Oct 21, 2008 : Wells Fargo Extends Newtek Credit

📅 October 21, 2008 - Newtek Business Services (newtekbusinessservices.com) has announced its credit division has amended its credit and security agreement with Wells Fargo Bank (wellsfargo.com), extending its $10 million credit line by three years to February 2012.


"We are pleased at the growth of our receivables business since its inception and rebranding to Newtek Business Credit," Newtek chairman and chief executive officer Barry Sloane said in a statement Tuesday. "The three year extension of our existing Wells Fargo credit facility will enable us to factor receivables and provide financing to small and medium-sized businesses across the nation through our alliance relationships. We expect this business to be profitable for Newtek and a great use of our capital during this difficult economic period."

Newtek provides business services and financial products to the small and medium-sized business market including a full suite of hosting services including shared and dedicated web hosting, domain registration and online shopping cart tools.

"We believe that the ability to factor receivables represents a core tool for small business owners in today's economic environment," said Sloane. "We look forward to growing and developing Newtek Business Credit and taking advantage of the business opportunity that we see in the market."

Earlier this week, Wachovia Bank NA (wachovia.com) pledged $30 million to dedicated and managed hosting provider The Planet (theplanet.com 👉 Total Reviews: 3
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UK Internet security firm Netcraft (netcraft.com) announced that amidst the economic crisis that "has triggered a number of acquisitions in recent months... fraudsters have previously tried to exploit such events by orchestrating phishing attacks against the acquiring companies." Netcraft reported a sharp increase in the number American of phishing attacks on financial services company Citigroup (citi.com) after Monday's news that it also intended to acquire Wachovia's banking operations. They also note that a major motivation for these attacks is the increased possibility of success because potential victims have little familiarity with the real website that is being mimicked by criminals.