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Newtek - Small Business Finance

Contact: (866) 610-2862
Website: http://strategicservices.cuna.org/csa_newtek.html

Provide SBA loans through a referral relationship with Newtek Small Business Finance, a non-bank SBA lender. Any credit union can benefit from one that has no business lending ability or experience to the most sophisticated of business lenders. This program is available to your credit union free of charge and on a loan-by-loan basis. Your credit union earns a referral fee for each referred loan that Newtek funds.

Newtek Small Business Finance is a non-bank SBA lender that is distinguished for utilizing the SBA loan program to its fullest extent. Newtek makes loans ranging from $25,000 to $2 million to both startup and existing small businesses. Funds can be used for a wide range of business needs

Beyond a broad loan policy, Newtek offers an uncommonly efficient and personalized application process. Step-by- step, a Newtek Financial Consultant guides the borrower by answering questions and assisting in the completion of the online loan application.

As a non-bank SBA lender, Newtek Small Business Finance can fund SBA loans from $25,000 to $2 million for a wide range of business purposes.

What does this mean for your credit union? The opportunity is to refer members to Newtek for business loans that you cannot fund. Whether or not your credit union currently has a member business loan program, Newteks SBA Loan Referral Program can improve your ability to meet the financing needs of your business members. At the same time, you will earn a referral fee for each referred loan that Newtek funds.

There is no cost and no obligation to your credit union for participating in this program. The relationship between your credit union and Newtek is strictly on a loan-by-loan basis; therefore, use it whenever and as often as you like.

Will Newtek be able to meet the needs of every member? No; the member must be SBA eligible, a qualified credit risk and serious about obtaining funds for his or her business within 90-120 days. However, as most businesses are SBA eligible, and as Newtek has a broad loan policy, you will be providing your members with an excellent chance of obtaining financing under reasonable terms and conditions.

When you refer a member to Newtek, you can rest-assured that you are dealing with a credit union-friendly company. Newtek is a non-depository institution that understands credit unions and the special relationships between a credit union and its members.

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