Learn how you can keep your members happy, provide a valuable service to the community, and earn a fee for referring business loans to Newtek.
Q: We know that many of our credit union's members are looking for loans to buy, grow or finance their businesses. But we don’t have the time, money or staff to be experts in the business lending process. Plus, we’re not ready to take on the risk. Any ideas?
A: Yes, Newtek can offer your members small business loans from $50,000 to $5,000,000 and will pay you a substantial referral fee for directing that business to Newtek. Best of all, you can do that with no credit risk, no additional expense, and no additional staff.
Q: We have an active commercial lending program and even have a relationship with a CUSO that processes our commercial loans. However, a large number of loans that come across our desks just don’t fit our box. Is there a way to satisfy more members and get the loans approved?
A: Absolutely. As an SBA-licensed non-bank lender, Newtek uses a wider box than most lending institutions and is simply able to get more deals approved. You could refer these loan inquiries to Newtek, or even loans that you turn down. If Newtek approves the loan, they will still pay you a referral fee.
Q: What will it cost to offer member business services through Newtek?
A: There is no cost or credit risk for the credit union. When you work with Newtek, it’s as easy as asking members, “Can I tell you about the small business products we offer?” Your staff simply identifies a business owner looking for a loan and submits a referral.
Q: Who is Newtek?
A: Newtek has been in business for more than thirteen years, servicing over 100,000 business accounts in all 50 states. Newtek displays its presence in the small to medium-sized business market through its website, thesba.com, is a portal for small-business owners who desire market data, intelligence, advice and services. Newtek services more than $1 billion in small-balance commercial loans. The company is:
If you have additional questions or would like more information, contact Brenda Halverson, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4110, or bhalverson@cuna.com. Or contact Newtek by calling 855-284-3722.
