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3.4

Overall Score

LAST UPDATED: September 28th, 2023

Established in 1998, Newtek offers small business financing directly to borrowers and also provides business lender resources to help other lenders scale their current lending capabilities. 

Newtek claims to be all about lending solutions, not lending products. Each loan is customizable according to need and may include a combination of a term loan and a line of credit. Therefore, it offers flexibility to borrowers who need a custom business loan. 

The company also offers loan portfolio underwriting, servicing, and closing support for other financial institutions. 

Find Newtek reviews below to see what customers have to say about the business loans provider.

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The Good

  • Lender Resources 
  • Customer Service 
  • Loan Amounts and Uses
  • Asset-Based Financing

Lender Resources

Newtek is unique in its ability to service other lenders, not just borrowers. Newtek’s business services beyond direct-to-consumer lending illustrate its breadth and depth of financial resources. 

If you’re a lender, you can expand your offering of lending products as a lender service provider (LSP), fully outsource or scale your back-office SBA team to Newtek, or refer loans you can’t or don’t want to take to Newtek while earning a referral bonus with Newtek’s referral program. 

Additionally, Newtek can assist with the following for small lending businesses: 

  • Structuring and eligibility
  • Credit analysis
  • Packaging and closing compliance
  • Auditing
  • Secondary market management
  • Portfolio compliance and servicing 

Customer Service 

Newtek’s forte with customer service is individualized attention to each customer. 

When you finance a loan through Newtek, you will work with the same lending specialist throughout the loan process, so you don’t need to worry about your account being passed from person to person. Your specialist will walk you through each step, including completing all required documentation and forms for you. 

Not only that, but your specialist will help you, as the business owner, pinpoint areas you can maximize your funding while minimizing risk based on where your business can cut costs and grow. If you can benefit from multiple loan solutions, such as a line of credit and a term loan, they will create a loan solution that may consist of both financing products that address both short-term and long-term funding needs. 

Newtek provides customer service via live chat, email, phone, and call-back requests for any customers or prospective customers or business clients. 

Loan Amounts and Uses  

Newtek offers term loans up to $10 million, enough to meet the needs of most small or midsize businesses. Newtek claims it can offer longer repayment terms than a bank or credit union, which allows it to lower payments and provide more attractive rates than banks.

Term loans have limited or no repayment penalties and have payback terms ranging from 7 to 25 years. 

Lines of credit go up to $3 million for shorter-term cash needs. 

Either type of small business loan can be used for the following needs: 

  • Expand or acquire a business  
  • Increase working capital
  • Increase cash flow  
  • Open a new location
  • Invest in marketing or eCommerce  
  • Purchase inventory or equipment  
  • Purchase owner-occupied real estate
  • Renovate owner-occupied real estate  
  • Leasehold improvements  
  • Refinance existing business debt   

Asset-Based Financing

Secured by accounts receivable or inventory, Newtek’s asset-based line of credit model is more flexible than a traditional loan, requires less rigorous underwriting compared with conventional financing, has competitive interest rates, and gets you your funds in two weeks or less. 

For accounts receivable, financing, you can expect the following: 

  • Lines from $50,000 to $3,000,000
  • Get cash now for invoices due 30, 60, or 90 days out
  • Up to 80% advance rate
  • Renewable 1-year term

For inventory financing, you can expect the following: 

  • Lines from $50,000 to $500,000
  • Most non-perishable inventory qualifies
  • Up to 50% advance rate
  • Renewable 1-year term
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The Bad

  • Loan Program Unknowns 
  • Strict Eligibility Requirements 

Loan Program Unknowns

For any ballpark figures regarding business lending rates, you’ll need to contact the company directly. 

While Newtek claims to have competitive interest rates for lines of credit, it doesn’t provide sample interest rates. While rates are highly individual and based on creditworthiness and other factors, the case studies provided don’t indicate the rates for which the customers qualified. 

