The growth was led by Newtek's proprietary merchant processing volume and retail sales. President and CEO, Barry Sloane said, "The SB Authority Index continues to grow modestly in the month of March. We have clearly seen a slow down in the economy particularly in the month of March versus a more robust growth in December, January and February. Most of the growth continues to come from consumption, spending and retail sales but without continued gains in employment and growth in personal income, the small business sector will not be a major contributor to U.S. economic growth.
The ADP employment report further substantiates and is consistent with the findings in the SB Authority Index that growth in 2012 has slowed and may continue to be sluggish in the upcoming months." About Newtek Business Services, Inc. Newtek Business Services,
The Small Business Authority, provides the following products and services: -- Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs. -- Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools. -- eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services. -- Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans through our lending subsidiary, Newtek Small Business Finance, Inc. -- Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers. -- Web Services: Customized web design and development services. -- Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business. -- Accounts Receivable Financing: Receivable purchasing and financing services. -- Payroll: Complete payroll management and processing services.
Newtek Business Services, Inc.,The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek ® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek ® brand as a one-stop-shop provider of such business services.
According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms. Note Regarding Forward Looking Statements Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters.