Newtek Bank

Newtek Bank, N.A. is the banking subsidiary of NewtekOne, a financial holding company that provides business and financial solutions to business owners under the Newtek brand through bank and non-bank subsidiaries. Loans are made by Newtek Bank, N.A., a member of the FDIC.

Lending runs from $5,000 to $15 million on fully amortising terms of 10 to 25 years, with no balloon payments and no standard covenants. Stated uses include expanding or acquiring a business, refinancing existing debt, working capital and purchasing owner-occupied real estate. Lines of credit backed by accounts receivable, healthcare receivables or inventory are offered up to $5 million as a continuous source of capital. The site advertises prequalification in under five minutes with no hit to the applicant's credit score.

Alongside lending, NewtekOne sells payment processing and point-of-sale systems, zero-cost processing that displays a card price and a cash price at the point of sale, payroll and time-and-labour management, HR services, commercial and personal insurance, web design and ecommerce solutions, and managed IT and cloud infrastructure. A referral program for banks and other financial institutions routes small-business customers into those services through NewTracker, the company's patented referral tracking system, which gives the referring partner visibility from referral to closing.

NewtekOne was established in 1998, has been a public company on Nasdaq under the ticker NEWT since 2000, and states it serves all 50 states. The crawled pages describe general business lending and do not set out SBA program terms, so confirm directly which loan program a given deal would use.