Is Newtek Small Business Finance a good match for your SBA loan?
Newtek Small Business Finance project state SBA 7(a) loan approvals in 2020.
Newtek Small business Finance Highlights
In 2020 Newtek is ranked #13 for SBA 7(a) loan approvals and ranks #10 in SBA 7(a) approval amounts.
All-time Newtek has approved 6,990 SBA 7(a) loans for over $4.5 billion. Newtek approved borrowers from 2,455 cities, for projects in 50 states, in 698 industries, and for 546 franchise brands.
In 2020 Newtek approved 407 SBA 7(a) loans for $286,936,800. The average loan approval amount was $705,004. Newtek approved borrowers from 310 cities, for projects in 44 states, in 207 industries, and for 42 franchise brands.
For franchise branded businesses, Newtek approved 50 loans for $23,208,400 with an average loan amount of $464,168.
Newtek’s SBA loan approvals in 2020 represent 7,176 small business jobs supported or saved.
Our forecast model projects Newtek approving $370 million for SBA 7(a) loans in 2021.
Read our SBA Lender page on Newtek Small Business Finance for their full report, but below are a few highlights:
Newtek Historical SBA 7(a) Lending
Newtek Loan Approvals
2020 Top 25 Business Industries
Newtek approved the most loans for the Full-Services Restaurants industry followed by Child Day Care Services, Limited-Service Restaurants, and Beauty Salons. Newtek approved SBA loans for 207 different industries in 2020.
Newtek is focused on the bigger loans
Newtek’s average SBA loan approval amount in 2020 was $705,004.
23.59% of approved loans in 2020 were for loan amounts up to $150,000.
55.78% of approved loans in 2020 were for loan amounts up to $350,000.
24.32% of approved loans in 2020 were for loan amounts from $350,001 to $1 million.
19.9% of approved loans in 2020 were for loan amounts over $1 million.
9.33% of loan approvals were for multi-million loan amounts.
Newtek is the #10 Ranked National SBA Lender
In 2020 Newtek is ranked #13 for SBA 7(a) loan approvals and ranks #10 in SBA 7(a) approval amounts.
In 2020 Newtek approved 407 SBA 7(a) loans for $286,936,800.
Newtek’s average loan approval amount was $705,004.
In 2020 Newtek approved borrowers from 310 cities, for projects in 44 states, in 207 industries, and for 42 franchise brands.
See our full (and free) SBA report on Newtek Small Business Finance
This report has about everything a small business owner would want to know to determine if Newtek would be a good match for an SBA loan. See how Newtek ranks in multiple SBA loan categories, our SBA lending forecasts for Newtek, the top 25 industries and franchise brands Newtek approved loans with, and the top project states and borrower cities.