In addition to interest rate and fee information, businesses can benefit from having the following information added to the business loans section of Newtek's website:

  • Minimum credit score needed to qualify
  • Minimum annual or monthly revenue required
  • Collateral required for secured loans

Strict Eligibility Requirements 

Newtek is more strict than many other lenders in regards to who it will lend to. No startups, nonprofits, or new businesses can borrow with Newtek. The financial performance and years of experience requirements are as follows: 

  • Existing businesses with 2-3 years of tax returns
  • U.S.-based businesses that operate for profit
  • Businesses with repayment ability from earnings
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The Bottom Line

Businesses in the fields of manufacturing, wholesaling, services, retailing, general and heavy construction, and special trade construction can borrow with Newtek along with other for-profit businesses. 

However, they must have at least two years of tax returns, so newer businesses are ineligible for funding. You’ll need to look into other lenders if your business falls into that category. 

In addition, Newtek claims it can offer attractive rates for its financing options, but does not provide any examples of what interest rates it charges or the cost of any application fees businesses can expect to pay if they get a loan with Newtek. To find out about the fees and terms of the loans available to them, business owners need to go through the application process, but they could benefit from knowing this information in advance of applying for the loans so they can compare the costs of Newtek's loans to its competitors.

To determine whether the interest rates and fees Newtek charges for its loans are affordable, business owners need to apply for pre-qualification and speak with a Newtek employee. If you have the time to go through the pre-qualification and application process, it may be worthwhile to see if Newtek's costs are more competitive than other lenders' costs for your business financing needs.

Find Newtek reviews below to see what customers have to say about the business loans provider.

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Star Rating

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1.2

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54 Reviews

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4%

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3 grade

2%

2 grade

0%

1 grade

94%

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Nathaniel J Frank Oshkosh, WI

I did a large scale SBA loan with Newtek and found them to be professional and courteous. We had an excellent account manager who did a great job communicating and was extremely fun to work with. SBA loans are a lot of paperwork, I mean, it's a federal loan and that is not Newtek's' fault. So, if you're going for a SBA loan make sure you know just how much paperwork is involved. Newtek helped me navigate through the paperwork and frustrations therein. I cannot say enough good things about this company and if you are well educated in the process, respectful, and willing to put in the effort, I believe anyone will find Newtek a great resource to help you grow your business.

4 years ago

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Taylor Morabito New York, NY

If I could give newtek zero stars I would. If you are applying for an SBA loan stay far, far away. I was "approved' via approval letter (not pre-approval but approval) after submitting all of my documents. They then turned around and asked me for additional documents, I then uploaded said documents & then they turned around and asked me for additional documents & around & around we went until I realized this company is full of it. All of the reviews about Paul & Daniel & Matthew & Sarah & the entire rag tag crew are completely true. Find a different bank.

6 months ago

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Jordan Call Show Low, AZ

NEWTEK doesn't want to actually do any work Spencer M. Team lead, Paul H. Lending Director, Rebecca R Business services specialist, Matthew H. business service specialist, are just a few of the people at newtek that I am leaving this poor review for. I have uploaded documents requested several times on a $10 million dollar project. They inactivated my application and had me resend. I've sent emails, I've uploaded thousands of pages of documents to multiple portals, I've given access to all of my files, I've spoken to them on the phone and still they ask me to upload the documents again even though I've already done it. Take a second and help your customers guys. You need to take a step back and realize what you are saying - that you would rather walk away from a Huge opportunity because of a technicality than just help your customer who already gave you what you asked for. It's laughable and embarrassing that would do this as a lending company. Help me give you money guys, lol. Or I guess that's not a priority to you? Newtek I have many people who I deal with on a daily basis needing business loans (as that is part of what I do for a living). 100% of them will always hear how poorly you treated me on this. I will steer them all in a different direction. Thanks for helping others not make the same mistake newtek.

9 months ago

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Tuere Hughes-Kapenzi Bloomfield, CT

Horrible company! Do not service a loan with them! I luckily got out before the loan was finalized. Their tactics are completely predatory! Poor communication, unresponsiveness, and straight out lied to me multiple times. I was told several times throughout the process that business assets would be the only collateral needed, then they proceeded to try to place a lien on my home, then our rental property, as a guaranty for a relatively small loan. They took my "good faith deposit", refused to return it when I stopped the loan process, and then had the audacity to send me an additional bill for a loan that I never received. Never heard of anything so ridiculous. Feels like a scam. The SBA should not be associated with this type of lender.

