Goldman Sachs to Provide Newtek $75MM Revolver
Newtek Business Services announced that its subsidiary SBA-licensed 7(a) non-bank lender, Newtek Small Business Finance, entered into a letter of commitment for a new revolving financing facility, totaling $75 million, with Goldman Sachs Bank.
This revolving facility has a four-year term and will enable the company to continue to grow its SBA 7(a) lending business. The facility will be set up using a special purpose entity to hold collateral, with only a limited guarantee from NSBF. The majority of the proceeds will be used to retire the current line of credit from Capital One Bank, N.A.
Newtek Business Services 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.