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Navy Federal Getting the MBL Ball Rolling with Newtek Business Services

MERRIFIELD, Va.-After Navy Federal Credit Union announced earlier this year it would be launching member business services, the world's largest credit union wasted no time in signing on with Newtek Business Services, Inc.'s Small Business Finances to make Small Business Administration loans. Navy Federal, with 2.3 million members and over...

By Staff Writer | Updated on April 20, 2004

MERRIFIELD, Va.-After Navy Federal Credit Union announced earlier this year it would be launching member business services, the world’s largest credit union wasted no time in signing on with Newtek Business Services, Inc.’s Small Business Finances to make Small Business Administration loans. Navy Federal, with 2.3 million members and over $20 billion in assets, will employ Newtek for loan processing, servicing and liquidation services. Newtek Chairman and CEO Barry Sloane said in a news release, “We are thrilled at the prospect of assisting Navy Federal with providing small business loans to its members. Our services will span the scope of underwriting, servicing and potentially providing financing for members of this distinguished financial institution.” Newtek Business Services, Inc. provides business services and financial products, including government guaranteed lending, processing, bookkeeping, tax filing and business insurance, to small to medium-sized businesses.

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