10 months ago

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Christopher King Medford, OR

I took a amall business loan from NewTek via SBA recommended. I have performed many loans and this company definitely is not on the up and up with customer service, timelyness, and communication is very vague. I'm regretting this loan with them and am anticipating paying them off asap. There is no account to log onto to check account information. They are auto drafting my business account and I fear they will screw this up. I speak to someone different everytime and when I send emails, there's no response. I haven't received a statement....ever. The auto drafts from my business checking account look like a point of sale purchase was completed? They have a lean on my home and also with the IRS for any refunds. I actually had no idea that was going to happen. Business assets were far enough to cover the loan. I feel they are hopeful of default so they may seize assets or something. This is the most uncomfortable and non-transparent loan I've ever taken. Whatever they are doing it's not like anyone else and they should be heavily investigated and at least steared in the right direction. I do not recommend NewTek for any loan. I will be reporting g this to the FCC and SBA.

10 months ago

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Felicia Speed

First of all, I submitted my business information to Newtek back in Oct 2022 and just received a response back today 12/19/22. Secondly, the gentleman that called was VERY UNPROFESSIONAL speaking very fast as if he was reading a script trying to hurry up and end the call, not listening, talking all over me, and not asking proper questions to get the information he needed. Thirdly, they did not even read the information submitted because if they were not offering loans to Trucking business WHY BOTHER CALLING as I am a trucking company. I am actually glad they did not offer me a loan because the overall response time, and unprofessional employee was a big turn off. Thank you for NOT considering my company for a loan, you did me a HUGE favor. I wish I could give this company less than 1 start because due to their unprofessionalism, this is what they deserve. Word to the wise, new business owners, there are way better companies out there which will respond within 24 hours and walk you through the process of their application and take the time to answer your questions by actually listening to you. Ready Captial is one of those companies and are also backed by the SBA.

1 year ago

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James Cobalt Malden, MA

After doing more paperwork than my mortgage required, I was approved for an SBA loan. But after that, they wanted even MORE paperwork to close on it. We're talking documents totaling hundreds of pages. Once I had a question about a couple, they vanished. I uploaded what they asked for, paid the fee, but they didn't return my emails or calls. Ever heard of a lender so unprofessional? Me neither. Didn't think I'd need to check reviews before going with an SBA approved lender but apparently you do... Just hope they aren't running scams with all our personal info. They will try to cross sell you on other services - I was talking with an insurance agent there but will not be going with anything related to Newtek obviously. :-/

1 year ago

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Kelly Higgins Sparks, NV

I had a client that recently used Newtek for an SBA loan. This client was sold on the fact that Newtek was supposed to be high tech and their process was quick and easy. Not the case, in fact this was one of the most difficult lending processes I have been through, as a business broker. I represent the buyer in this case. First off, the lender refuses to include the broker in all communication, making it difficult to assist the buyer through the process and effectively judge timing of closing and coordinate the escrow. The communication between the buyer the lender was delayed at every turn, all their requests for documentation review took days when it should have taken minutes to review and respond. Several last minute requirements, that should have been much earlier in the process. No disclosure of fees up front, they waited until closing to disclose fees. The closing took 20 days longer than promised, then when we finally received their documents, they had to resend 4-5 times with corrections, they missed. Basically held us hostage during the closing, while we waited over an hour for their team to review the documents that had been signed, and still took another day to review and fund the loan. Never, use this business, there are much better lenders out there! Kelly Business Broker

1 year ago

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Genia Saldana Charlotte, NC

Unfortunately I found these reviews after I already started my loan process but it saved me a lot of grief in the long run. I had the same experience of producing tons of paperwork and multiple people asking me to submit the same documents over and over again. The loan people disappeared after they tried to sell me an overpriced life insurance policy with them as beneficiaries. I politely declined and I found out the loan was “denied” when they called and tried to sell me credit card processing solutions which I found quite comical. I never received communication from the loan officers after I was told the loan went into underwriting. Fortunately I found these reviews and was able to switch gears quickly and locate a more reputable lender. I feel uncomfortable with them having my personal information so hopefully nothing bad comes of it but I will probably file an official complaint just to be on the safe side.

