NewtekOne Delivers $305,000 in Growth Capital for Credit Union Member
As a partner, NewtekOne helps your members reach new levels of success. A credit union member, operating a successful ice cream shop in Southeastern Pennsylvania, wanted to fundamentally change their business to align with consumer behaviors. With their lease expiring soon, it was the perfect time to acquire a new location and equip it with a drive-thru window.
The $305,000 in capital was used to secure a new long-term lease on an ideal property in a popular part of town, as well as to complete numerous leasehold improvements, including construction of the much needed drive-thru window. The business is already reaping the benefits of the capital infusion and is positioned for continued growth and success.
A dedicated Newtek Lending Specialist delivered personalized, hands-on assistance to guide the business owner through each stage of the lending process, allowing them to keep their focus on their business.
What Sets the Newtek Solution Apart:
- Term loan with a 10-year amortization
- More loan dollars than a bank would offer
- No prepayment penalties
- No imposing and restrictive bank-like covenants
- Concierge customer service from knowledgeable and non-commissioned specialists
NewtekOne was not only able to assist this member with a much needed loan to improve their business but was able to help the referring credit union better serve their member, keep their deposits in house and provide the credit union with non-interest revenue in the amount of $2250. For more information, contact: Kenneth Lowy Director, Sales and Strategic Alliances Newtek Business Services Corp. [email protected] Direct: (212) 356-9548
