NEW YORK — Newtek Business Services announced March 21 that it has acquired a majority economic and controlling interest in CDS Business Services, Inc.
|CDS provides receivable financing, along with billing and collection services to small and medium sized businesses in the United States. The company has been in business for more than 30 years and Newtek said it will leverage its management and administrative experience to grow its business.
|Newtek provided $3 million in financing to CDS through investments made by three certified capital companies and acquired a controlling interest in CDS. Newtek said some of the funds will be used for working capital and some will be used to support a new $10 million dollar secured credit facility issued to the company by Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A.
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