2 years ago

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Matt Mclelland

Horrible experience. they strung us along for over 4 months. We produced every imaginable document you could ever need and we were declined. We weren't wise enough to apply with different providers at the same time. We never found out why we were declined. Timelines were pushed back multiple times. They kept us waiting for months without any concrete answers. If you received a pre-approval from Newtek, you should know it means absolutely nothing. The representatives we spoke to were nice but unable to do anything or ever provide clear answers. Horrible experience from start to end. Newtek seems big enough to not have to worry about their reputation and it shows with how little they care about their applicants.

2 years ago

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Tyler Lieurance San Antonio, TX

Spent 3 months working with Newtek for SBA loan to purchase a Baskin Robbins Franchise. Provided closing date 4 times to all pertinent parties at Newtek a little over 5 weeks prior to date. Was assured by Newtek that everything was a go. Night before closing with Baskin Robbins Regional Director, Previous Franchise Owner, and my partner ready for closing Newtek indicated that they had failed to forward documents to their legal department for review and they couldn't make closing and in fact it would be another full week. Worst experience with lender/customer service organization I have ever been unfortunately involved. Will never seek their assistance with SBA or any other business loan that I purchase.

2 years ago

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Jamielle Boyd Chesapeake, VA

Wow what can I say? First, do not depend on them to help you. They will ask you to provide business plan, all your assets, upload your personal financials, business financials, string you along for months, just to say "no." I wholeheartedly said my business was a startup from the beginning, gave all information needed to only chase down lending specialist. No one ever calls or communicates back to you in a timely manner. They sell pipe dreams. The SBA should not have them listed as a lender, because they do not lend anything but frustration, confusion and headache. This has been the worst experience in dealing with business lending, but it won't stop me from getting my business off the ground. I am providing a review, because time is precious and I do not want others time wasted like mine. I only gave one star because that is the only way to submit this review. They do not deserve any stars, their review and rating is negative.

2 years ago

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Ryan Pellecchia Leominster, MA

This is the worst company to do any SBA work with. They cost us 1000's of dollars in fees, for things they should have taken care of. We had a loan with them, and we had used a investment property as collateral. We decided to sell the investment property and use our current home as collateral. VP a Newtek said no problem, 2-3 weeks. Months later we were still trying to close this loan. They told me there was an issue with there lawyers, I explained I paid my lawyer to do everything they are looking for (except filing) before the sale to make sure there were no surprises. They then asked me could my lawyer be used, I agreed. This took another few days to get them under contract, and they completed the work. However Netwek's lawyer was still involved, although not doing anything but delaying the process. Then we get a bill for $1500 from the Newtek lawyer. They stated this is the standard fee they charge to do this, but they did not do anything, and I have to pay my lawyer to do all the work. Now we still have an issue with our title, as they have not done/responded to the requests to clear out title, as we are paid in full with them. Run as fast as you can from this company.

2 years ago

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Christopher Cooley Elmhurst, IL

This Company is unethical and immoral...I spent two months going through the underwriting process, being completely transparent and received an approval for an SBA 7a loan. They had me purchase a life insurance policy, additional property insurance and list them on my policies, and I paid there processing fees as part of their stipulations. I spent tens of thousands of dollars and my wife and I literally went to closing and signed all of the closing documents. Two hours later when the funds were to be dispensed they called and pulled the loan saying "our credit committee reviewed documents and are not interested in moving forward". This company had me submit purchase orders to my vendors that were supposed to be paid out of the proceeds of the loan directly from Newtek. They have put my company in harms way now and I am left scrambling to try to find a new option. I was referred to them by an MCA company, so it should have dawned on me that they were not legitimate. I had some 12 year old kid as a loan officer and to me that was part of the problem. I jumped through every hoop they threw at me....how do you sleep at night doing this to people? This is the WORST lender I have ever dealt with in my 25 years in business....steer clear...if you qualify for an SBA loan go to a legitimate lender...this company is SHADY. They have massively hurt my company...and have put my vendor relationships in a bad position. I will be filing complaints with the FCC as well as the SBA.

