email protected]

 

SOURCE Newtek Business Services, Inc.

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