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NEW YORK – Newtek Small Business Finance aims to shorten the turnaround time on business loans thanks to its recent granting of the SBA’s Preferred Lenders Program (PLP) status. The designation authorizes the most experienced SBA lenders to place SBA guarantees on loans without seeking SBA review and approval. Newtek Small Business Finance, is a subsidiary of Newtek Business Services, Inc., a provider of business services and financial products to the small to medium-sized business market. The firm has also partnered with CUNA to bring such services and products to the industry. “With our business moving as quickly as it is today, it is necessary that our applicants receive the fastest turnaround time possible on their applications,” said Barry Sloane, Newtek chairman and CEO. The PLP status comes on the heels of Netwek’s recent signing of a letter of intent to obtain a $75 million senior secured revolving line of credit from the commercial finance subsidiary of a “major US financial services company,” Sloane said, adding he could not disclose the name of the bank but did say it is a “top twenty national bank.”

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