2 years ago

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Arnold Drummond Clementon, NJ

I can't believe in this time of struggle this company was approved at all to be a PPP lender. I have never been more frustrated and angered at the incompetence of a company than I have with this one. I did everything they asked me to do and was approved. I called about my loan and my loan manager was the biggest idiot I've ever spoken too. He had NO IDEA what to say or do other than insult me. Now they tell me a month ago my loan was suspended. Because of this I will have to close my business. I paid out of pocket to keep it afloat, now I can't get it back and I'm broke. They should be ashamed to call themselves professionals.

2 years ago

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Dave Matli Greenbrae, CA

Applied for a PPP loan in January 2021 for my struggling small business. After uploading all documents we got an approval and an SBA number. But Newtek never posted a promissory note nor updated me on status so every week or two my wife or I would call to inquire about our loan status. Now - beginning of June after being passed off to multiple "loan specialists" I'm told our loan was cancelled - and the program is over. Thanks to Newtek our struggling business is even more in the hole as we kept expenses that we thought the loan would cover (as it was intended to do). But now we're screwed - and no one at the company seems to know who to talk to, why it was cancelled after it was approved or anything else. Do yourself a favor and AVOID THIS COMPANY!!!

2 years ago

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kimberli eicher Bend, OR

Applied for 1st draw PPP loan in March 2021 through Newtek, and since the middle of March, my loan page just says "lending". I can't get anyone to explain what "lending" means exactly- have I been approved? Am I going to receive any funding, and if so, When? There's no easy way to contact anyone- even to cancel my loan- so I don't think the app I put in through Womply will be approved. This is heartbreaking and a huge financial burden because I cannot resume operations with my small business unless I receive the PPP funding. I agree with the previous comments that they are a scam; the direct damage they are doing to so many small business should be considered theft. All of us who are failing to get PPP funding because of Newtek should Seriously consider filing a CLASS ACTION suit. I am out of hope at this point, but I simcerely wish the best of luck to all of you who are still struggling with this "company"- I do hope your situations end up working out!

2 years ago

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Nick Garrett Salt Lake City, UT

I applied for a PPP Loan on February 4th 2021. It is now May 3rd and I still have not received any funding for an application that was approved by the SBA two days after applying. Either this company is completely incapable of handling their workload or is a corrupt bank earning interest off of the loan funding they have received but refuse to disburse. I have called in weekly and my questions and concerns are only met with assurance that I need to be patient and that I'm in the final stages so my money should be on its way. I was even approached by my credit union asking if I'd like to apply through them like I did in the first round, but Newtek pleaded with me not to cancel and told me again it would only be a few more days. Search "Newtek PPP" on Twitter and you'll find dozens of others in the same boat. If you are in desperate need of a loan, look elsewhere.

2 years ago

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ak San Marcos, CA

The worst PPP lender experience. I applied for a 1st round PPP loan early Feb 2021, SBA funded a fews days later..HOWEVER Newtek failed to fund my loan after repeated, calls and inquiries and false promises. I withdrew my application earlier this month (April 2021). Applied thru BlueVine and was funded within 5 business days. My biggest frustration is that because of Newteks filure to fund an already SBA approved and funded loan, my chance of getting the second PPP loan is slim to none since the deadline is May 31st and I am supposed to wait 8 weeks to reapply. Had I used BlueVine back in February this would be a non issue. The worst of the worst. How hard is it to send closing documents after all funding was in place and approved.If you are still waiting for Newtek you may want to withdraw your application and apply elsewhere.

2 years ago

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Mai Long Beach, CA

If I could give them 0 stars I would. I never write reviews but I'm writing this hoping to help other business owners avoid making the same mistake I made when I applied for my PPP loan through Newtek. DO NOT go with Newtek for your PPP loan. I repeat it, DO NOT go with them. It's terrible! They lock you in immediately and then you're stuck. The process doesn't move along, it's always "waiting for review". When you call (and good luck, because you'll be waiting on the phone for 20 minutes until someone answers the call) no one can give you a straight answer. So, you're still pending, waiting. A week ago I called to withdraw my application to apply through Womply. Again, it has to go through a process that is not moving along... even cancelling is a freaking nightmare because it has to go through a processor and they probably don't want to let go of the application because they profit from this. I've complained this morning but all is futile. You're stuck in limbo, time keeps going by with nothing happening, you're struggling financially, and are hoping the PPP will help you stay afloat, and these people just take advantage of the situation. It's a disgrace. It's truly a disgrace that they operate the way they do. This is what's wrong with the system in this country.

