NewtekOne closes $207.7M of SBA 7(a) loans in Q1

NewtekOne announced that its nationally chartered bank subsidiary, Newtek Bank, N.A., closed $207.7 million of SBA 7(a) loans for the three months ended March 31, 2024, which represents a 36.2% increase over $152.5 million of SBA 7(a) loans closed in the first quarter 2023. Newtek Bank and the Company’s non-bank subsidiaries closed $308.6 million of loans, across all loan products, for the three months ended March 31, 2024, which represents a 35.8% increase over $227.2 million for the same period in 2023. The Company also announced strong growth in its loan approval pipeline across all lending products year-to-date through March 31, 2024. In particular, the Company approved $507.7 million of new loans, across all loan products, for the three months ended March 31, 2024. which represents a quarterly record for the Company. NewtekOne’s loan programs include SBA 7(a) loans, SBA 504 loans, alternative lending program, conforming C&I loans and conforming CRE loans. Finally, the Company announced that Newtek Bank has experienced increased deposit activity during the first quarter 2024. Specifically, from the period of March 15, 2024 through March 31, 2024, deposits increased by approximately $30 million. This increase in deposits was primarily driven by digital deposit account openings for the Company’s lending clients, aided by using the Company’s proprietary platform at the time of loan origination, which eliminates the need to fill out multiple forms for the Company’s lending clients.