NewtekOne, Inc. Forecasts Originating Approximately $1.4 Billion in Business Loans in 2024

BOCA RATON, Fla., Dec. 06, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (“the Company”) (NASDAQ: NEWT) announced today that it reaffirmed its forecast to originate approximately $1.4 billion in business loans in 2024 across all of its loan products including SBA 7(a) loans, SBA 504 loans, alternative loan program loans, CRE conforming loans, and C&I conforming loans. The Company forecasts originating approximately $1.9 billion in business loans across all its loan products in 2025, which would represent an approximate 36% increase over its expectations for the 2024 total business loan origination. Most of the 2025 loan origination growth is expected from the alternative loan program, CRE conforming loans, C&I conforming loans, and SBA 504 loans. It is important to note that in the second quarter 2023, the Company ceased originating its SBA 7(a) loans at Newtek Small Business Finance (“NSBF”), the Company’s non-bank lender, and since that time all SBA 7(a) loans have been originated by Newtek Bank, N.A. As a result, the actual growth in SBA 7(a) originations should be viewed as growth on a historical consolidated basis rather than just at Newtek Bank, N.A. Given our 20-year history of originating SBA 7(a) loans, we have always grown our loans prudently and reasonably in a controlled, diversified manner.

Read more at globenewswire.com