2 years ago

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Chris May Round Rock, TX

Very nice web portal. But mixed results with agents assigned to us. Our company used Newtek loan services for our covid PPP loans. The first was handled very well. The second was a long process due to multiple cases of absent communication via the loan officer.

3 years ago

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Cari-Anne James Corondoni-Felix Albuquerque, NM

Wow! Received three different approval amounts for ppp Loan. The last amount was hysterical.. a few hundred dollars. This took about a month. Even though My client had an approval for 30, 000.00-it must be illegal. Called SBA and they said they must fund the letter of approval that they gave my client. They wouldn’t respond to phone calls or emails. Finally received a response stating you are welcome to apply elsewhere even though they knew that most places had used up their funds. They literally are sitting on these loans...or money? I believe they requested all of these SBA loan numbers and approved loans under false pretenses. They should be investigated by the government. It’s a tragedy.

3 years ago

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Amy Buck New Braunfels, TX

My credit union gave over our PPP loan to NEWTEK, as the 3rd party processor. I applied 6 weeks ago. Approved with NEWTEK 4 weeks ago, and SBA 3 weeks ago. Still have not received my PPP. When asked if NEWTEK was sitting on our approved money from SBA, earning interest, they would not answer. Small businesses are going under waiting to be funded and NEWTEK is not releasing the approved money!!!! Criminals! I have many friends that own small businesses and PPP funds in their account within a week of applying!!! Will be contacting news stations and social media if it does not come through by the end of this week! Beware!

3 years ago

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Rebecca Fischer Colorado Springs, CO

I was referred to Newtek by my credit union for the PPP loan application. I stated with my banker on March 31st. Phone calls, texts, finally on April 10th after conversation with my banker I got an email saying an application email would be coming. I got one on April 14th, filled out all my application and documents and then waited, and waited, my banker tried to contact them as well and no response to my requests. Finally got an email after the new second round of Applications were already opened a different representative saying he got reassigned my case on April 27th. They never included the health insurance benefits I pay for employees. I sent to LEndio as a back up and was approved with application under 30 hours, they have a great website and put my application in on April 27th when it opened up. Horrible trying to navigate Newtek's website, VERY uninformative....Stay AWAY from Newtek!!

3 years ago

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Tahota Spokane, WA

Newtek was recommended by our credit union who does not do SBA loans. We put in an application request on their site and they sent us a letter that said they would be sending us a link to the application shortly. They never did. I followed up numerous times. At first they responded saying they would send it soon. Then they stopped responding all together. It was a huge waste of time and a terrible experience. I don't even know how they stay in business. We ultimately went somewhere else for the same loan and the process went without a hitch. I would never do business with NewTek for any reason.

3 years ago

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Tom Cedar Springs, MI

DO NOT ATTEMPT BUSINESS WITH THESE PEOPLE! Criminals. Absolute criminals. We gave them $1300 in start up money that was billed as "earnest money" but they changed the vernacular to "deposit" and then stole $1000 from us when the loan failed to go through. Their reasoning was for "third party fees". When confronted I received nothing but barriers. They were unhelpful to work with from the beginning. They will make it sound like they can get this done for you immediately, and actually do nothing. Their computer system must be the most glitch-filled monster since Windows Vista since EVERY time we called, it was "down for maintenance" and we had to "wait for it to come back up" to get an answer to a question. Our loan was denied on November 13th, it is today December 19th, and we have yet to actually see a dime of the money they said they would return. So in honesty, they have stolen our entire earnest deposit. When we complained to the BBB, they told us we were out of luck because they had a contract and the BBB agreed. I say again, DO NOT ATTEMPT BUSINESS WITH THESE PEOPLE!

