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Newtek Small Business Finance

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Newtek Small Business Finance Review

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Date Established
1998
Location
Lake Success, NY
Chris Motola

Chris Motola

Finance Writer at Merchant Maverick
Chris Motola is a writer, programmer, game designer, and product of NY. These days he's mostly writing about financial products, but in a past life he wrote about health care and business. He's a graduate of the University of Central Florida.



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8 Comments

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    Anne Turner

    Organization Name: Lindberg Turner Medical

    I am currently working with Newtech on a large 7 A loan and my customer service has been incredible they have walked me through the grueling paperwork in my portal and been very informative so far. The prequalified process was very complete and intensive I felt after this process that my chances of getting by the loan were very good and they explained step by step what to expect too! It has only been a couple of weeks and so far I am very pleased with the help and process. I am doing a lot of work like a college thesis but their team is always available to answer questions and guide me.. I would give them a go…

    5
    • Organization Name: Lindberg Turner Medical
    Emily Ann Bell

    Organization Name: Pacific Northwest Gardens

    This is not a PPP lender I lost everything due to the Almeda fire I was approved for $8,500 and these thieves took $7200 of it and told me to f*** off don’t do business with these people

    1
    • Organization Name: Pacific Northwest Gardens
    Natalee Skye Bingham

    Organization Name: Skye high mesmerize

    If I could give zero stars I would. This HORRIBLE PPP lender has no communication with the clients at all!! You call customer service and they can see your app promise to do a call back snd follow up with your loan specialist but never did! I was approved 01/19 I submitted everything they requested and signed the 2483 form and like their website says you will get your e trans number and I never did!!! I would call them and they tell me it’s in under writing and just stalling! I applied elsewhere snd kept getting denied because they also refuse to withdrawl your app!!! Today 02/12 I log in to see an official SBA letter of cancellation because the lender never funded me my money !!!!! Don’t waste your time with this COMPANY!

    1
    • Organization Name: Skye high mesmerize
    Danvy

    I’m seeing a similar action now during the Spring 2021 2nd draw PPP. They are extremely disorganized- I call, they tell me to email one person, I get an email back from someone else, and then I’m stuck in a cycle of constantly re-uploading documents and waiting two weeks with no communication. It’s been over a month since we’ve been “fully approved,” but I think we will stick with our first PPP company, PNC bank. They did a much better, quicker job than Newtek.

      Lauren

      Newtek is a very incompetent lender. They made me miss the PPP loan from the government because their employee was on maternity leave. Then to make matters worse they deleted my original application which we put in on April 3, 2020. Newtek is horrible to deal with and extremely slow to respond. DO NOY USE THIS COMPANY FOR ANY LOAN.

      1

        This comment refers to an earlier version of this review and may be outdated.

        Nathaniel J Frank

        Organization Name: MToxins Venom Lab LLC

        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.

        5
        • Organization Name: MToxins Venom Lab LLC

        This comment refers to an earlier version of this review and may be outdated.

        Emily A. Bell

        Organization Name: Pacific Northwest Gardens

        The comment above from venom toxins is a phony fake that they had put on here so they wouldn’t get such bad reviews I mean look at the name of the company.
        Do not do business with these people I was approved for $8,500 on March 2nd they funded b for $800 a month and a half later did not tell me that I was approved for $8,500 two of the people on the phone admitted that it was a typo on their part and when I finally got to manager on the phone he was such a jerk to me he wouldn’t admit that they had messed up and he said $800 is all I get and that there was nothing more that they could do for me terrible business practice crooks thieves horrible customer service their closers are lazy and don’t do their job I repeat do not do business with these people. The SBA called my case with them in extreme case.

        • Organization Name: Pacific Northwest Gardens
        Will Pflaum

        Organization Name: Glencadia Corporation

        I took out a small business administration loan administrator through Newtek. They never sent me a statement and when a payment went missing- which I repaid right away- they put all kinds of punitive fees on me and when I refused to pay those unfair fees, they moved immediately to “liquidate” me… how lovely! I think the fact that the SBA will repay them 85% immediately they have an incentive to be jerks to the lender.

        1
        • Organization Name: Glencadia Corporation

        This comment refers to an earlier version of this review and may be outdated.

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