4 years ago

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Devontee Delaney Houston, TX

My experience with Newtek was horrible I got approved last year right after thanksgiving I was supposed to close before Christmas that never happen by then the government went down when the government opened up I still waiting 5 more months finally we were trying to close the day of funding Newtek pull out of the deal after I’ve add all this insurance that wanted me to have for the equipment I was purchasing that cost me 35,000k down out of pocket vacant land insurance on my property I used for collateral life insurance for the money I was getting that I never received by the way the day before funding the pull out of the deal with no valid reason why and stop completely talking to me now I in a worse situation by dealing with them I wouldn’t recommend there’s representative or horrible worst experience I ever had

4 years ago

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UK Tinley Park, IL

The most terrible experience I have ever received. In the beginning, they were calling and emailing. As soon as, I provided all the documents, they started ignoring my emails and questions. The company is totally scam and their agents just deceive you. Credit rates are very complicated and no explanation why they didn’t accept my request. Long wait and frustrating. I just new business owners not to contact them.

1 year ago

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Jason Layton Commack, NY

I had the same experience as everyone else in the 1-star reviews. They strung me along on a wild goose chase. They asked me for a ridiculous amount of documentation, had me resubmit things multiple times, needed documentation about other businesses unrelated to the loan, had poor customer support, and never really cared about me (the customer). DON'T WASTE YOUR TIME!

1 year ago

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ckim Huntsville, AL

Glad I found reviews before I got too far into the process with them. I submitted all my paperwork and was waiting on a quote from a contractor that they insisted they couldn't continue without. Once I got my quote I reached out to my assigned agent and have heard nothing back. Multiple voicemails and emails later I am looking into a different lender. Ridiculous to give me the run around after pushing so hard for information. On top of this they were insisting on a ridiculous amount down. Glad I found other reviews before I was out anything.

2 years ago

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Mike Sariano Camp Hill, PA

Anti Small Business is my best description of everyone I’ve dealt with @ Newtek and I actually believe they will try to steal your business from you. They underhandedly took our inventory to secure the 500k loan ( property is worth 900k Now we sell the inventory and 28 days later still no title. Lying through their teeth , lien release denied? Yeah right. Sleazy unethical care less about any of us. Hope to be rid of them very soon

2 years ago

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DM DM Warrington, PA

Awesome to work with. Loan went fast and got approved quick. I will use them again for future needs. Great stack of solutions.

2 years ago Edited March 22, 2022

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Olaf Ross Glen Allen, VA

ITS A SCAM! DO NOT USE THIS COMANY! They take your personal info and nothing happens. They stop communicating, ignore calls, fake emails, and etc. Call then and you will see you will be on hold forever. They have personal information on me which scares me more than anything. I have now filed complaints to FCC, Attorney General, SBA, the Consumer Protection Agency.

2 years ago

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Emily Simpson Opelika, AL

I wish I could give a -5. Poorest experience. I submitted documents multiple times and they claim they didn't receive any. Different people would call for the same information, showing that internal communication is nonexistent. This was over the course of 3 months. Sad. After submitted one particular document 5 times, over the course of many phone call, I get a disgustingly sad email with just 10 words saying I was declined. DO NOT USE THIS COMPANY! UNORGANIZED, POOR COMMUNICATION AND LACK OF UNDERSTANDING FOR A SMALL BUSINESS OWNER.

2 years ago

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Keith Youngsville, LA

Absolutely the worst company to ever do business with. I don't think anyone at this company knows what they are doing. You give them everything they need for the PPP get the approval letter from the sba and they can't do anything. It's a scam company do not use them. I filed in March and here it is coming up on June and now they say after 100 phone calls and emails they don't have everything they need. Where is what I sent them? Where did it go?

2 years ago

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Kathy Runnels Cibolo, TX

I regret that I can’t give Newtek Business Solutions a negative rating because they deserve it. I applied for a PPP loan on 1/19/21, finally received Promissary Note when SBA funds were depleted in May. Then it was for the wrong amount. They would not return calls, texts or emails. Reported Newtek to my congressman and he couldn’t get results. Complete failure in every way!!

2 years ago

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Jan Brown Snellville, GA

We applied for a PPP loan on Jan 14,2021. As of April 5, 2021, we still haven’t received any funds. Businesses have already been able to get a second round of funding and we’re still waiting for the first one. Lots of run around, hear different information from their representatives. They lock you in and keep you stuck so that you can’t apply elsewhere. We requested to cancel so that we can go elsewhere.

2 years ago

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Mike Patel Mobile, AL

We applied for a 7A Hotel business loan 4 months ago, they approved us 4 months ago providing we provide all closing requirements which we did> they strung us along only to make us occur thousands of dollers in Appriasels, surveys, insurance, Attorney fees only to put a hold on your loan forcing you to go somewhere else . They are not forth coming in their intentions from the get go. Please do not trust them!!!!

3 years ago

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Will Pflaum Stuyvesant Falls, NY

I took out a loan to the small business administration administered by Newtek. They were extremely sloppy or something, never sending me an invoice so I have no idea how much to pay or where to send a check for my variable interest rate loan. When a check from my online banking at my local bank went missing they assessed a ton of fees and penalties. When I objected to these quite astronomical penalties they moved immediately to close my loan and give me a bad credit rating and get their 85% back from the government. Shady operation.

4 years ago

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Joseph Zumwalt Kalispell, MT

I started the process of getting a loan through newtek, to buy a distribution route with Mission Foods, 5 months ago. The agent assured me that it was in the bag. 4 months into the process, the agent informed me that they had forgotten to check the SBA franchise registrar beforehand. They kept $1200 of my money, and told me, "whoops, yeah, we should have done that".

5 years ago

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Riverside Auto Loris, SC

The worst experience of my life on every level. They tell you your credit score is something completely different than is actually is. When I am looing straight at my score and they tell me it's different & can't explain it or won't allow you to speak with anyone else. Impossible to think these people are working to help small business

1 year ago

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Agtm Clemson, SC

Terrible service. Asks for same documents multiple times. Scare tactics with no reasoning or factual backup. Closing took over 4 hours because they didn’t have the paperwork ready. They call, mail, and email us about other unnecessary products daily. Hope to pay off early so we don’t have to deal with them anymore.

1 year ago

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K. D. Towson, MD

We were approved for 770,000 SBA 7(a) loan. Newtek charged us almost $70k in fees. Our loan proceeds ended up only being $700,000 and the told the SBA they loaned us $1,460,000!!!! This company should loose their ability to make SBA loans.

2 years ago

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zan mitrov Las Vegas, NV

I was approved from SBA March 2nd for $375,000 back and forth with this scam company wasting my time. On the 21st they send me email that loan is send to a closer and I should receive funds within 5 bussiness days. Yesterday June 28 th they left me a voice mail that they are canceling loan on June 22nd. Scam Company can’t believe it

2 years ago

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Tanna Harris Douglasville, GA

Horrible Experience DO NOT use.. Don't waste your time. Put in application for PPP, sba approved and for 2 months they toyed around, never returned emails or phone calls. I finally have withdrawn my application, but now must look for new lender within limited time. Unprofessional, rude, unconcerned, not business oriented to say the least.

2 years ago

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Queen Bee Picayune, MS

They don’t view your documents or communicate with you at all. I thought the ppp was a two week process.It has been 2 months.I hope this is a real legal business. 2 more weeks and I’m contacting the FEDS. I need my money so I can generate revenue.But it is really scary for a company to be running around with people personal information

2 years ago

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MICHAEL HUBER

Worst financial company ever! They lied to us multiple times and continue to do so. Gave us approval on three loans and then backed out on two of them. We would not have done the one without the others. Stay away from these guys. Many, many better options out there.

4 years ago

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damiany gutierrez Jacksonville, FL

no communication after filled out the application, look like they don't care, someone was calling me from newtek after ask my name they hang up the phone and that's it, no more communications since 8 days ago.

1 year ago

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Jay Bartels Lutz, FL

This company submitted an old version of the SBA Guidelines for my PPP Loan to the SBA and have made no effort to help me straightene it out. The sent me $300 rather than $6800. Their customer service is terrible.

2 years ago

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INB Enterprise ,

They will rip you off! Took them 4 months to approve!! Prime + 6.5 % !!! (9.5 total as of 2021) Variable! Then they will take another $700 upfront in fees! SHAME on them for taking money from desperate SMB owners!!!

3 years ago